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InterCloud Systems Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: ICLD

BOCA RATON, Fla., April 4, 2013 (GLOBE NEWSWIRE) -- InterCloud Systems Inc. (OTCBB:ICLD) ("InterCloud"), an end-to-end solution provider of professional services and infrastructure to the telecommunications industry, major corporations and governmental entities, today announced results for the fourth quarter and full year ended December 31, 2012.

"During 2012, InterCloud began to implement its strategy of growth through the completion of three acquisitions," said Mark Munro, Chief Executive Officer of InterCloud. "We have begun the integration of the three acquired companies and have hired senior level executives with experience in telecommunications and infrastructure to lead our operations management team. We have also entered into definitive agreements for two additional acquisitions that are expected to close during the second quarter of 2013. Upon the completion of these two acquisitions, we believe that pro forma annualized revenue will exceed $85 million. As the market for our solutions and services continues to expand, we are excited by the opportunities for growth in 2013 and beyond."

Full Year 2012 Financial Results

Total revenue for the year ended December 31, 2012 was $17.2 million, which represented an increase of $14.4 million compared to total revenue of $2.8 million for the year ended December 31, 2011. The increase was attributable to the revenue generated by the three companies acquired in 2012. Revenue from telecommunications staffing services accounted for 61% of total revenue for 2012 and revenue from specialty contracting services accounted for 39%, reflecting the acquisition of ADEX Corporation in September 2012. In comparison, substantially all revenue in 2011 was derived from specialty contracting services.

Net loss for 2012 was $2.1 million, or $1.33 per share, compared to a net loss of $6.4 million, or $6.38 per share, for 2011. Adjusted EBITDA for 2012 was $(1.4) million, or $(0.93) per share, compared to $(1.2) million, or $(1.23) per share, in the prior year.

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