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Crossroads Systems Reports Fiscal Second Quarter 2013 Financial Results

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Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data archive solutions, reported financial results for its fiscal second quarter ended April 30, 2013 . Revenue for fiscal Q2 2013 was $2.7 million , a decrease of 20 percent from $ 3.5 million in the same quarter a year ago. Gross profit for fiscal Q2 2013 was $1.9 million , or 70% of total revenue, as compared to $3.1 million or 89% of total revenue in the same quarter a year ago. Operating expenses for fiscal Q2 2013 totaled $5.8 million as compared to $5.1 million in the same period a year ago. Net loss for fiscal Q2 2013 totaled $3.9 million or $0.41 per share, as compared to a net loss of $2.1 million or $.19 per share in the same quarter a year ago. At April 30, 2013 , cash and cash equivalents totaled $6.0 million , as compared to $2.5 million in the previous quarter. Management Commentary Richard K. Coleman, Jr. , Interim President and CEO at Crossroads Systems , said, "While the second quarter presented us with execution and revenue delivery challenges, I remain extremely optimistic about our future. Very few companies can claim a solid base of revenue from historic products, tremendous potential from a disruptive new product, and an impressive and proven Intellectual Property portfolio. There is no question that we face execution challenges, but we have a dedicated and talented workforce focused on delivering shareholder value from these assets." Conference Call Information Crossroads will hold a conference call later today ( Friday, June 7, 2013 ) at 10 a.m. Eastern Time ( 9 a.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.

Posted-In: Earnings News Press Releases


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