Crossroads Systems: Fiscal 2Q08 Financial Results

(in US$ millions)	2Q07	2Q08	6 mo. 07	6 mo. 08
Revenues	4.9	5.1	9.7	10.6
*Growth*		3%		9%
Net income (loss)	(2.3)	(2.5)	(3.8)	(3.7)

Crossroads Systems, Inc. announced results for its fiscal second quarter ended April 30, 2008 (Q2’08).

Revenue totaled $5.1 million for Q2’08 compared to $5.5 million in the fiscal first quarter ended January 31, 2008 (Q1’08).

Product revenue totaled $2.3 million for Q2’08 compared to $2.8 million for Q1’08. In addition, revenue from IP license, royalty and other totaled $2.8 million for Q2’08 compared to $2.7 million for Q1’08.

Gross profit was $4.1 million, or 81 percent for Q2’08, compared to $4.5 million, or 82 percent for Q1’08. Net loss for Q2’08 was $2.5 million, or $0.09 cents loss per share, compared to a net loss of $1.2 million, or $0.04 cents loss per share in Q1’08.