InterCloud Systems, Inc (ICLD) saw its loss narrow to $26.48 million, or $0.63 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $65.76 million, or $3.05 a share. Revenue during the year grew 5.25 percent to $78 million from $74.11 million in the previous year. Gross margin for the year contracted 193 basis points over the previous year to 25.39 percent. Operating margin for the year stood at negative 23.88 percent as compared to a negative 35.01 percent for the previous year.
Operating loss for the year was $18.62 million, compared with an operating loss of $25.95 million in the previous year.
Mark Munro, Chairman and Chief executive officer of InterCloud, stated, “In 2016, the Company began a systematic restructuring. The changes included the sale of certain assets to generate cash and reduce senior debt. Our senior debt now totals only $5.7 Million; which is down from $25.7 Million in June of 2016. The senior debt reduction along with the subordinated debt reductions since June 2016 now total over $27.4 Million. This is a significant and important reversal. Our team remains focused on eliminating or restructuring the remaining subordinated debt in order to reduce interest expense and increase the shareholder equity of the Company."
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