Business
Data Storage Corporation Achieves Profitability for the First Quarter of 2023
MELVILLE, N.Y., May 15, 2023 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity
About this update from Data Storage Corporation
[{"type":"text","content":"MELVILLE, N.Y., May 15, 2023 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber security, and IT services, today provided a business update and reported financial results for the three months ended March 31, 2023. Chuck Piluso, CEO of Data Storage Corporation, commented, “We are implementing a number of strategic business initiatives that are expected to further accelerate growth, such as expanding our dedicated sales teams, hosting revenue-driven sales events, expanding our channel partner programs, and increasing our international footprint through strategic partnerships. At the same time, we remain focused on streamlining operations and consolidating redundant business expenses. By executing on these initiatives, while focusing our efforts on long-term, high-margin, subscription-based contracts, we believe we can achieve sustained profitability and maximize returns for our shareholders.” “Towards this end, I’m pleased to report we achieved profitability for the first quarter of 2023 on $6.9 million in revenue. We decreased our selling, general and administrative expenses by 13%, as a result of reallocating resources and eliminating redundancies. With approximately $11 million of cash and short-term investments, and no debt, we believe we are well capitalized with a solid balance sheet and poised for rapid organic growth.” Conference Call The Company plans to host a conference call at 10:00 am ET today, May 15, 2023, to discuss the Company's financial results for the first quarter of 2023 which ended March 31, 2023, as well as corporate progress and other developments. The conference call will be available via telephone by dialing toll-free 877-451-6152 for U.S. callers or for international callers 1-201-389-0879. A webcast of the call may be accessed at https://viavid.webcasts.com/starthere.jsp?ei=1612889&tp_key=d98847e007, or on the Company’s News & Events section of the website, www.dtst.com/news-events. A webcast replay of the call will be available on the Company’s website (www.dtst.com/news-events) through May 15, 2024. A telephone replay of the call will be available approximately three hours following the call, through May 22, 2023, and can be accessed by dialing 844-512-2921 for U....