InterCloud Systems Reports Third Quarter Results

  • 3rd Quarter Net Income of $2.1 Million Compared to a Net Loss of $2.9 Million
  • 3rd Quarter Revenue Grew 11% to $19.6 Million
  • 3rd Quarter Gross Profit Increased 15% to $5.6 Million

SHREWSBURY, N.J., Nov. 09, 2016 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (Nasdaq:ICLD), a leading provider of cloud networking orchestration and automation solutions and services, today reported financial results for the third quarter 2016.

3rd Quarter and 9 Months Financial Highlights:
  • 9 month Revenue increased 8% year-over-year to $59.8 million
  • 9 month Gross Profit increased 6% year-over-year to $15.2 million
  • Gross Profit Margin at 29% for the 3rd quarter of 2016 compared to 28% in 2015

Mark Munro, Chairman and CEO of InterCloud, stated, "Notwithstanding the challenges we have faced this year in the equity markets, we have experienced revenue growth over the comparable period in 2015.  We have seen the results of our measures taken to reduce operating expenditures.  These reductions in SG&A expenses while building on our industry leading automated Software Defined Networking (SDN) solutions and professional services division leads us on the path to profitability.  We will continue on this path as we cut costs, restructure our debt, divest ourselves of non-core assets and continue to develop higher margin revenue around SDN and Network Function Virtualization."

Third Quarter of 2016 Financial Results:

Revenue for the third quarter ended September 30, 2016 increased by 11% to $19.6 million, compared to $17.6 million for the third quarter of 2015. This was primarily the result of increased revenue from our professional services operating segment offset by a decrease in our application and infrastructure segment.

The gross profit percentage was 29% during the third quarter of 2016, compared to 28% for the comparable period in 2015.  Gross profit increased to $5.6 million in the third quarter of 2016 compared to $4.9 million in 2015.  Increases in gross profit in our professional services segment were offset by decreases in our other segments.  The gross profit percentage in the professional services segment was 30% in the third quarter of 2016. 

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