REVENUES INCREASE BY 7.7% AND GROSS PROFIT INCREASES BY 22.5%
TORONTO, Feb. 25, 2021 /CNW/ - Nerds On Site Inc. ("NERDS" or the "Company") (CSE: NERD) (FSE: 3NS.F) (QTCQB: NOSUF), a mobile IT solutions company servicing the small, medium enterprise (SME) marketplace in Canada and the USA, is pleased to provide highlights from its Q2 results, which can be accessed on www.sedar.com.
"In response to unpredictable COVID conditions, NERDS management have focused on driving new business and streamlining internal processes and operations," said NERDS CEO, Mr. Charles Regan. "As a result of the team's efforts, revenues have increased in the Q2 by 7.7%, and gross profit is up by 22.5% as we have made significant long-term changes that have resulted in a 39% decrease of marketing and admin expenses."
Q2 Highlights, Comparative to Previous 2nd Quarter
- Revenues increased by 7.7%
- Gross profit increased by 22.5%
- Selling, general and administration expenses reduced by 39%
- 82% reduction in net loss
COVID circumstances continue to impact both work and personal lives in all NERDS markets. As a result the Company has seen increased demand from existing and new SME Clients to implement secure NERDS WorkZone setups in their team members homes, condos and apartments. In addition, NERDS SchoolZone setups have been assisting families create secure, and distraction free in-home classroom settings for their children's online school sessions.
"NERDS has quickly evolved its capabilities to respond to a new set of opportunities to serve home based work and school requirements that did not exist a year ago," said Mr. Charles Regan. "We see these business areas continuing in the future and we are committed to supporting businesses and families to increase efficiency and safety in home environments that require technology and innovation to serve multiple purposes going forward."
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. The Company services over 12,000 clients per year with a superb 96.5% customer satisfaction rating (more than 90,000 five-star ratings). 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.
Mr. Charles Regan, CEO of Nerds On Site, 1-877-778-2335, [email protected]
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