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Revenue Increased 25% Year-Over-Year to $14.1 Million; Gross Profit Increased 33% to $3.9 Million
Net Income $6.7 Million
SHREWSBURY, N.J., May 15, 2014 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (Nasdaq:ICLD), a single source provider of end-to-end IT technology and next-generation network solutions to the service provider and corporate enterprise markets through professional services and cloud platforms, today reported financial results for the first quarter ended March 31, 2014.
InterCloud reported first quarter 2014 revenues of $14.1 million and net income of $6.7 million. Basic Earnings per share for the first quarter ended March 31, 2014 was $0.70 per share. On a fully diluted basis, excluding any derivative gains, the loss per share was ($1.52).
The $14.1 million in gross revenues for InterCloud was contributed by our three reporting segments: Cloud and Managed Services; Applications and Infrastructure; and Professional Services; Our Cloud and Managed Services revenue totaled $5.3 million; Applications and Infrastructure revenue totaled $3.9 million; and Professional Services revenue totaled $4.9 million for the quarter.
Mark Munro, Chairman and CEO of InterCloud, stated, "Our first quarter results reflect the integration of our recently completed IPC-NY and RentVM acquisitions. InterCloud now offers a broad range of professional engineering and IT services, as well as cloud and managed services, which was our largest segment of operational revenues for the first quarter."
Mr. Munro continued, "We are experiencing significant growth opportunities across our segments as we continue to cross sell and take advantage of our end-to-end solutions capabilities. As we grow, our corporate cost of operations will become a smaller percentage of our revenues. We are very excited about the future for InterCloud."
First Quarter 2014 Financial Results
Revenue for the first quarter ended March 31, 2014 increased by $2.8 million, or 25%, to $14.0 million, as compared to $11.2 million for the first quarter of 2013.