Nerds On Site Inc. Announces 2021 Fiscal Year-End Financial Results
TORONTO, ON
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September 29, 2021 07:04 AM Eastern Daylight Time
Nerds On Site Inc. (CSE: NERD) (OTCQB: NOSUF) (“Nerds” or the “Company”), a mobile IT solutions company servicing Small- and Medium-Sized Enterprise (SME) marketplaces in Canada and the USA, today announced its financial results for the fiscal year 2021, ended May 31, highlighted by a stable revenue of $10,121,480. All amounts expressed are in Canadian dollars.
2021 Financial Highlights:
- Total Revenue of $10,121,480 as compared to $10,143,336 for the year ended May 31, 2020
- Gross Profit of $2,627,954 as compared to $2,639,410 for the year ended May 31, 2020, maintaining a gross margin of 26%
- Cash used in operating activities was ($289,860) for the year ended May 31, 2021, compared to ($1,605,328) for the year ended May 31, 2020, reflecting an improvement in cash used in operations of $1,315,468.
- Net loss for the year ended May 31, 2021, was ($1,387,768) as compared to ($2,034,711) for the year ended May 31, 2020, a decrease of $646,943 or 32%. This is in line with the Company’s cost-reduction strategy
Full details of the Company’s 2021 financial results can be found in the Audited Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the year ended May 31, 2021, both of which are available at www.sedar.com.
2021 Strategic Partnership with Staples Canada:
On March 1, 2021, Staples Canada (“Staples”) and Nerds On Site Inc. announced an exclusive partnership to launch Nerds On Site for Business, that will support small business customers with IT and cyber security services as they continue to navigate the new way of working. A trusted provider in the managed IT and cyber security space, Nerds On Site for Business can help SMEs across Canada with remote and onsite solutions for everything from setting up a company's workforce to work from anywhere to managing an entire IT network. With data, cyber security, and managed IT services in demand more than ever before, one of the key services that Nerds On Site for Business will provide to SME customers is a no-commitment, no-obligation cyber security assessment scorecard of their business, with custom solutions to combat any findings. Properly managing and protecting business systems has become a pivotal step to remain secure in the ever-evolving digital world.
Charlie Regan, CEO of Nerds On Site, commented: “The COVID-19 pandemic has established an unprecedented environment for business, particularly small- and medium-sized businesses that are the primary customers of Nerds. We are extremely pleased with having maintained our revenue level while increasing our business activities on the online security and technology field, that we expect will play a highly-important role in the new enterprise normal. We are looking forward to ramping up our business operations and expansion into the US in the upcoming year.”
Investor Webinar
NERD will host an investor webinar on Wednesday, September 29 at 1:30 pm ET, where CEO Charlie Regan will discuss the 2021 financial results and answer any questions investors may have. Investors can join the call by clicking HERE, then enter the passcode: 614624
About Nerds On Site Inc.
Nerds On Site Inc., a company founded in 1995 in London, Ontario, specializes in providing cost-effective, leading-edge solutions to Small- and Medium-Sized Enterprises (SMEs), serving as the complete SME IT solution specialist. NERD currently has annual revenues of approximately $10,000,000 and growing. The Company services more than 12,000 clients per year with a superb 96.5% customer-satisfaction rating (more than 90,000 five-star ratings). NERD’s business model is based on sub-contracts in Canada and a franchise model for US expansion. Visit the website to learn more: www.nerdsonsite.com
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 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.
Contact Details
NERDS ON SITE INC.
Charles Regan, CEO
+1 877-778-2335
CHF CAPITAL MARKETS
Thomas Do
+1 416-868-1079
Company Website
