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SILVERSUN REVS JUMP ON HIGHTOWER BIZ

SWK LogoRevenue from the operations of the former Hightower helped SilverSun Technologies, parent to Sage reseller SWK Technologies, more than double its product revenue for the third quarter ended September 30 and to increase the top line by 46.2 percent. Product revenue for the most recently ended period was $851,656, compared to $356,909 a year earlier.
Overall revenue hit $3.47 million, up from $2.37 million. The company, which derives all revenue from the operations of Livingston, N.J.-based SWK, returned to profit with net income of $102,808, a rebound from a loss of $24,652 in last year’s corresponding period. However, that still left the company with a loss of $949,414 for the nine months, compared with earnings of $2.7 million a year earlier. The Hightower business  brought in about $366,000 in revenue for the September quarter. SilverSun said the increase in revenue also related to a rise in revenue from maintenance agreements and the software sales base, along with marketing efforts and what it termed “very competitive pricing”. One thing that did not happen during the quarter was a consumption of the announced acquisition of ISM, another reseller, and ISM submitted a separate application for this year’s VAR Star selection.
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