Nerds On Site Releases Year End Financials
31 MAY 2019 YEAR END SHOWS REVENUE INCREASE YEAR OVER YEAR
TO $8.9 MILLION FROM $8.4 MILLION AS THE COMPANY
DEPLOYS RESOURCES FOR GROWTH
TORONTO, Oct. 2, 2019 /CNW/ - Nerds On Site Inc. ("NERDS" or the "Company") (CSE: NERD) (FSE: 3NS.F) (QTCQB: NOSUF), a mobile IT solutions company servicing the SME marketplace, releases its 31 May 2019 year end financials.
"The Company has had a very eventful year, highlighted by the fact that NERDS is now a publicly traded company," said Mr. Charles Regan, NERDS CEO. "Our overall revenues are up by 6% year over year, but since taking the Company public our team has been focused on accelerating expansion into the USA, and applying our resources to scaling up service areas such as Cyber Security, both of which are significant growth areas that will be reflected in future results."
Highlights on Financials - year ended 31 May 2019:
- Company revenue increased to $8.9M in 2019 from $8.4M from prior year. An increase of revenue by $0.5M i.e. a 6% increase year over year
- Company successfully converted $2.83M out of the $2.86M of convertible debentures issued in 2017 and bearing interest at the rate of 10% per annum into equity
- Company repaid all balloon loans having high interest rates
- In November 2018, the Company successfully completed its IPO for gross proceeds of $4.7M and net proceeds of $3.9M
- Significant one-time costs incurred in 2019 to successfully penetrate the US market
In addition to costs associated with taking the Company public, NERDS has incurred significant one-time costs in 2019 to successfully penetrate the US Market. The Company has begun to see results and is generating revenue from the US customers. For the year, 4% of total revenue was derived from the US. The Company anticipates future growth as it expands its proven model into the world's largest market for SME IT solutions.
The Company's leadership will host an investor call on Thursday, October 3rd at 4pm Eastern time, the call details are provided below:
Join Zoom Meeting |
Meeting ID: 417 018 664 |
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Dial by your location |
+1 646 876 9923 US (New York) |
+1 669 900 6833 US (San Jose) |
Meeting ID: 417 018 664 |
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.
Mr. Charles Regan, CEO of Nerds On Site; Please visit www.investors.nerdsonsite.com; Call 1-877-778-2335, or email [email protected].
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