BOCA RATON, Fla., May 17, 2013 (GLOBE NEWSWIRE) -- InterCloud Systems Inc. (OTCBB:ICLD) ("InterCloud"), an end-to-end solution provider of professional services and infrastructure services to the telecommunications industry, major corporations and governmental entities, today announced financial results for the first quarter ended March 31, 2013.
"Our first quarter results reflect the integration of the three acquisitions that we completed during 2012," said Mark Munro, Chief Executive Officer of InterCloud Systems. "InterCloud now offers a full set of professional services focused on providing end-to-end network solutions for both carriers and enterprises. We believe that with the cross-selling opportunities arising from the combination of our companies, coupled with our existing longstanding customer relationships, we are well positioned for growth in 2013 and beyond."
The financial results do not include those revenues and earnings associated with InterCloud's recent acquisition of AW Solutions, Inc. which was closed in April, 2013.First Quarter 2013 Financial Results Revenue for the first quarter ended March 31, 2013 increased by $10.9 million, or 716%, to $12.4 million, compared to $1.5 million for the first quarter of 2012. The increase in revenue is attributable to the revenue generated by the three companies acquired in 2012. Gross profit for the first quarter of 2013 totaled $3.6 million compared to $0.6 million for the first quarter of 2012. Net loss for the first quarter of 2013 was $1.05 million, or $0.50 per share, compared to a net loss of $0.33 million, or $.25 per share, in the first quarter of 2012. Adjusted EBITDA for the first quarter of 2013 was $0.85 million, or $0.41 per share, compared to $(0.20) million, or $(0.15) per share, for the first quarter of 2012. About InterCloud Systems, Inc. InterCloud Systems, Inc. is a global single-source provider of value-added services for both corporate enterprises and service providers. InterCloud offers cloud and managed services, professional consulting services and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Its engineering, design, installation and maintenance services support the build-out and operation of some of the most advanced enterprise, fiber optic, Ethernet and wireless networks. Additional information regarding InterCloud may be found on InterCloud's website at www.intercloudsys.com. Non-GAAP Financial Measures Investors are cautioned that adjusted EBITDA, or earnings/(loss) before other income/(expense), taxes, depreciation, amortization, stock-based compensation, and other non-cash charges, if any, as used in this press release, is defined as a "non-GAAP financial measure" by the Securities and Exchange Commission. This measure may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation. In addition, although InterCloud's management has provided a reconciliation of this measure to the nearest comparable GAAP measure, it should not be construed as an alternative to any other measure of performance determined in accordance with generally accepted accounting principles, or as an indicator of InterCloud's operating performance, liquidity or cash flows generated by operating, investing and financing activities, as there may be significant factors or trends that it fails to address. InterCloud's management presents this financial information because they believe that it is helpful to some investors as a measure of InterCloud's performance. InterCloud cautions investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare InterCloud's current results with the results from other reporting periods and with the results of other companies. Definitions and reconciliations between the non-GAAP measure and relevant GAAP measure are set forth in the tables at the end of this press release.