SANTA CLARA, CA – (Accesswire - August 19, 2013) - Sysorex Global Holdings Corp. (SYRX.PK US), a leading information technology solutions and services company, today announced Net Revenues of $14.8 million for the Quarter ended June 30, 2013, an increase of approximately $13.8 million compared to the same period in 2012 and a Net Loss of approximately $436,000, after non-controlling interest, for the Quarter Ended June 30, 2013, compared to a Net Loss of $15,000 in the same period in 2012. However, Adjusted EBITDA (a non-GAAP financial measure) for the Quarter Ended June 30, 2013 was $194,000 compared to $8,000 for the comparable prior year period. Revenues for the three-month period increased due to the Lilien Systems acquisition, which was effective March 1, 2013, for which a full three months of revenue was recorded in our operations for the quarter. Revenue from the SPAWAR contract was not included in the results for the Quarter Ended June 30, 2013, as the SPAWAR Contract task orders were not issued in Q2 by the Navy. These are expected to start releasing in late Q3 or Q4. Net loss was attributable in part to higher than anticipated audit and S-1 transaction costs and stock-based compensation. Certain planned operating efficiencies have yet to be achieved as the integration process between the Sysorex and Lilien Systems continues. The Company expects these to be realized and have a positive impact by Q4, 2013.
The Company reported Operating Expenses for the Quarter Ended June 30, 2013 of $3.4 Million compared to Operating Expenses of $491,000 in the same period in 2012. The operating expenses of the Quarter Ended June 30, 2013 included $2.4 Million of Lilien's operating expenses. The operating expenses related to the Sysorex historical business included expenses related to the S-1, audit, valuation and other expenses, and were greater than anticipated as the Company hired or continued some temporary consulting services during the quarter. The Company expects these expenses will continue into Q3.
"With Sysorex reporting its first full quarter of combined revenues from the Lilien acquisition, we are working towards fully integrating and driving efficiencies across the organizations, and our results are a testament to the growth and value we are creating for our shareholders therefrom," said Nadir Ali, CEO of Sysorex Global Holdings Corp. "With our new strategic alliance with Softtek we have again demonstrated our commitment to organic growth by expanding our capabilities with Softtek’s expertise across end-to-end SAP consulting, analytics, mobile, cloud solutions, information security, cloud consulting, quality assurance and application management services, in addition to our enterprise service offerings, including cyber security, Big Data services and advanced analytics. We are also continuing to execute on our strategic acquisition strategy and we are pleased to have identified numerous complementary and synergistic targets, which will further strengthen our growing Company," he continued.
About Sysorex Global Holdings Corp.
With over 30 years of operating history, Sysorex, and its predecessor company, have delivered over $5B in value to our clients. Through focused, custom technology solutions, we provide 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.
This press release may contain forward-looking statements, particularly as related to, among other things, the business plans of Sysorex (the Company), statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related 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 detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates.
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SOURCE: Sysorex Global Holdings Corp.
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