Crossroads Systems, Inc. (OTC Pink: CRSS), an intellectual property licensing company, stated financial results for its fiscal 4th-quarter and year finished October 31, 2017.
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 suspended operations in fiscal year 2016.
Fiscal Q4 and Complete Year 2017 Financial Results
Intellectual property (“IP”) license revenue for the fiscal 4th-quarter of 2017 was $17,000.00, contrast to $197,000.00 in the same quarter a year ago. Gross profit was $12,000.00 or 72.0 percent of revenue, contrast to $149,000.0, or 76.0 percent of revenue in the same quarter a year ago.
Revenue for the fiscal complete year 2017 reduced to $71,000.00 from $674,000.00 in the prior year. The decrease was because of the sale of Crossroads Systems’ product business in March 2016. Gross profit for fiscal year 2017 was $56,000.00 or 79.0% of revenue, contrast to $504,000.00 or 75.0% of revenue in fiscal year 2016.
Fiscal 4th-quarter 2017 operating expenses reduced by 37.00% to $655,000.00, contrast to $1.00 million in the same period a year ago. Fiscal year 2017 operating expenses reduced by 53.00% to $2.80 million, contrast to $5.90 million in the prior year. The decreases were mainly because of reduced employee related costs and reduced legal expenses.
Fiscal 4th-quarter 2017 net loss available to common stockholders was $(707,000.00) or $(0.50) loss per share, contrast to a net loss available to common stockholders of $(246,000.00) or $(0.20) loss per share in the same quarter a year ago. Net loss available to common stockholders for fiscal year 2017 was $(1.90 million) or $(1.510) loss per share, contrast to a net loss of $(982,000.00) or $(0.80) loss per share in fiscal year 2016.
At October 31, 2017, cash and cash equivalents totaled $1.20 million contrast to $1.30 million at July 31, 2017.