Sysorex Global Holdings Corp. (NASDAQ:SYRX) ("Sysorex"), an
emerging growth technology company, today reported its financial results
for the three-months ended March 31, 2014.
Revenues were $16,320,000 for the three-month period ended March 31,
2014 as compared to $5,362,000 in revenues for the comparable period in
the prior year, an increase of $10,958,000 from the first quarter of
2013. The increase is primarily attributable to the Company's
acquisition of Lilien Systems in March of 2013 and Shoom, Inc. in August
Cost of revenues for the three months ended March 31, 2014 was
$11,969,000 compared to $3,906,000 for the comparable period in the
prior year, an increase of $8,063,000. Operating expenses for the three
months ended March 31, 2014 were $5,045,000 compared to $2,418,000 for
the comparable period in the prior year. The increase in cost of
revenues and operating expenses were also attributable to the recent
acquisition of Lilien and Shoom.
Our loss from operations for the three months ended March 31, 2014 was
$695,000 compared to $962,000 for the comparable period in the prior
year. The decrease of $267,000 resulted from lower acquisition and
transaction costs during the first quarter of 2014, which was offset by
increased amortization of intangibles resulting from the Lilien and
Adjusted EBITDA (a non-GAAP measurement) for the three months ended
March 31, 2014 was $51,000, compared to $102,000. Consolidated net loss
attributable to Sysorex shareholders was $781,000 or ($0.05) per share
compared to $1,458,000 or ($0.16) per share for the first quarter of
2013. Pro forma net loss per share was ($0.01) per share compared to
($0.05) per share for the first quarter of 2013.
"We are pleased to see the growth in our business lines reflected in our
results as we continue integrating our big data analytics acquisitions,"
said Nadir Ali, CEO of Sysorex. "Moreover, the acquisition of Air Patrol
Corporation in April 2014 further reflects the execution of our strategy
to transition our business from a service company to a technology
company," he continued.
Q1 Results Conference Call
The Company will host a conference call at 4:45 pm Eastern Time today to
discuss the release of the Company's financial results for the first
quarter ended March 31, 2014. Following management's prepared remarks,
there will be a question and answer session.
To listen to the conference call, interested parties within the U.S.
should dial 1-866-652-5200 five to ten minutes before the scheduled
start time. International callers should dial +1-412-317-6060. All
callers should request to be connected to the Sysorex Global Holdings
Corporation conference call. The conference call will also be available
through a live webcast at http://client.irwebkit.com/Sysorex/events.
A replay of the call will be available approximately one hour after the
end of the call through June 16, 2014. The replay can be accessed via
Sysorex's website or by dialing 1-877-344-7529 (U.S.) or +1-412-317-0088
(international). The replay conference ID number is 7752.
Reconciliation of Adjusted EBITDA to Net Loss and Pro Forma Net Loss
Per Share to GAAP Net Loss Per Share
Management believes that certain financial measures not in accordance
with generally accepted accounting principles ("GAAP") are useful
measures of operations. The Company defines EBITDA as net income (loss)
before interest, provision for (benefit from) income taxes, and
depreciation and amortization. The Company defines Pro forma net loss
per share as GAAP net loss per share adjusted for stock-based
compensation, amortization of intangibles and one time non-recurring
charges such as acquisition and offering costs.
Management provides Adjusted EBITDA and Pro forma net loss per share
measure so that investors will have the same financial information that
management uses, which may assist investors in properly assessing the
Company's performance on a period-over-period basis. Adjusted EBITDA or
Pro forma net loss per share is not a measure of financial performance
under GAAP, and should not be considered an alternative to net income
(loss) or any other measure of performance under GAAP, or to cash flows
from operating, investing or financing activities as an indicator of
cash flows or as a measure of liquidity. Adjusted EBITDA and Pro forma
net loss per share have limitations as analytical tools and you should
not consider either in isolation or as a substitute for analysis of the
company's results as reported under GAAP.
The following table presents a reconciliation of net income/loss
attributable to stockholders of Sysorex Global Holdings Corp., which is
our GAAP operating performance measure, to Adjusted EBITDA for the
fiscal quarters ended March 31, 2014 and 2013:
The following table presents a reconciliation of net loss per share -
basic and diluted, which is our GAAP operating performance measure, to
Proforma net loss per share for the fiscal quarters ended March 31, 2014
About Sysorex Global Holdings Corp.
Through focused, custom technology solutions, Sysorex (NASDAQ:SYRX)
provides cyber security, data analytics, custom application development,
cloud solutions, Mobile/BYOD solutions and strategic outsourcing to
government and commercial clients in major industries around the world.
From identifying security risks to helping clients realize value from
their big data strategies, Sysorex has the experience, technology,
partners, and agility to be your trusted IT partner. Visit www.sysorex.com,
and Like us on Facebook.
Safe Harbor Statement
All statements in this release that are not based on historical fact are
"forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. While management has based
any forward looking statements included in this release on its current
expectations, the information on which such expectations were based may
change. These forward looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of our
control, which could cause actual results to materially differ from such
statements. Such risks, uncertainties, and other factors include, but
are not limited to, the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing, competition, general economic conditions and other factors
that are to be detailed in our periodic and current reports available
for review at www.sec.gov.
Furthermore, we operate in a highly competitive and rapidly changing
environment where new and unanticipated risks may arise. Accordingly,
investors should not place any reliance on forward-looking statements as
a prediction of actual results. We disclaim any intention to, and
undertake no obligation to, update or revise forward-looking statements.
[ Back To NFVZone's Homepage ]