Crossroads: Fiscal 3Q16 Financial ResultsRevenue as low as $57,000 for $3.3 million net loss
This is a Press Release edited by StorageNewsletter.com on 2016.09.12
|(in $ million)||3Q15||3Q16||9 mo. 16||9 mo. 16|
|Net income (loss)||(3.3)||(0.04)||(9.1)||(0.577)|
Crossroads Systems, Inc. reported financial results for its fiscal third quarter ended July 31, 2016.
On March 22, 2016, Crossroads sold its product business to Canadian-based StrongBox Data Solutions, Inc. The presentation of the company's quarterly financial results excludes product revenues and expenses, which are now reflected as discontinued operations.
IP license revenue for the fiscal third quarter was $57,000, compared to $445,000 in the same quarter a year ago.
Gross profit was $34,000, or 60% of total revenue, compared to $257,000 or 58% of total revenue in the same quarter a year ago.
Operating expenses for the third quarter decreased to $1.2 million, compared to $2.8 million in the same period a year ago. This decrease is primarily due to lower headcount and lower intellectual property litigation expenses.
Net loss available to common stockholders was $(481,000) or $(0.39) loss per share, compared to a net loss available to common stockholders of $(3.3) million or $(3.40) loss per share in the same quarter a year ago.
At July 31, 2016, cash, cash equivalents, and restricted cash totaled $4.9 million compared to $6.1 million in the previous quarter.
Richard K. Coleman, Jr., president and CEO, said: "We are near the end of the scheduled bidding process for the non-972 portfolio. Although we cannot guarantee the results or timing of a sale, we hope to consummate a transaction in 2016. Also in the third quarter, we continued our appeals related to the '972 patent portfolio before the US Court of Appeals for the Federal Circuit. We remain confident that Crossroads has compelling arguments and look forward to the hearing in January."