Revenue during the quarter dropped 4.83 percent to $0.20 million from $0.21 million in the previous year period. Gross margin for the quarter expanded 2249 basis points over the previous year period to 75.63 percent.

Operating loss for the quarter was $0.89 million, compared with an operating loss of $2.51 million in the previous year period.

Richard K. Coleman, Jr., president and chief executive officer at Crossroads Systems, said, "We are continuing to implement our plans to increase shareholder value by leveraging our patent assets. We are working diligently and patiently with interested potential buyers of our non-972 patents and remain hopeful for a prompt and positive outcome on the pending appeals of our 972 patents."

Cash flow from investing activities was $0.82 million from investing activities during the year as against cash outgo of $0.23 million in the last year.

The company has spent $0.13 million cash to carry out financing activities during the year as against cash inflow of $5.84 million in the last year period.

Cash and cash equivalents stood at $4.09 million as on Oct. 31, 2016, down 65.29 percent or $7.70 million from $11.79 million on Oct. 31, 2015.

Working capital remains almost stable
Crossroads Systems, Inc. has recorded an increase in the working capital over the last year. It stood at $2.98 million as at Oct. 31, 2016, up 0.85 percent or $0.02 million from $2.95 million on Oct. 31, 2015. Current ratio was at 2.19 as on Oct. 31, 2016, up from 1.26 on Oct. 31, 2015.