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InterCloud Systems Inc (OTCMKTS:ICLD) Slides on Balance Sheet Concerns

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InterCloud Systems Inc (OTCMKTS:ICLD) is a micro-cap name that’s been unraveling in a steep decline on no apparent news over the past few weeks. It’s always interesting when we come across this kind of action because one knows there must be a dramatic story involved, but it’s a mystery as to the details.

However, we would note that, in this case, the mystery is likely easily solved: the company has about $2.6 million in cash on the books right now (as of its November 10-Q). But that has to lean up against over $44 million in total current liabilities. That’s a nightmarish balance sheet, and probably the source of all answers with respect to questions like, “why is the stock doing so poorly?” The company did post a gross profit last quarter of better than $5 million, but the debt situation is bad enough that that’s like a drop in the ocean. So, whatever’s going on, it probably has to do with dilution on the way. But that’s not the end of the world, and better times will likely lie ahead.

InterCloud Systems Inc (OTCMKTS:ICLD) frames itself as a company that provides end-to-end IT and network solutions to the telecommunications service provider and corporate enterprise markets through cloud platforms and professional services in the United States and internationally. It operates through four segments: Applications and Infrastructure, Professional Services, Managed Services, and Cloud Services.

The company offers various services, including platform as a service, infrastructure as a service, database as a service, and software as a service; and network management, 24x7x365 monitoring, security monitoring, and storage and backup services. It also provides software-defined networking (SDN) training, SDN software development and integration, virtualized network functions validation in a multi-vendor environment, unified communications, interactive voice response, and session initiation protocol based call centers, as well as structured cabling and other field installations.

In addition, the company designs, engineers, installs, and maintains various types of Wi-Fi and wide-area, distributed antenna system, and small cell distribution networks for incumbent local exchange carriers, telecommunications original equipment manufacturers (OEMs), cable broadband multiple system operators, and enterprise customers, as well as designs, installs, and maintains hardware solutions for the OEMs that support voice, data, and optical networks.

Further, it provides consulting and professional staffing solutions to the service-provider and enterprise market in support of IT and next-generation networks comprising project management, network implementation, network installation, network upgrades, rebuilds, maintenance, and consulting services. Additionally, the company’s engineering, design, installation, and maintenance services support the build-out and operation of enterprise, fiber optic, Ethernet, and wireless networks.

InterCloud Systems, Inc. was founded in 2006 and is based in Shrewsbury, New Jersey.

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On the bright side, the company recently announced that “it was awarded approximately $1.0 million in new contracts for professional and managed services in connection with next generation network services for new and existing customers.  A majority of the work is expected to begin immediately.”

However, even in this press release, the focus shifts to betray the elephant in the room.

“Separately, the Company reported the continued reduction of debt by more than $3.9 million since September 30, 2016, and over $20.6 million since June 30, 2016, as it followed its plans to further strengthen its balance sheet.”

“Mark Munro, CEO of InterCloud Systems Inc stated: “We have continued to demonstrate our ability to overcome challenges in the equity markets and our determination to restore value to our shareholders.  We will continue to push for positive cash flow, organic growth, profitability and a strengthened balance sheet.”

Currently trading at a market capitalization of $2M, InterCloud Systems Inc has a significant war chest ($2.62M) of cash on the books, which offsets an appreciable load ($44.29M) of total accumulated debt. ICLD is making real money, with trailing 12-month revenues coming in at 79.28M. In addition, the company is seeing solid top line growth, with y/y quarterly revenues growing at 11%. As we noted above, this comes along with some gross profitability, but likely not enough to stave off speculation of coming dilutive action. We will update the story again soon as developments transpire. For continuing coverage on shares of $ICLD stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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