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SilverSun Technologies Q1 profit falls YOY

SilverSun Technologies Inc. said its normalized net income for the first quarter was 2 cents per share, a decline of 77.6% from 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $84,450, a decrease of 75.2% from $341,090 in the prior-year period.

The normalized profit margin fell to 1.1% from 5.3% in the year-earlier period.

Total revenue increased 20.1% year over year to $7.8 million from $6.5 million, and total operating expenses rose 28.9% on an annual basis to $7.6 million from $5.9 million.

Reported net income declined 83.0% from the prior-year period to $89,550, or 2 cents per share, from $526,670, or 13 cents per share.