Meanwhile, the company posted $116,000 in first-quarter revenue, compared to a year-earlier loss of $708,000. Revenue rose to just over $4 million, an increase of 39 percent from $2.9 million in last year’s corresponding period. SilverSun noted that the operations of the former HighTower that it purchased last year generated $416,000 in revenue for the quarter. Without providing a breakdown, the company’s form 10-Q stated that the rise in revenue was also influenced by increases in maintenance revenue and software sales. If I had read the SEC document earlier, I could have quizzed SWK president Jeff Roth after running into him at the NetSuite conference in San Jose, Calif., and later at an Acumatica event.
SWK PARENT REFILLS CASH ACCOUNT
SilverSun Technologies, the parent of Sage reseller SWK Technologies, had a miserable balance sheet when it ended fiscal 2012 on December 31. It had a bit more than $4,000 in cash with accounts receivable rising. With the end of the first quarter on March 31, the asset side looks far better. Cash stood at $261,000 and receivables of $1.2 million were down 21 percent from three months earlier.
