The company did not discuss any factors in the fall off, but overall pointed out the background of the disruption from the pandemic. In a prepared statement, CEO Mark Meller noted gross margins were up while expenses were down while monthly recurring revenue was “approaching 46 percent of total revenue”. Net income for the most recently period totaled $130,289, near four times the $33,514 a year ago. Revenue rose to $10.2 million from $9.7 million in last year’s corresponding quarter. Software revenue dropped to $1.8 million from $1.9 million. But the decline was offset by an 9.3-percent increase in services revenue to $8.5 million from $7.7 million. Meller indicated the outlook for the year is good. “Our sales pipeline for the balance of the year is strong, and our marketing team continues to generate leads at a record pace,” he said. Second-half results will reflect the second-quarter acquisitions of CT Solutions and the Human Capital Management division of PeopleSense.
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SILVERSUN REVS UP; SOFTWARE OFF Featured
SilverSun Technologies, parent of SWK Technologies, turned in a sharp increase in net income on a 5.8-percent rise in revenue for the second quarter ended June 30. But software revenue declined by 8.3 percent.
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