Crossroads Systems, Inc. (CRDS) swung to a net loss for the quarter ended Apr. 30, 2017. The company has made a net loss of $0.08 million, or $ 0.12 a share in the quarter, against a net profit of $0.01 million, or $0.06 a share in the last year period.
Revenue during the quarter plunged 92.38 percent to $0.02 million from $0.21 million in the previous year period. Gross margin for the quarter expanded 1083 basis points over the previous year period to 87.50 percent.
Operating loss for the quarter was $0.48 million, compared with an operating loss of $1.20 million in the previous year period.
Richard K. Coleman, Jr., president and chief executive officer at Crossroads Systems, said, "The hearing before the Federal Circuit on March 7, 2017 concluded the appeals phase of our '972 litigation. While we await the court's ruling, we are considering the potential impact of various outcomes on each of our pending cases and evaluating alternatives to maximize shareholder value."
Operating cash flow remains negative
Crossroads Systems, Inc. has spent $1.62 million cash to meet operating activities during the first half as against cash outgo of $6.37 million in the last year period.
Cash flow from financing activities was $0.14 million.
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