Crossroads Systems Reports Fiscal Third Quarter 2012 Financial Results
(firmenpresse) - AUSTIN, TX -- (Marketwire) -- 08/29/12 -- Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data protection solutions and services, reported financial results for its fiscal third quarter ended July 31, 2012.
Entered into a strategic alliance with Iron Mountain, a partnership that creates both an OEM channel as well as an ongoing SaaS service.
Major League Baseball Network chooses StrongBox to solve long-term, on-line archive needs.
Increased StrongBox revenue quarter over quarter from approximately $150,000 to more than $900,000.
Revenue for fiscal Q3 2012 increased 37% to $3.5 million from $2.6 million in the same quarter a year ago. The increase was due to a 58% increase in product revenue from fiscal Q3 2011 mainly due to the roll-out of a large Read Verify Appliance (RVA) customer as well as a few large StrongBox customers, offset by decreases in SPHiNX sales. The increase was also due to a 22% increase in IP license, royalty and other revenue primarily due to the recognition of revenue relating to the Iron Mountain contract.
Gross profit for fiscal Q3 2012 was $2.6 million or 75% of total revenue, as compared to $2.3 million or 88% of total revenue in the same quarter a year ago. The decrease in gross profit as a percent of revenue was due to the product mix and lower margin associated with the Iron Mountain research and development arrangement.
Operating expenses for fiscal Q3 2012 increased $0.8 million from the same period a year ago to $5.8 million, which included $507,000 of stock-based compensation in Q3 2012 and $137,000 of stock-based compensation in Q3 2011. Operating expenses increased due to headcount increases including approximately $0.3 million from non-recurring expenses relating to hiring personnel and professional fees.
Net loss for fiscal Q3 2012 totaled $3.2 million or $(0.29) per share, as compared to a net loss of $2.7 million or $(0.25) per share in the same quarter a year ago.
At July 31, 2012, cash and cash equivalents totaled $10.3 million, as compared to $9.9 million in the previous quarter, an increase of $0.4 million.
Rob Sims, President and CEO of Crossroads Systems, commented, "The third quarter was an important quarter for Crossroads. The Major League Baseball Network (MLB) and Iron Mountain announcements this quarter both validate the StrongBox product as well as the long-term opportunities for growth. MLB Network serves as a great illustration of how StrongBox provides data protection and security at the price point needed for long-term archive - with a built-in annuity model since as their data grows, added capacity grows, and Crossroads' revenue grows. The investment by Iron Mountain as well as their financial commitment to the development of a world-class service based on StrongBox shows their belief in this annuity model and their belief in Crossroads. I'm very excited about this partnership and see great potential for both companies going forward."
Crossroads will hold a conference call later today (Wednesday, August 29, 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: Wednesday, August 29, 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: 29.08.2012 - 20:00 Uhr
Sprache: Deutsch
News-ID 178864
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