Estimated reading time: 1 minute, 21 seconds

SILVERSUN ’20 REVS UP 7.1 PERCENT Featured

SilverSun Technologies, parent of reseller SWK Technologies, pointed to a 2.1-percentage point increase in gross profit as a factor in the company’s bottom line for the year ended December 30. That came as the East Hanover, N.J.-based business reported a 7.1-percent rise in revenue for the most recently completed year, benefiting from a strong finish to the year.

SilverSun reported 2020’s gross profit was 40.2 percent, rising from 38.1 percent for 2019. SilverSun did not cite any specific software lines as a factor in sales, but said the gross margins came from the sale of higher-margin products and services, a bit obvious in the circumstances. Net income was $175,647 for 2020, compared to $6.8 million the prior year. The bottom line for 2019 was pumped up by a $10.3 million gain on the sale of the company’s Mapadocs business. Revenue last year was $41.2 million, compared to $38.5 million in 2019. Revenue from product sales reached $7.7 percent, up 11.4 percent from $6.9. million a year earlier. SWK sells Acumatica and the Sage ERP line. Services revenue was $33.7 was 6.1 percent higher than the $31.6 million a year earlier. Components of services revenue included consulting income of $13.6 million last year, up 13 percent from $12.1 million. Maintenance revenue dropped 7.4 percent to $7.2 million from $7.7 million. SilverSun did not break out fourth-quarter revenue in its Form 10-K, filed with the SEC. But backing out the reported revenue for the nine months ended September 30, yields revenue of $11.3 million for the fourth quarter, a 13-percent increase from $10 million in the prior year’s corresponding period. SWK had two acquisitions in the last quarter—Computer Management Services and Business Software Solutions—but did not spell out the impact on revenue. 

Read 182 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.