Software revenue hit $3.4 million, a rise of 40.5 percent from $2.4 million. The remainder of the revenue for Livingston, N.J.-based SWK, which represents all of SilverSun's operations, came from services. SilverSun held operating expenses in check, keeping them virtually unchanged—dropping by $19,000 year-to-year. One note: overall expenses were impacted by a sharp drop in non-cash share-based compensation, which fell to $17,616 from $1.2 million a year ago. Meanwhile, sales and marketing expenses rose with the change in revenue, hitting $3.2 million last year, an increase of 40 percent from $2.3 million in 2012.
X3 PUSHED SWK SOFTWARE REVS Featured
SilverSun Technologies, parent of Sage reseller, SWK Technologies, turned a profit of $322,548 for the year ended December 31, compared to a 2012 loss of just over $1.2 million. The bottom line benefited from a $120,000 income tax benefit. The company said this week that came as revenue rose 32 percent to $17.4 million in the most recently ended year, compared to $13.2 million for the prior year. SilverSun said sales of Sage's X3 system were largely responsible for the growth in software and consulting services last year.
