Boston, MA 11/19/2013 (wallstreetpr) – InterCloud Systems Inc (NASDAQ:ICLD) reported very good quarterly results on November 14, 2013. Revenues rose to $16.16 million from $2.95 million for the same period last year. Revenues were $14.36 million for 2Q2013. Revenue growth was achieved by including revenues from its recent acquisitions as well as through organic growth. With a gross margin of 34% for 3Q2013, gross profits stood at $5.50 million. There was a decline in the gross margin of 41.4% for 3Q2012 due to acquisitions in 2012 and April 2013. The second quarter of 2013 yielded gross margin of 29.6% and gross profit of $4.25 million.
Operating expenses were $3.44 million against $3.71 million for the second quarter of the same year leading to operating income of $2.06 million. The company had incurred a loss of $6.69 million for 3Q2012. Earnings were $0.12 per share for 3Q2013 against loss of $2.16 per share for 3Q2012.
“Our third quarter results reflect the integration of our completed acquisitions, and the success of InterCloud Systems Inc (NASDAQ:ICLD)’s cross selling plan,” said Mark Munro, Chief Executive Officer of InterCloud Systems. “InterCloud now offers a full set of cloud and managed services as well as professional services focused on providing end-to-end network solutions for both carriers and enterprises. We continue to be well positioned for growth into 2014.”
The InterCloud Systems Inc (NASDAQ:ICLD) was also able to reduce net loss in the first nine months of 2013 to $1.1 million (translating to $.49 per share) from $1.7 million ($4.76 per share) for the same period last year. Revenues were $42.9 million, an increase of 631% over $5.9 million reported for the first nine months of 2012.
The company was able to fully exercise the over allotment option in the recent public offering of 187,500 shares of its common stock.
The InterCloud Systems Inc (NASDAQ:ICLD)’s shares were up by almost 50% to $14.18 on the close of trading on November 18, 2013. A total of 14.17 million shares were traded against average of 4.64 million shares.
