Software sales dropped to $1.37 million, off 5 percent from $1.43 million a year ago. The company attributed the decline to deals which were expected to close during in the quarter, but which slipped into the third quarter. Operating income rose to $8.3 million, an increase of 24 percent from $3.2 million a year ago. Almost all revenue continues to be from SWK. However, during the quarter it began two new businesses. That included moving into application hosting services with the May purchase of Secure Cloud Services and Nellnube, application hosting business, merging Nellnube into SCS. The same month, SilverSun formed Critical Cyber Defense Corp. in order to provide cyber defense products and services. It also acquired reseller Info Sys Management (ISM), which it merged with SWK.
SILVERSUN EARNINGS DOWN SHARPLY Featured
Net income for SilverSun Technologies, parent to SWK Technologies, dropped to $17,218 for the second quarter ended June 30, down sharply from $120,493 a year earlier. Revenue for the most recently period was $9.7 million and increase of 13.8 percent from $8.5 million in last year’s corresponding period.
