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Full-Year 2013 Revenue Increased 201% to $51.4 Million
Full-Year 2013 Adjusted Pro-Forma EBITDA Increased to $6.9 Million
Balance Sheet Improved
SHREWSBURY, N.J., April 8, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (Nasdaq:ICLD), a single source provider of end-to-end IT technology and telecom solutions to the service provider and corporate enterprise markets through professional services and cloud platforms, today announced financial results for the fourth quarter and full-year 2013.
InterCloud CEO, Mark Munro, announced full-year 2013 Pro-Forma Adjusted EBITDA of $6.9 million. In addition, as part of an ongoing effort to improve its balance sheet, InterCloud eliminated approximately $12 Million in preferred stock obligations and other liabilities during the fourth quarter. Total charges related to derivative liabilities resulted in a $13.7 million expense to fourth quarter net loss. The increases to the derivative liabilities were primarily as a result of increases in the Company's stock price and were non-cash items.
Mr. Munro stated: "In addition to substantially improving our pro-forma adjusted EBITDA, we are pleased with the improvements to our balance sheet. With our improved operations, we were able to eliminate the remaining outstanding convertible preferred stock and other indebtedness that the Company incurred as part of its earlier growth stage, thereby streamlining our balance sheet. We are pleased to have made additional strides on that front in the fourth quarter."
"Our full-year results reflected the continued integration of our completed acquisitions and the success of InterCloud's cross-selling plan," continued Mr. Munro. "InterCloud now offers a broad complement of cloud and managed services, as well as professional services focused on providing end-to-end network solutions for both carriers and enterprises. We believe we continue to be well positioned for growth into 2014."
Fourth Quarter 2013 Financial Results
Revenue for the fourth quarter ended December 31, 2013 increased by $0.6 million, or 5.4%, to $11.8 million, as compared to $11.2 million for the fourth quarter of 2012.