Crossroads Systems Reports Fourth Quarter, Fiscal 2007 Full Year Results.AUSTIN, Texas -- Crossroads Systems, Inc. (Pink Sheets:CRDS CRDS Contribution pour Le Remboursement de la Dette Sociale (French: Social Debt Repayment Contribution) CRDS Cavity Ring-Down Spectroscopy CRDS Community Rehabilitation and Disability Studies ), a leading provider of business information assurance solutions for secure storage and data protection, today announced results for its fiscal fourth quarter (Q4'07) and fiscal year ended October 31, 2007. Fiscal Fourth Quarter 2007 Revenue totaled $6.7 million for Q4'07 compared to $4.6 million in the fiscal third quarter ended July 31, 2007 (Q3'07). Product revenue totaled $1.8 million for Q4'07 as compared to $2.4 million for Q3'07. In addition, revenue from IP license, royalty and other totaled $4.9 million for Q4'07 as compared to $2.1 million for Q3'07. Gross profit was $5.4 million, or 81 percent for Q4'07, compared to $3.5 million, or 76 percent for Q3'07. Net loss for Q4'07 was $2.3 million, or $0.08 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $3.3 million, or $0.12 cents per share in Q3'07. Fiscal Year 2007 Total revenue for fiscal year 2007 (FY'07) was $21.0 million, compared with $32.5 million for fiscal year 2006 (FY'06). The decrease was mainly related to the settlement of the Dot Hill license agreement in FY'06. Gross profit for FY'07 was $17.0 million, or 81 percent, compared with $21.1 million, or 65 percent, for FY'06. Net loss for FY'07 was $9.4 million, or $0.33 cents per share, compared with $2.3 million net loss, or $0.09 cents per share, for FY'06. During the fiscal third quarter of 2007, Crossroads acquired Grau Data Storage's well-known FileManager Agent, the company's leading Hierarchical Storage Management See HSM. system. In addition, you can now find Crossroads' press releases on the Pink Sheets at www.pinksheets.com. About Crossroads Systems With headquarters in Austin, Texas, Crossroads Systems is a leading provider of Business Information Assurance solutions. Crossroads solves today's growing data storage, business continuity, disaster recovery and information security markets needs. Our solutions are designed to help companies store, manage and ensure the security, resiliency and accessibility of their data. Crossroads products are sold as part of packaged offerings from companies such as EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , HP, Quantum and SUN, and are distributed through partners such as ACAL ACAL Asociación de Archiveros de Castilla Y León (Castille and Leon, Spain) ACAL Academia de Ciencias de América Latina (Spanish: Academy of Sciences of Latin America, Venezuela) , Bell Micro, Info-X, and Promark. Crossroads (CRDS.PK) is currently traded on the Pink Sheets. Crossroads is a member of the Storage Networking Industry Association An association of producers and consumers of storage networking products, whose goal is to further storage networking technology and applications. The Storage Networking Industry Association, or SNIA (SNIA (Storage Networking Industry Association, San Francisco, CA, www.snia.org) An organization devoted to the advancement of mission critical storage systems. Founded in 1997, its goal is to determine the standards that must be developed to allow hosts and storage systems to interact via ). For more information about Crossroads Systems, please visit www.crossroads.com or call 800-BUY-CRDS / 800-643-7148. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements that Crossroads Systems, Inc. may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This release may include forward-looking statements. The words "believe," "expect," "intend," "plan," "project," "will" and similar phrases as they relate to Crossroads are intended to identify such forward-looking statements. These statements reflect the current views and assumptions of Crossroads, and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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