BOCA RATON, Fla., March 28, 2013 (GLOBE NEWSWIRE) -- Ludlow Research, an equity research firm based in New York, has placed InterCloud Systems, Inc. (OTCBB:ICLD) on 'earnings watch' based on pending fiscal 2012 financial results. InterCloud is an end-to-end solution provider of cloud and managed service based platforms, professional services, applications and infrastructure to the telecommunications industry. In their research alert, Ludlow Research commented that for the fiscal year ending Dec. 31, 2011, the Company, now called InterCloud Systems, Inc., posted total revenues of $2,812,210. They issued their alert based on the acquisitions during 2012, which they anticipated would add millions in additional recognized revenue for ICLD. They issued that InterCloud's current $5.8 million in revenues generated during the nine months ending Sept. 30, 2012, could be projected in the range of $10 to $15 million for the fiscal year ending Dec. 31, 2012.
Combined Proforma Projection of $85 Million
In addition, they commented that on a proforma bases, if acquisitions would have been completed at the start of the 2012 fiscal year, the company would have been on pace to recognize around $40 to $45 million for the fiscal period. Assuming the completion of the IPC and Telco acquisition, total combined proforma revenues are projected to be around $85,868,722, as scheduled on page 43 of their amended S-1 filing, filed March 26, 2012.
The Company is expected to file their 10K annual financial report on, or before, April 2, 2013.
Share Structure
As of February 28, 2013, the Company had $2,000,000 common shares issued and outstanding, with a public float of around 690,000.
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FORWARD-LOOKING STATEMENTS
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 (the "PSLRA") . Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause the Company's actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in the Company's annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission.