SOURCE: Sysorex Global Holdings Corp.
SANTA CLARA, CA--(Marketwired - May 21, 2013) - Sysorex Global Holdings Corp. (PINKSHEETS: SYRX), a leading information technology solutions and services company, today announced Net Revenues of $5.4 million for the Quarter ended March 31, 2013, an increase of approximately $4.3 million compared to the same period in 2012 and a net loss of approximately ($0.9) million for the Quarter Ended March 31, 2013, compared to a net loss of ($0.1) million in the same period in 2012. Revenues for the three-month period increased due to the Lilien acquisition, which was effective March 1, 2013, of which one month of Lilien revenue was recorded in our operations for the quarter. Net loss was attributable in part to certain one-time non-recurring charges related to the Lilien acquisition, which resulted in the Company incurring significant legal, accounting, due diligence, financing and general and administrative expenses as compared to the expenses incurred in comparable prior period in 2012.
"We are extremely pleased with our progress and our ability to better service the growing demand in the IT project consulting markets we serve," said Nadir Ali, CEO of Sysorex Global Holdings Corp. "Our strong revenues of over $5.4 million surpassed our annual revenues for all of FY 2012 of $4.2M and are a testament to our capabilities to scale our business growth through the strategic acquisition of Lilien in March 2013. The accretive impact of our acquisition strategy is mounting and next quarter results will include a full quarter of Lilien revenues. We anticipate synergies and operational efficiencies to improve revenues and profitability for both Sysorex and Lilien especially as we move into Q3 & Q4 when Lilien's business is historically stronger. Sysorex' US government operations is profitable and this division is growing as the US Navy SPAWAR contract is expected to start issuing task orders in the coming quarter and other awards are expected later this year," he continued.
"We attribute our $.05 loss per share for the quarter, in part, to certain one-time non-recurring charges related to the Lilien acquisition. We are EBITDA positive for the quarter minus one-time charges ($776,565) for both Sysorex and Lilien and non-controlling interest of ($37,041)," said Mr. Ali. "The loss is also attributable, in part, to losses in Sysorex Arabia due to the MODA FOTS contract ending in January 2013. While no new business has begun in Saudi of late, we expect award decisions in the coming quarters from submitted proposals," he added.
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 e-Business, e-Government, Consulting Services, Global Services, and Strategic Outsourcing to clients in major industries all around the world. From streamlining business processes to developing e-Business applications, Sysorex has the experience, technology, partners, agility, and focus to quickly link your back-end to your bottom-line. Sysorex is active in the following industries: Financial Services, High Technology, Telecommunications, Industrial, Construction, Aerospace, Retail and Government. Our services span a wide range of needs including Data Center and Managed Services, Homeland Security, Enterprise Solutions, Supply Chain Management, Enterprise Application Integration, Network/Cyber Security, Outsourcing, Command Control, IT Training and Repair Services.
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.