Estimated reading time: 0 minutes, 36 seconds

MERGER END HURTS SILVERSUN NET Featured

 The decision of SilverSun Technologies to call off a proposed merger with bit miner, Rhodium, hurt an otherwise good quarter.

SilverSun, parent of reseller, SWK Technologies, took a $2.9 million one-time charge for the third quarter ended September 30. That resulted in a loss of $2.1 million, compared to earnings of $134,237. The deal died after being live for year with the parties unable to finish it. Ina prepared statement, CEO Mark Meller said, “This is a one-time charge, and will not hamper the Company’s ability to continue to fund its growth.” Revenue for the recently ended quarter was $13.4 million, an increase of 23 percent, from $10.9 million a year ago. Product revenue reached $2.9 million, up 14.8 percent from $2.5 million in last year’s corresponding period. Services

Read 668 times
Rate this item
(0 votes)

Visit other PMG Sites:

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.