3RD QUARTER YEAR OVER YEAR REVENUE INCREASE AS COMPANY EXPANDS REACH
TORONTO, April 30, 2019 /CNW/ - Nerds on Site Inc. (the "Company") (CSE: NERD) (FSE: 3NS.F) (QTCQB: NOSUF), a mobile IT solutions company servicing the SME marketplace, provides 2019 Q3 revenue highlights as the Company executes its strategic growth plan.
"The increase in quarterly revenues year over year is a testament to the focus our team has had on expansion into new markets in the US and Canada, while simultaneously growing existing customer bases, including relationships with key clients like Canadian Tire stores," said Mr. Charles Regan, CEO, NERDS on Site.
Revenue is up 23.7% from $1,921,478 in 2018 Q3 to $2,377,836 for 2019 Q3
Quarterly gross profit is up 39.6%, from $470,478 for 2018 Q3 to $656,814 in 2019 Q3
Net loss increased from 2018 Q3 to 2019 Q3 from $342,218 to $769,991, or $0.009 per share versus $0.006 per share, primarily as a result of one-time listing expenses and ongoing business costs associated with US expansion efforts in Florida and Arizona
"We took the Company public last fall with the goal of expanding in the USA. We are excited to announce the milestone of reporting revenues from US operations in the third quarter," noted Mr. Regan. "It's a significant achievement and an indication that our strategy has been validated, and we have continued to build on the initial $224,000 in US revenue last quarter as more NERDS continue to join the team."
The Company anticipates acceleration of USA revenue with anticipated delivery of 20 new NERD mobiles expected in May from EFLEETS.
About Nerds On Site:
Nerds on Site, a company founded in 1995, specializes in providing cost effective, leading edge solutions to Small and Medium sized Enterprise (SME), serving as the complete SME IT solution specialists. Nerds on Site was established in London, Ontario with current annual revenues of approximately $10,000,000 with normalized net earnings of about $100,000.00. The company services over 12,000 clients per year with a superb 96.5% customer satisfaction rating. NOS's business model is based on Nerds sub contracts in Canada and a Franchise model for USA expansion.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements - Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE Nerds On Site Inc.
For further information: Mr. Charles Regan, CEO of Nerds on Site; Please visit www.investors.nerdsonsite.com, Call 1-877-778-2335, or email [email protected]