Crossroads: Fiscal 4Q09 Financial Results

(in US$ millions)	4Q08	4Q09	FY08	FY09
Product	2.0	1.9	9.3	5.9
IP License, royalty and other	5.2	4.1	12.6	11.0
Total Revenues	7.2	6.0	21.9	16.8
*Growth*		-17%		*-23*%
Net income (loss)	(5.0)	0.8	(11.1)	(4.3)

Crossroads Systems, Inc. announced results for its fiscal fourth quarter (Q4’09) and fiscal year ended October 31, 2009.

Fiscal Fourth Quarter 2009
Revenue totaled $6.0 million for Q4’09 compared to $3.9 million in the fiscal third quarter ended July 31, 2009 (Q3’09). Product revenue totaled $1.9 million for Q4’09 as compared to $1.3 million for Q3’09. In addition, revenue from IP licenses, royalty and other totaled $4.1 million for Q4’09 as compared to $2.6 million for Q3’09.

Gross profit was $5.2 million, or 86 percent for Q4’09, compared to $3.3 million, or 85 percent for Q3’09. Net income for Q4’09 was $775 thousand, or $0.03 cents gain per share, compared to a net loss of $1.1 million, or $0.04 cents loss per share in Q3’09.

Cash decreased from $5.6 million in Q3’09 to $5.3 million in Q4’09. This decrease was attributable to the timing of payments from intellectual property.

Fiscal Year 2009
Total revenue for fiscal year 2009 (FY’09) was $16.8 million, compared with $21.9 million for fiscal year 2008 (FY’08). Gross profit for FY’09 was $14.2 million, or 84 percent, compared with $18.3 million, or 84 percent, for FY’08. Net loss for FY’09 was $4.4 million, or $0.15 cents per share, compared to a net loss of $7.5 million, or $0.27 cents per share, for FY’08.