Crossroads: Fiscal 1Q13 Financial Results …
Revenue down 19% sequentially at $3.6 million, $3.1 million net loss
This is a Press Release edited by StorageNewsletter.com on March 15, 2013 at 2:55 pm| (in US$ million) | 1Q12 | 1Q13 |
| Revenues | 2.6 | 3.5 |
| Growth | 28% | |
| Net income (loss) | (2.7) | 3.1 |
Crossroads Systems, Inc. reported financial results for its fiscal first quarter ended January 31, 2013.
Fiscal Q1 2013 Financial Results
Revenue for fiscal Q1 2013 increased 38% to $3.6 million from $2.6 million in the same quarter a year ago. The increase was due to the addition of StrongBox revenue.
Gross profit for fiscal Q1 2013 was $2.6 million, or 73% of total revenue, as compared to $2.3 million or 88% of total revenue in the same quarter a year ago. The decrease in gross margin as a%age of revenue was due to the lower margin percentage attributable to the development efforts associated with StrongBox service revenue in Q1 2013.
Operating expenses for fiscal Q1 2013 totaled $5.7 million as compared to $5.0 million in the same period a year ago. The increase in operating expenses is mainly due to increases in sales and marketing personnel from the same quarter a year ago.
Net loss for fiscal Q1 2013 totaled $3.1 million or $.27 per share, as compared to a net loss of $2.7 million or $.25 per share in the same quarter a year ago. Gross profit increases were offset by increased operating expenses in Q1 2013 as compared to the same quarter a year ago.
At January 31, 2013, cash and cash equivalents and short-term investments totaled $2.5 million, as compared to $6.9 million in the previous quarter. The decrease in cash was largely due to continued development, marketing and sales efforts of StrongBox as well as a payment on Crossroads’ debt facility of $1.5 million.
"StrongBox continues to gain traction as evidenced by $1.4 million in revenue from StrongBox in our fiscal first quarter," said Rob Sims, president and CEO at Crossroads. "We are adding to the growing list of StrongBox customers as evidenced by our pipeline growing from $14 million to $17 million over the last quarter. Our recent reduction in workforce has strengthened our operational efficiency, reducing our annual expenses by more than $5 million and positioning us for profitability as we continue to see growth in StrongBox."
Subscribe to our free daily newsletter
