InterCloud Systems Inc(OTCMKTS:ICLD) has been heating up after the Company announced first quarter 2017 results. The stock has seen a massive volume surge and investors are taking notice bidding ICLD higher.
ICLD has LEGS of fire and a long history of making spectacular short term gains; a considerable short position has only created more volatility to the mix. The stock saw a fast pop from $0.01 to $0.10 in March of this year.
InterCloud Systems Inc(OTCMKTS:ICLD) is a single-source provider of end-to-end information technology (IT) and next-generation network solutions including Software Defined Networking (SDN) and Network Function Virtualization (NFV) to the telecommunications service provider (carrier) and corporate enterprise markets through cloud solutions and professional services. InterCloud offers cloud and managed services, professional consulting and staffing services, and infrastructure and applications to assist its customers in meeting their changing technology demands.
InterCloud’s cloud solutions offer enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing to InterCloud rather than the capital expense model that has dominated in recent decades in IT infrastructure management.
The big news on ICLD is their announcement on May ss backlog is now at an all-time high of over $36 Million.
CEO Mark Munro said “Our backlog of business has been steadily growing over the past twelve months. A majority of this backlog is with fortune 100 companies and other large enterprises that continue to utilize our products and services. InterCloud’s growing backlog and sales pipeline certainly seems to co1 regarding an influx of new purchase orders and long term contracts across its business segments. New businentradict our stock’s performance. As we continue to gain industry acceptance, we believe investor confidence will follow.”
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He added “This growing backlog is a tribute to InterCloud’s ability to offer industry leading solutions and services. It is evident that these large customers have confidence in InterCloud and in our track record of successful delivery of solutions. Customers clearly have a choice of what firm to manage their Next generation IT and telecom networks and InterCloud remains a chosen vendor. We look forward to continued success with our clients throughout 2015 and beyond as the technology landscape continues to move to Software Defined Networks(SDN) and Network Function Virtualization (NFV) . InterCloud is well positioned to take advantage of these major shifts in the way technology is delivered and managed.”
On May 12 ICLD announced 1st Quarter 2017 results. According to the Company revenue for the first quarter ended March 31, 2017 declined 21% to $14.0 million, compared to $17.6 million for 2016. This was the result of a decline in our managed services business segment offset by a small increase in our application and infrastructure segment.
Mark Munro, Chairman and CEO of InterCloud, stated, “InterCloud continues to restructure. During the first quarter of 2017, the Company reduced senior secured debt by approximately $4.2 million and reduced subordinated debt by $4.1 million for total quarterly debt reduction of more than $8.3 million. Although our revenues declined during the Quarter while we restructured, we substantially reduced our operating expenses, as salaries and wages were reduced by 20% and our SG&A declined by approximately 10%. We will continue to focus on cutting costs, selling non-core assets and becoming a smaller but cash flow positive company.”
Gross profit was 24% for the quarter ended March 31, 2017 and 25% for 2016. Gross profit declined slightly to $3.4 million compared to $4.4 million in 2016.
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Currently trading at a $14 million market valuation ICLD has exploded up the charts in recent months as revenues have skyrocketed due to the Company signing one million dollar contract after another. ICLD clearly has huge runner in its blood and is one to watch here. The Company is a single-source provider of end-to-end information technology (IT) and next-generation network solutions including Software Defined Networking (SDN) and Network Function Virtualization (NFV) to the telecommunications service provider (carrier) and corporate enterprise. We will be updating on ICLD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ICLD.
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Disclosure: we hold no position in ICLD either long or short and we have not been compensated for this article