SilverSun reported 2020’s gross profit was 40.2 percent, rising from 38.1 percent for 2019. SilverSun did not cite any specific software lines as a factor in sales, but said the gross margins came from the sale of higher-margin products and services, a bit obvious in the circumstances. Net income was $175,647 for 2020, compared to $6.8 million the prior year. The bottom line for 2019 was pumped up by a $10.3 million gain on the sale of the company’s Mapadocs business. Revenue last year was $41.2 million, compared to $38.5 million in 2019. Revenue from product sales reached $7.7 percent, up 11.4 percent from $6.9. million a year earlier. SWK sells Acumatica and the Sage ERP line. Services revenue was $33.7 was 6.1 percent higher than the $31.6 million a year earlier. Components of services revenue included consulting income of $13.6 million last year, up 13 percent from $12.1 million. Maintenance revenue dropped 7.4 percent to $7.2 million from $7.7 million. SilverSun did not break out fourth-quarter revenue in its Form 10-K, filed with the SEC. But backing out the reported revenue for the nine months ended September 30, yields revenue of $11.3 million for the fourth quarter, a 13-percent increase from $10 million in the prior year’s corresponding period. SWK had two acquisitions in the last quarter—Computer Management Services and Business Software Solutions—but did not spell out the impact on revenue.
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SILVERSUN ’20 REVS UP 7.1 PERCENT Featured
SilverSun Technologies, parent of reseller SWK Technologies, pointed to a 2.1-percentage point increase in gross profit as a factor in the company’s bottom line for the year ended December 30. That came as the East Hanover, N.J.-based business reported a 7.1-percent rise in revenue for the most recently completed year, benefiting from a strong finish to the year.