Crossroads Systems: Fiscal 4Q16 Financial ResultsRevenue at less than $200,000 with $151,000 net loss
This is a Press Release edited by StorageNewsletter.com on 2016.12.15
|(in $ thousand)||4Q15||4Q16||FY15||FY16|
|Net income (loss)||22||(151)||(9,044)||(716)|
Crossroads Systems, Inc., an IP licensing company, reported financial results for its fiscal fourth quarter and year ended October 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.
Fiscal Q4 and Full Year 2016 Financial Results
- IP license revenue for the fiscal fourth quarter was $197,000, compared to $207,000 in the same quarter a year ago. Gross profit was $149,000 or 76% of revenue, compared to $110,000, or 53% of revenue in the same quarter a year ago.
- Revenue for the fiscal full year 2016 decreased 36% to $674,000 from $1.0 million in the prior year. The decrease was due to an IP licensing settlement in fiscal year 2015. Gross profit for fiscal year 2016 was $504,000 or 75% of revenue, compared to $706,000 or 68% of revenue in fiscal year 2015.
- Fiscal Q4 2016 operating expenses decreased 60% to $1.0 million, compared to $2.6 million in the same period a year ago. Fiscal year 2016 operating expenses decreased 38% to $5.9 million, compared to $9.5 million in the prior year. The decreases were primarily due to reduced employee related costs.
- Fiscal Q4 2016 net loss available to common stockholders was $(246,000) or $(0.20) loss per share, compared to a net loss available to common stockholders of $(30,000) or $(0.03) loss per share in the same quarter a year ago. Net loss available to common stockholders for fiscal year 2016 was $982,000 or $(0.80) loss per share, compared to a net loss of $9.3 million or $(9.53) loss per share in fiscal year 2015.
- At October 31, 2016, cash, cash equivalents and restricted cash totaled $4.1 million compared to $4.9 million at July 31, 2016.
Richard K. Coleman, Jr., president and CEO, said: "We are continuing to implement our plans to increase shareholder value by leveraging our patent assets. We are working diligently and patiently with interested potential buyers of our non-'972 patents and remain hopeful for a prompt and positive outcome on the pending appeals of our '972 patents."