Crossroads Systems Reports Fiscal Third Quarter 2013 Financial Results
(firmenpresse) - AUSTIN, TX -- (Marketwired) -- 09/12/13 -- Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data archive solutions, reported financial results for its fiscal third quarter ended July 31, 2013.
Revenue for fiscal Q3 2013 was $2.8 million, a decrease of 21 percent from $3.5 million in the same quarter a year ago primarily attributable to a one-time deal with a large ReadVerify (RVA) customer in 2012. Gross profit for fiscal Q3 2013 was $2.1 million, or 75 percent of total revenue, as compared to $2.6 million or 75 percent of total revenue in the same quarter a year ago. Operating expenses for fiscal Q3 2013 totaled $5.7 million as compared to $5.8 million in the same period a year ago. Research and development expenses decreased by approximately $1.0 million, as expected, but were offset by increases in general and administrative expenses mainly due to severance-related expenses and professional fees.
Net loss for fiscal Q3 2013 totaled $4.1 million or $0.34 loss per share, as compared to a net loss of $3.2 million or $0.29 loss per share in the same quarter a year ago.
At July 31, 2013, cash and cash equivalents totaled $9.9 million, as compared to $6.0 million in the previous quarter. Crossroads received a net amount of approximately $9.1 million from Fortress Credit Corporation (Fortress) and re-paid its revolving and term loans to Silicon Valley Bank using $2.1 million of the proceeds.
Richard K. Coleman, Jr., Interim President and CEO at Crossroads Systems, said, "During the third quarter, we took decisive action to reposition the Company across all of our key assets. Additionally, we saw continued growth and market acceptance for our StrongBox product. We also implemented cost reductions and modified our product distribution strategy. Although our financial results do not yet reflect the benefits of these improvements, we believe we have appropriately positioned the company for the future."
Crossroads will hold a conference call on Thursday, September 12, 2013 at 4:30 p.m. Eastern Time (3:30 p.m. Central Time) to discuss the financial results. Interim President and CEO Richard K. Coleman, Jr., and CFO Jennifer Crane will host the call. A question and answer session will follow management's presentation.
Date: Thursday, September 12, 2013
Time: 4:30 p.m. Eastern Time (3:30 p.m. Central Time)
Dial-In Number: (877) 221-8809
International: (706) 679-8667
To access the live or recorded webcast, visit:
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. The conference call will also be available via the company's website in the Investor Relations Events & Presentations section. For more information and to view recent press releases, visit .
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads holds more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit .
This press release includes forward-looking statements that relate to the business and expected 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 and its ability to achieve or maintain profitability. The future performance of Crossroads Systems may be adversely affected by the following risks and uncertainties: uncertainties relating to product development and commercialization, uncertain market acceptance of Crossroads Systems products, including StrongBox, intense competition in the data protection and storage markets, variations in quarterly results and a consequence of unpredictable sales cycles and other factors, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, which can be accessed through the SEC's website or by clicking "SEC Filings" on the company's Investor Relations website at . Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
©2013 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
800.643.7148
Mark Hood
Crossroads Systems
512.928.7330
Matthew Zintel
Zintel Public Relations
281.444.1590
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Datum: 12.09.2013 - 20:05 Uhr
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