Crossroads: Fiscal 3Q10 Financial Results

(in US$ millions)	3Q09	3Q10	9 mo. 09	9 mo. 10
Revenues	3.9	3.2	10.8	10.9
*Growth*		-18%		1%
Net income (loss)	(1.1)	(1.5)	(5.2)	(4.0)

Crossroads Systems, Inc. announced results for its fiscal third quarter ended July 31, 2010 (Q3’10).

Revenue totaled $3.2 million for Q3’10 compared to $5.0 million in the fiscal second quarter ended April 30, 2010 (Q2’10).

Product revenue totaled $884,000 for Q3’10 compared to $941,000 for Q2’10.

Revenue from IP license, royalty and other totaled $2.3 million for Q3’10 compared to $4.1 million for Q2’10. Gross profit was $2.7 million, or 86 percent for Q3’10, compared to $4.0 million, or 79 percent for Q2’10.

Net loss for Q3’10 was $1.5 million, or $0.05 cents loss per share, compared to a net loss of $393,000, or $0.01 cent loss per share in Q2’10.