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28.05.2009 20:00:00
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Crossroads Systems Reports Fiscal Second Quarter Financial Results
Crossroads Systems, Inc. (Pink Sheets:CRDS), a global leading provider of solutions to connect, protect, secure and restore data, today announced results for its fiscal second quarter ended April 30, 2009 (Q2’09).
Revenue totaled $3.7 million for Q2’09 compared to $3.2 million in the fiscal first quarter ended January 31, 2009 (Q1’09). Product revenue totaled $1.2 million for Q2’09 compared to $1.6 million for Q1’09. Product revenue remained low due to our largest OEM transitioning their manufacturing overseas as well as continued softness in the economy. In addition, revenue from IP license, royalty and other totaled $2.5 million for Q2’09 compared to $1.7 million for Q1’09. Gross profit was $3.2 million, or 85 percent for Q2’09, compared to $2.6 million, or 80 percent for Q1’09. Net loss for Q2’09 was $1.5 million, or $0.05 cents loss per share, compared to a net loss of $2.5 million, or $0.09 cents loss per share in Q1’09.
Crossroads also announced today that David Riegel, Chairman of the Board of Directors, and board member Richard Eyestone resigned effective today. Don Pearce, a member of the Crossroads Advisory Board, has joined the Board of Directors effective immediately.
"On behalf of the entire Crossroads team, I wish to thank both David Riegel and Richard Eyestone for their immense contribution to Crossroads’ ongoing growth and enhanced industry position,” said Rob Sims, President and CEO of Crossroads Systems.
For additional financial information, visit www.crossroads.com/InvestorRelations/.
About Crossroads Systems, Inc.
Headquartered in Austin, Texas, Crossroads Systems is a global leading provider of solutions to connect, protect, secure and restore data-at-rest. Crossroads (Pink Sheets:CRDS) trades over-the-counter on Pink Sheets and posts its financial disclosure reports, press releases and other related documentation on the OTCIQ Web service of the Pink Sheets Web site. Visit www.crossroads.com.
Forward-Looking Statements
This release may include forward-looking statements. The words "believe,” "expect,” "intend,” "plan,” "project,” "will” and similar phrases as they relate to Crossroads are intended to identify such forward-looking statements. These statements reflect the current views and assumptions of Crossroads and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
©2009 Crossroads Systems, Inc. Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All specifications are subject to change without notice.
| CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (Unaudited) | |||||||||
| (In Thousands) | |||||||||
| October 31, | April 30, | ||||||||
| 2008 | 2009 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 7,086 | $ | 5,285 | |||||
| Accounts receivable, net | 5,535 | 3,758 | |||||||
| Inventories, net | 329 | 155 | |||||||
| Prepaids and other current assets | 343 | 350 | |||||||
| Total current assets | 13,293 | 9,548 | |||||||
| Property and equipment, net | 1,444 | 1,107 | |||||||
| Intangible, net | 2,791 | 2,032 | |||||||
| Investment in Subsidiaries | 968 | 968 | |||||||
| Goodwill | 324 | - | |||||||
| Other assets | 17 | 69 | |||||||
| Total assets | $ | 18,837 | $ | 13,724 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 1,321 | $ | 864 | |||||
| Accrued expenses | 2,333 | 1,264 | |||||||
| Accrued warranty costs | 33 | 28 | |||||||
| Deferred revenue | 298 | 362 | |||||||
| Line of Credit | 2,024 | 2,024 | |||||||
| Total current liabilities | 6,009 | 4,542 | |||||||
| Long-term liabilities | 53 | 43 | |||||||
| Stockholders' equity | 12,775 | 9,139 | |||||||
| Total liabilities and stockholders' equity | $ | 18,837 | $ | 13,724 | |||||
| CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In Thousands, Except Share and Per Share Data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| April 30, | April 30, | ||||||||||||||
| 2008 | 2009 | 2008 | 2009 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 2,292 | $ | 1,159 | $ | 5,106 | $ | 2,721 | |||||||
| IP License, royalty and other | 2,815 | 2,578 | 5,493 | 4,262 | |||||||||||
| Total revenue | 5,107 | 3,737 | 10,599 | 6,983 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 572 | 124 | 1,102 | 408 | |||||||||||
| IP License, royalty and other | 409 | 448 | 863 | 817 | |||||||||||
| Total cost of revenue | 981 | 572 | 1,965 | 1,225 | |||||||||||
| Gross profit | 4,126 | 3,165 | 8,634 | 5,758 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 1,907 | 1,453 | 3,666 | 3,017 | |||||||||||
| Research and development | 3,050 | 2,267 | 6,035 | 4,754 | |||||||||||
| General and administrative | 1,238 | 559 | 1,832 | 792 | |||||||||||
| FAS 123R and stock based compensation | 159 | 118 | 335 | 401 | |||||||||||
| Business restructuring expense | - | - | - | 217 | |||||||||||
| Amortization of intangibles | 284 | 265 | 552 | 549 | |||||||||||
| Total operating expenses | 6,638 | 4,662 | 12,420 | 9,730 | |||||||||||
| Income (Loss) from operations | (2,512) | (1,497) | (3,786) | (3,972) | |||||||||||
| Interest (expense) income | (5) | (48) | 44 | (70) | |||||||||||
| Net Income (Loss) | $ | (2,517) | $ | (1,545) | $ | (3,742) | $ | (4,042) | |||||||
| Basic net gain (loss) per share | (0.09) | (0.05) | (0.13) | (0.14) | |||||||||||
| Shares used in computing: | |||||||||||||||
| Basic net gain (loss) per share | 28,154,311 | 28,966,434 | 28,154,311 | 28,877,287 | |||||||||||
| CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
| (Unaudited) | ||||||||||
| (In thousands) | ||||||||||
| Six Months Ended | ||||||||||
| April 30, | ||||||||||
| 2008 | 2009 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net loss | $ | (3,742) | $ | (4,042) | ||||||
| Adjustments to reconcile net loss to net cash | ||||||||||
| provided by (used in) operating activities: | ||||||||||
| Depreciation | 497 | 456 | ||||||||
| Business restructuring expenses | - | 217 | ||||||||
| Amortization of intangibles | 552 | 549 | ||||||||
| Loss on disposal of fixed assets | (3) | - | ||||||||
| Stock-based compensation | - | 130 | ||||||||
| FAS 123R expense | 335 | 272 | ||||||||
| Provision for doubtful accounts receivable | 2 | 2 | ||||||||
| Provision for excess and obsolete inventory | (7) | 56 | ||||||||
| Changes in assets and liabilities: | ||||||||||
| Accounts receivable | 824 | 1,776 | ||||||||
| Inventories | 62 | 117 | ||||||||
| Prepaids and other current assets | (337) | (7) | ||||||||
| Accounts payable | (240) | (499) | ||||||||
| Accrued expenses and other | 683 | (768) | ||||||||
| Deferred revenue and other | - | 11 | ||||||||
| Net cash used in operating activities | (1,374) | (1,730) | ||||||||
| Cash flows from investing activities: | ||||||||||
| Purchase of property and equipment | (181) | (124) | ||||||||
| Investment in privately-held company | (2,378) | - | ||||||||
| Net cash used in investing activities | (2,559) | (124) | ||||||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from issuance of common stock | - | 1 | ||||||||
| Proceeds from Borrowing on Line of Credit | 2,024 | - | ||||||||
| Net cash provided by financing activities | 2,024 | 1 | ||||||||
| Effect of Exchange Rate on Cash | 49 | 52 | ||||||||
| Net increase (decrease) in cash and cash equivalents | (1,860) | (1,801) | ||||||||
| Cash and cash equivalents, beginning of period | 9,261 | 7,086 | ||||||||
| Cash and cash equivalents, end of period | $ | 7,401 | $ | 5,285 | ||||||
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