In the overall picture, "Much of the revenue change was due to higher sales of subscription-based cloud offerings," said Roth. "Four of the deals sold in Q1 were subscription-based versus zero from last year." That translated in to "well over $250,000 in deferred revenue over the next 12 months," he said. Services revenue rose to $4.3 million, a rise of 29.6 percent from $3.3 million in last year's corresponding period. Roth said there was a 7,000hour consulting backlog at the end of the quarter while "our consultants' utilization is the highest it has even been." SilverSun reported sales of its cloud-based software for the craft and brewery business increased and the company continued to book major orders of X3.
SWK POSTS DOUBLE-DIGIT GAINS Featured
SilverSun Technologies, parent of Sage reseller SWK Technologies, reported net income of $127,741 for the first quarter ended March 31, an increase of 45 percent from $115.530. Revenue rose to $4.9 million, up 21.8-percent from just over $4 million a year earlier. (All results are from SWK.) However, software revenue fell to $609,970, a drop of 14.8 percent from $716,260 a year earlier. SWK CEO Jeff Roth said there were software economic conditions, but the number of Sage X3, NetSuite and Acumatica deals rose to eight from six in the year-earlier quarter.
