GTT Communications, Inc. (NYSE: GTT) said that for the first quarter ended March 31, 2014, revenue increased 80 percent to USD47.5m as compared to USD26.4m in the first quarter of 2013.
Gross margin increased 380 basis points to 37.0 percent compared to 33.2 percent in the first quarter of 2013. Adjusted earnings before interest taxes depreciation and amortization increased by 132 percent to USD8.4m compared to USD3.6m in the first quarter of 2013
Net loss was USD0.41 per share, which includes USD0.37 per share loss related to other non-cash expense of USD7.2m for the mark-to-market of warrants and other non-cash expense of USD1.6m related to the final nLayer earn-out both due to significant stock price appreciation in the quarter.
GTT Communications provides cloud networking services to enterprise, government, and wholesale customers. The company was incorporated in 2005 and is headquartered in McLean, Virginia. Its website is at http://www.gtt.net.