Business
Data Storage Corporation Reports 42% Increase in Revenue for the Third Quarter of 2021
Management to host conference call today, November 15 at 11:30AM Eastern Time MELVILLE, N.Y., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Data Storage Corporation
About this update from Data Storage Corporation
[{"type":"text","content":"Management to host conference call today, November 15 at 11:30AM Eastern Time\nMELVILLE, N.Y., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity, disaster recovery protection, IBM Power infrastructure-as-a-service, cyber-security based and data analytics solutions, today provided a business update and reported its financial results for the third quarter ended September 30, 2021. Chuck Piluso, CEO of Data Storage Corporation, commented, “I’m pleased to report revenue for the third quarter increased 42% compared to the same period last year, and we continue to generate positive net income, while investing in the future growth of the Company. We saw a meaningful increase in sales across Infrastructure & Disaster Recovery/Cloud Services, which increased 27%; an increase in Managed Services; and Nexxis VoIP services, which increased 17%. This increase was partially offset by a decline in Equipment and Software, reflecting our focus on recurring and high margin cloud-based subscription services. Our solid results for the quarter are a direct reflection of our new sales and marketing strategy, as well as the continued growth and synergies that are being realized from the recent Flagship merger.” “We continue to expand our offerings, as illustrated by the recent partnership with Precisely, a global leader in data integrity and security software solutions, providing us new and valuable opportunities within the market. As more companies migrate their businesses to the cloud, there is an increasing need for solutions that prioritize privacy and compliance adherence. Precisely has proven to be an ideal partner to enhance our IBM i ezSecurity solution, as evidenced by the increased demand and new sales opportunities.” “Overall, with our new capital we are investing in our organic growth, including new employees and marketing campaigns. We are establishing special incentives for cross selling our solutions between our three subsidiaries and leveraging our distribution channels. We believe we are positioned for solid organic growth in 2022 creating the baseline of subscription recurring revenue for futures years and continuing our high contract renewal rate of 94%. Our primary objectives going into 2022 are to establish more accretive partnerships and ...