SILVERSUN REVS UP 23.4 PERCENT

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Revenue for SilverSun Technologies, parent of reseller SWK Technologies, hit $21.5 million for the year ended December 31. That was up 23.4 percent from $17.4 million in 2013. Net income dropped to $192,901, a decrease of 40.2 percent from $322,548 the prior year. But to give the company credit, much of that reflected growth. General and administrative expenses reached $1.4 million for the most recently ended year, an increase of 46.2 percent from $4.3 million. That include includes payroll and expenses stemming from hiring more management personnel and costs associated with the acquisition of ESC. One personnel change was that CEO and president Mark Meller dropped the CFO position. That job went to Melvin Crandell, CFO of SWK. And there’s one note from the balance sheet that is worth mentioning—there was shareholder equity at the end of the year. That figure was only $13,607 at the end of the year, but that’s down from slightly less than a $400,000 deficit at the end of 2013 and an $814,531 deficit at the end of 2012. That move from a shareholder deficit was helped along by $221,000 or so in additional paid in capital. More recently, the company changed its capital structure through a reverse split that took it out of penny stock territory and in the last week completed a public offering that netted SilverSun $1.4 million in proceeds. The two major components of revenue were in the same pattern as they have been historically. Software sales rose to $3.7 million, an increase of 7.3 percent from $3.4 million in 2013. The rest of revenue—all from SWK—was from services. That hit slightly less than $18 million for 2014, up 27.3 percent from just under $14 million the prior year.