Second quarter revenue was $3.9 million, up 26 percent from $3.1 million a year ago. The bulk of income was $3.3 million in service revenue which was 28.1 percent higher than the $2.6 million reported in last year's second quarter. Revenue benefitted from increased marketing by Sage reseller SWK and what the 10-Q for the period called "very competitive pricing." The earnings helped SilverSun replenish its cash and the company ended the half with $57,573, compared to $4,483 on December 31. On August 1, the company negotiated a new $750,000 line of credit and a $350,000 term loan.
SWK PARENT PROFITS, ADDS CASH Featured
SilverSun Technologies, parent of SWK Technologies, reported net income of $62,185 for the second quarter ended June 30, largely attributable to a sharp drop in share-based compensation. The earnings compared to a loss of $334,031 in last year's corresponding period. The company was able to increase G&A and R&D spending, but overall expenses fell as the shared-based pay dropped to $4,404 in the most recently end period, compared to $408,183 a year earlier.
