InterCloud Systems Reports Second Quarter 2017 Results
DOWNLOAD AS PDF AUGUST 14, 2017
InterCloud streamlines operations
Salaries and Wages decline 45% 2Q 2017 vs. 2Q 2016
Selling, General and Administrative Expenses decline 55% 2Q 2017 vs. 2Q 2016
SHREWSBURY, N.J., Aug. 14, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTCQB:ICLD), a leading provider of cloud networking orchestration and automation solutions and services, today reported financial results for the second quarter of 2017.
Mark Munro, Chairman and CEO of InterCloud, stated, "As I mentioned a few weeks ago, we have greatly reduced our liabilities and strengthened our balance sheet over the last twelve months. Our debt and expense reductions will enable us to achieve profitability and enable this Company to realize its potential through new products and services. We believe the steps we've taken over the past year have positioned the Company to capitalize on the immense opportunities in front of us and creates the necessary foundation for ongoing financial performance.”
2nd Quarter Financial Highlights:
Revenue for the second quarter ended June 30, 2017 decreased $14.5 million, or 64%, to $8.1 million, as compared to $22.6 million for the second quarter of 2016. This was the result of the reduction in revenue from subsidiaries disposed of during the 2017. Gross profit percentage was 20% for the second quarter ended June 30, 2017, compared to 23% for the same period in 2016. The overall decrease in gross profit percentage was due to reduced margins within the Company’s professional services segment offset by increased margins in the application and infrastructure segment.
The Company had a net loss attributable to common stockholders of $(12.0) million in the second quarter of 2017 compared to net loss of $(13.4) million for the comparable period of 2016. The decrease in net loss was primarily due to a decrease in the loss on extinguishment of debt of $7.1 million. Additionally, there were decreases in salaries and wages and SG&A expenses of $4.5 million and a decrease in interest expense of $2.1 million. These decreases were offset by a decrease in gross profit of $3.6 million and a loss of disposal of subsidiaries of $5.9 million.
IMO
