Crossroads: Fiscal 2Q13 Preliminary Financial Results

$2.7 million revenue below expectations, -20% from 2Q12
This is a Press Release edited by on 2013.05.23

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Crossroads Systems, Inc. released preliminary unaudited financial information for its fiscal second quarter ended April 30, 2013.

The company is announcing its preliminary revenue in advance of its regularly scheduled release and expects to release its full fiscal second quarter results and hold a conference call on Friday, June 7, 2013.

Revenue for fiscal Q2 2013 is expected to be $2.7 million, a decrease of 20% from $3.5 million in the same quarter a year ago. This estimate constitutes forward-looking information and is subject to risks and uncertainties, including possible adjustments to preliminary operating results.

Richard K. Coleman, Jr., recently appointed interim president, said: "We are disappointed that second quarter results fell short of expectations. Despite recent wins and a growing pipeline of prospective customers, some StrongBox deals have taken longer to close than expected. While our product is strong, and our customer feedback is positive, we are fine-tuning our market entry strategy to isolate opportunities for faster growth."