InterCloud Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
August 14, 2017 at 03:59 pm EDT
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InterCloud Systems, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. 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. The company had a net loss attributable to common stockholders of $12.0 million or $0.10 per basic and diluted share in the second quarter of 2017 compared to net loss of $13.4 million or $0.43 per basic and diluted share 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. Loss from operations was $3.905 million against $4.318 million a year ago. Net loss before income taxes was $12.197 million against $12.081 million a year ago. Loss from continuing operations was $12.078 million or $0.10 per basic and diluted share against $12.137 million or $0.39 per basic and diluted share a year ago.
For the six months, the company reported revenue of $22.071 million against $40.223 million a year ago. Loss from operations was $11.170 million against $7.860 million a year ago. Net loss before income taxes was $26.675 million against $18.007 million a year ago. Loss from continuing operations was $26.317 million or $0.28 per basic and diluted share against $18.123 million or $0.59 per basic and diluted share a year ago. Net loss attributable to company common stockholders was $26.179 million or $0.28 per basic and diluted share against $17.724 million or $0.58 per basic and diluted share a year ago.
InterCloud Systems, Inc. is a provider of networking orchestration and automation for the Internet of things (IoT), software-defined networking (SDN) and network function virtualization (NFV) environments to the telecommunications service provider (carrier) and corporate enterprise markets. The Companyâs managed services solutions offer enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing cloud deployment and management. Its professional services group offers SDN solutions to enterprise and service provider customers, including application development teams, analytics and project management. The Companyâs applications and infrastructure division offers enterprise and service provider customers specialty contracting services, including engineering, design, installation and maintenance services of some of the advanced small cell, wireless fidelity (Wi-Fi) and distributed antenna system (DAS) networks.