Crossroads Systems Q1 2016 revenue down YoY

Crossroads Systems, Inc. (NASDAQ: CRDS) has reported revenue for the first quarter of 2016 was USD2.0 million, compared to USD2.2 million in the same quarter a year ago, the company said.

The decrease is primarily attributable to lower OEM SPHiNX and RVA product revenue. Gross profit for fiscal Q1 2016 was USD1.4 million, or 74 percent of total revenue, compared to USD1.6 million or 73 percent of total revenue in the same quarter a year ago. The increase in gross profit margin is due to a change in the mix of products sold during the quarter.

Operating expenses for fiscal Q1 2016 increased to USD4.3 million, compared to USD3.6 million in the same period a year ago, primarily due to patent related legal expenses.

Net loss available to common stockholders was USD(189,000) or USD(0.1) loss per share, compared to a net loss available to common stockholders of USD(2.4) million or USD(0.15) loss per share in the same quarter a year ago.

At January 31, 2016, cash, cash equivalents, and restricted cash totaled USD7.7 million compared to USD11.8 million in the previous quarter.

Crossroads Systems provides data storage solutions through new technologies to enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads has been awarded more than 100 patents.