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SILVERSUN: “MEDIOCRE QUARTER” Featured

SilverSun Technologies, parent of reseller SWK Technologies, reported a “mediocre quarter” for the third quarter ended September 30. Nevertheless, CEO Mark Meller, who used the term, said the company is on track for the best year in company history.

“We regard it as a one-time event, as we continue to navigate the various market dynamics taking hold in the economy today,” Meller said he believe customers are postponing, not abandoning plann3e projects as they watch the supply chain disruptions play out. The result was the company lost $240,029 for the most recently ended period, compared to net income of $55,205 a year ago. Revenue of $10.1 million was down a half percent from $10.16 million in last year’s corresponding period. Product revenue fell to $1.56 million, down 5 percent from $1.65 million. SWK carries Acumatica and the Sage ERP line, but did not point to the performance of any specific product. Services revenue rose slightly to $8.56 million from $8.52 million, up .4 percent from a year earlier. Increases in services revenue were primarily from managed services and application hosting, the company said. Sales and marketing expenses reached $2.3 million, an 11.1 percent increase from $2.03 million. A large part of the increases in operating expenses were non-cash items. Depreciation and amortization expenses were $2.27 million, up 26.6 percent from $1.79 million. Share-based compensation was $48,878, up sharply from $3,396.

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