Crossroads Systems Reports Fiscal Second Quarter 2012 Financial Results
(firmenpresse) - AUSTIN, TX -- (Marketwire) -- 05/31/12 -- Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data protection solutions and services, reported financial results for its fiscal second quarter ended April 30, 2012.
Formally launched StrongBox®, our leading-edge LTFS NAS solution, into the media and entertainment vertical at the 2012 National Association of Broadcasters (NAB) Show, presenting and demonstrating to hundreds of prospective customers.
Publicly introduced research supporting an 80 percent cost savings by using StrongBox against disk-based NAS solutions.
Fujifilm introduced the first tape-based cloud storage product built entirely on StrongBox.
First quarter revenue was recognized from multiple StrongBox shipments.
Revenue for fiscal Q2 2012 increased 34% to $3.5 million from $2.6 million in the same quarter a year ago. The increase was primarily due to a 74% increase in product revenue from fiscal Q2 2011 mainly due to a one-time corporate RVA software license to a customer, not including the roll-out of systems across the corporation.
Gross profit for fiscal Q2 2012 was $3.1 million or 89% of total revenue, as compared to $2.2 million or 86% of total revenue in the same quarter a year ago. The increase in gross profit as a percent of revenue was due to the product mix.
Operating expenses for fiscal Q2 2012 remained consistent with the same period a year ago at $5.1 million, which included $416,000 of stock-based compensation in Q2'12 and $83,000 of stock-based compensation in Q2'11. Not including stock-based compensation, operating expenses decreased due to non-recurring engineering (NRE) reimbursements from strategic partners.
Net loss for fiscal Q2 2012 totaled $2.1 million or $(0.19) per share, as compared to a net loss of $2.9 million or $(0.26) per share in the same quarter a year ago.
At April 30, 2012, cash and cash equivalents and short-term investments totaled $9.9 million, as compared to $9.2 million in the previous quarter. Cash burn from operations was $300,000, a substantial improvement year over year and from Q1 2012 reported cash flow from operations. The improvement in cash flow from operations was driven by increased product revenues, NRE from strategic partners, which is presented on the income statement as a reduction in research and development expenses, as well as additional NRE payments from a strategic partner, presented on the balance sheet as a cash asset and accrued liability.
Rob Sims, President and CEO of Crossroads Systems, commented, "I'm pleased to report that our financial performance for fiscal Q2 2012 improved meaningfully as compared to the same period a year ago. I mentioned in my comments from our Q1 2012 results that we had a strong backlog of orders for our StrongBox storage product that would become evident in the coming quarters. We were able to recognize revenue in Q2 as a result of multiple shipments of StrongBox to several customers. The pace of our activity continued from Q1 as we built upon the momentum of our go-to-market strategy for StrongBox and we're on target for continued revenue recognition of StrongBox sales to three target vertical markets: media entertainment, medical imaging, and video surveillance. We also hope to build on the favorable press received in Q2 around the StrongBox solution by attracting additional strategic alliances and partnerships."
Crossroads will hold a conference call later today (Thursday, May 31, 2012) to discuss financial results. Sims and CFO Jennifer Crane will host the call starting at 4:30 p.m. Eastern Time. A question and answer session will follow management's presentation.
To participate in the call, dial the number 5-10 minutes prior to the start time and ask for the Crossroads Systems conference call:
Date: Thursday, May 31, 2012
Time: 4:30 p.m. Eastern Time (3:30 p.m. Central Time)
Dial-In Number: 1-877-221-8809
International: 1-706-679-8667
The conference call will be broadcasted and available for replay at and via the company's Web site in the section.
For the webcast, please visit the Web site at least 15 minutes early to register, download, and install any necessary audio software.
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data protection solutions and services. Crossroads offers organizations proactive data security, intelligent storage connectivity, high performance, and significant cost savings. Founded in 1996 and headquartered in Austin, Texas, Crossroads holds more than 100 patents granted and pending and has been honored with numerous industry awards for innovation in data protection and storage. Visit .
This press release includes forward-looking statements that relate to the business and future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems' ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, uncertainties relating to product development and commercialization, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in its industry, market acceptance of its products and services, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. Crossroads Systems does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
©2012 Crossroads Systems, Inc. Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners. All specifications are subject to change without notice.
Jennifer Crane
Crossroads Systems
512.928.6897 or 800.643.7148
John Baldissera
BPC Financial Marketing
800.368.1217
Matthew Zintel
Zintel Public Relations
281.444.1590
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Datum: 31.05.2012 - 20:00 Uhr
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