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SWK SPENDS DURING GROWTH QUARTER Featured

Jeff Roth, SWK TechnologiesSilverSun Technologies, parent of Sage reseller SWK Technologies, reported a 20-percent drop in net income on a 26.1-percent rise in revenue for the third quarter ended September 30. However, Jeff Roth, CEO of Livingston, N.J.-based SWK, said the company was hiring for future growth, which cut into earnings. Seven new employees were added during the period. SWK represents all of SilverSun's revenue.

For the most recently ended quarter, net income dropped to $82,219, down from $102, 808. Revenue was $4.4 million, up from $3.5 million in last year's corresponding period. The hiring showed up in sales costs which rose to $926,738, a 77-percent increase from $523,352 a year earlier. Recent results have helped the company's cash balance, which stood at $938,008 on September 30, compared to a paltry $4,483 on December 31. Growth continued stronger on the services part of revenue than on the product side. Product revenue rose to $995,145, up 16.8 percent from $851, 656 a year earlier. Third quarter product revenue of $3.4 million was 29.1 percent higher than $2.6 million a year earlier. Sales of Sage X3 helped fuel growth in consulting revenue while new software sales pushed up maintenance income. The company also received $267,514 in revenue from the former HighTower operations for the most recently ended period.

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