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SWK PARENT BOOMS

swk technologies logoSilverSun Technologies, which derives all its revenue from Sage reseller SWK Technologies, turned in a strong performance for 2011. Before we get to the bottom line, the company had operating income of $260,067 for the year ended December 31, compared to an operating loss of $937,117.
Revenue for 2011 was $10.5 million, a 40.5 percent increase from $7.5 million and if  SWK can hang on to the $3 million in annual revenue it expects from the pending purchase of Hightower's assets, it will move into the realm of the larger Sage resellers. Back to that bottom line and a related issue--the auditor's opinion. A deal that got rid of its debt both put the company into the black and also eliminated the going concern opinion that had been on the financial reports when the company operated under the name Trey Resources. Net income for the most recently ended year was $2.7 million, bolstered by a $2.2 million gain from the extinguishment of debt and derivative liability. That compared to a net loss of $468,921 for 2010. And with the debt issue settled, SilverSun probably will not have all unusual items that dotted the financial reports of Trey. The company did not provide too many details about the reason for the revenue gain, but the fact that sales of Sage's X-3 were mentioned should not be surprising. SWK's Mapadoc software and competitive pricing were also listed as factors. Software revenue rose to $1.9 million for 2011, an increase of 58 percent from $1.2 million while service revenue reached $8.6 million, up 37.4 percent from $6.3 million for 2010.
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