Crossroads Systems Announces Preliminary Fiscal Second Quarter Revenue and Sets
Date of Conference Call
Company Sets Fiscal Second Quarter 2013 Conference Call for Friday,
June 7 at 10 a.m. ET
AUSTIN, TX -- (Marketwired) -- 05/22/13 -- Crossroads Systems, Inc.
(NASDAQ: CRDS), a global provider of data storage solutions, today
released preliminary unaudited financial information for its fiscal
second quarter ended April 30, 2013. The Company is announcing its
preliminary revenue in advance of its regularly scheduled release and
expects to release its full fiscal second quarter results and hold a
conference call on Friday, June 7, 2013. The Company does not intend
to pre-release its earnings in future quarters.
Revenue for fiscal Q2 2013 is expected to be $2.7 million, a decrease
of 20 percent from $3.5 million in the same quarter a year ago. This
estimate constitutes forward-looking information and is subject to
risks and uncertainties, including possible adjustments to
preliminary operating results.
Richard K. Coleman, Jr., recently appointed Interim President and CEO
at Crossroads Systems, said, "We are disappointed that second quarter
results fell short of expectations. Despite recent wins and a growing
pipeline of prospective customers, some StrongBox deals have taken
longer to close than expected. While our product is strong, and our
customer feedback is positive, we are fine-tuning our market entry
strategy to isolate opportunities for faster growth."
Conference Call Information
Crossroads Systems will hold a
conference call on Friday, June 7, 2013 at 10 a.m. Eastern Time (9
a.m. Central Time) to discuss its second quarter results ended April
30, 2013. Financial results will be issued in a press release on the
Date: Friday, June 7, 2013
Time: 10 a.m. Eastern Time (9 a.m.
Dial-In Number: (877) 221-8809
To access the live or recorded webcast, visit:
Please call the conference telephone number 5-10 minutes prior to the
start time. An operator will register your name and organization. For
more information and to view recent press releases, visit
About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS)
provides, develops and markets patented products that provide online
shared storage access to data through tape-based solutions that
replace disk-based storage devices at a fraction of the cost,
enabling businesses to change the way they approach their long-term
data storage needs. Founded in 1996 and headquartered in Austin, TX,
Crossroads holds more than 100 patents and has been honored with
numerous industry awards for data archiving, storage and protection.
Important Cautions Regarding Forward-Looking Statements
release includes forward-looking statements that relate to the
business and future events or future performance of Crossroads
Systems, Inc. and involve known and unknown risks, uncertainties and
other factors that may cause its actual results, levels of activity,
performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Words such as, but not
limited to, "believe," "expect," "anticipate," "estimate," "intend,"
"plan," "targets," "likely," "will," "would," "could," and similar
expressions or phrases identify forward-looking statements.
Forward-looking statements include, but are not limited to,
statements about Crossroads Systems' ability to implement its
business strategy, including the transition from a hardware storage
company to a software solutions and services provider, its ability to
expand its distribution channels, its ability to maintain or broaden
relationships with existing distribution channels and strategic
alliances and develop new industry relationships, the performance of
third parties in its distribution channels and of its strategic
alliances, uncertainties relating to product development and
commercialization, the ability to obtain, maintain or protect patent
and other proprietary intellectual property rights, technological
change in its industry, market acceptance of its products and
services, future capital requirements, regulatory actions or delays,
competition in general and other factors that may cause actual
results to be materially different from those described herein.
Forward-looking statements in this press release are based on
management's beliefs and opinions at the time the statements are
made. Crossroads Systems does not intend, and undertakes no duty, to
update this information to reflect future events or circumstances.
Copyright2013 Crossroads Systems, Inc. Crossroads and Crossroads
Systems are registered trademarks of Crossroads Systems, Inc. All
trademarks are the property of their respective owners. All
specifications are subject to change without notice.
Crossroads Investor Contact:
Crossroads Press Contact:
Zintel Public Relations
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