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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SWK SPENDS DURING GROWTH QUARTER Featured
SilverSun 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.
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