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SILVERSUN NET DROPS Featured

 SilverSun Technologies reported a 50-percent decline in net income for the first quarter ended March 31.

The parent of reseller SWK Technologies also reported a 10-percent increase in revenue, spurred by demand for services. Net income dropped to $138,087 in the most recently ended quarter from $277,491 a year earlier. Revenue was $14.4 million, up from $13.1 million in last year’s corresponding period. Services comprise the bulk in SilverSun’s revenue and the company reported slightly less than $11 million in that category, rising 12.1 percent from $9.8 million a year ago. Product revenue rose 4.8 percent to $3.5 million from $3.3 million. SilverSun did not provide great detail on the factors in the company's perfomance except to point generally to sales of Acumatica, Sage 100 and Intacct.  This quarter’s results do not reflect the $1 billion investment being made by investor Brad Jacobs. The company will be renamed QXO, assuming shareholders approve the proposal in a special meeting schedule for May 30.

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