Crossroads Systems Reports Fiscal First Quarter Financial Results Wednesday, February 24, 2010 - Austin,TX. Austin, Texas – February 24, 2010 – Crossroads Systems, Inc. (symbol: CRDS), a global leading provider of solutions to connect, protect, secure and restore data, today announced results for its fiscal first quarter ended January 31, 2010 (Q1'10).
Revenue totaled $2.7 million for Q1'10 compared to $6.0 million in the fiscal fourth quarter ended October 31, 2009 (Q4'09). Product revenue totaled $1.1 million for Q1'10 compared to $1.9 million for Q4'09. In addition, revenue from IP license, royalty and other totaled $1.6 million for Q1'10 compared to $4.1 million for Q4'09. Gross profit was $2.5 million, or 91 percent for Q1'10, compared to $5.2 million, or 86 percent for Q4'09. Net loss for Q1'10 was $2.1 million, or $0.07 cents loss per share, compared to net income of $775 thousand, or $0.03 cents gain per share in Q4'09.
"Revenue fluctuation from Q4 2009 to Q1 2010 was as expected due to our OEM business cycles and economic impact," said Rob Sims, President and CEO." "Our cash balance also grew as expected due to the collection of cash from intellectual property licensing as well as the continued focus on managing our business going forward."
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. Crossroads (symbol: 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.
©2010 Crossroads Systems, Inc. Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All specifications are subject to change without notice.
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*See Tables Attached*More information about Crossroads Systems, Inc is available in our Company or Investor Relations sections. For further information regarding this press article please contact: Jennifer Crane
Crossroads Systems
512.928.6879
jcrane@crossroads.com
Matthew Zintel
Zintel Public Relations
317-848-8804
matthew.zintel@zintelpr.com
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