Crossroads Systems Reports Fiscal Third Quarter 2018 ...
Crossroads Systems Reports Fiscal Third Quarter 2018 Financial Results
DALLAS, Texas, September 7, 2018 ? Crossroads Systems, Inc. (OTC Pink: CRSS), a holding company focused on investing in businesses that promote economic vitality and community development, reported financial results for its fiscal third quarter ended July 31, 2018.
Fiscal Q3 2018 Financial Results
Revenue for the fiscal third quarter of 2018 was $8.3 million and gross profit was $2.6 million or 31 percent of revenue. Property sales income for the quarter was $5.8 million or 71 percent of total revenues. Interest income was $2.6 million or 32 percent of revenue. Fiscal third quarter results included $100,000 write-down related to the wind down of the Crossroads legacy business. Fiscal third quarter net income was $1.22 million or $0.20 income per share.
At July 31, 2018, cash and cash equivalents totaled $3.8 million.
Management Commentary
Eric A. Donnelly, Chief Executive Officer at Crossroads Systems, said, "Capital Plus Financial celebrated two humbling honors during the quarter bestowed upon us by B Corp and D CEO Magazine, respectively. It's a testament to our incredible team and a wonderful recognition of the impact social enterprises make every day. Our financial results show that social impact and increased shareholder value don't have to be mutually exclusive. Additionally, we remain on course to eliminate all legacy expenses of Crossroads by fiscal year end."
About Crossroads Systems
Crossroads Systems, Inc. (OTC Pink: CRSS), is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp which supports Hispanic homeownership with a long term, fixed rate single family mortgage product.
8214 Westchester Dr. Suite 950 Dallas, Texas 75225 Main: 800-643-7148 / 512-349-0300 Fax: 512-349-0304
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and Capital Plus Financial 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 forwardlooking 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' and Capital Plus Financial's ability to implement their business strategy, and their ability to achieve or maintain profitability. The future performance of Crossroads Systems and Capital Plus Financial may be adversely affected by the following risks and uncertainties: economic changes affecting homeownership in the geographies where Capital Plus Financial conducts business, developments in lending markets that may not align with Capital Plus Financial's expectations and that may affect Capital Plus Financial's plans to grow its portfolio, variations in quarterly results, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' annual and quarterly reports. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
?2018 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners.
Investor Contact:
Crossroads Systems ir@
Press Contact:
Matthew ZintelZintel Public Relations matthew.zintel@
8214 Westchester Dr. Suite 950 Dallas, Texas 75225 Main: 800-643-7148 / 512-349-0300 Fax: 512-349-0304
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
ASSETS
Current assets: Cash and cash equivalents Restricted Cash Accounts receivable, net Current portion of mortgage notes receivable Inventories Prepaids and other current assets Total current assets
Mortgage Notes Receivable Goodwill Other assets
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable Accrued expenses Escrow liabilities Current portion of senior secured credit facilities Total current liabilities
Senior secured credit facilities, net Acquisition debt, net
Total liabilities
Stockholders' equity Total liabilities and stockholders' equity
July 31, 2018
$ 3,755 1,639 706 1,138 5,818 352
13,408
100,303 5,033 756
$ 119,501
$
263
351
1,662
43,498
45,774
43,805
18,244
107,823
11,678 $ 119,501
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands)
For the three months ended For the nine months ended
July 31, 2018
July 31, 2018
Revenue:
Interest income
$
Property sales
Other revenue
Total revenue
Cost of revenue: Interest expense Cost of properties sold Other cost of revenue Total cost of revenue
Gross profit
Operating expenses: General and administrative Salaries and wages Total operating expenses
Income (loss) from operations
Other income (expense):
Interest (expense) income
State income tax expense
Net Income (loss)
$
2,608 $ 5,839 $ (174) 8,273
1,175 4,491
5,667
2,606
254 810 1,064
1,542
(323) -
1,219 $
6,244 15,224
(11) 21,457
2,479 11,732
3 14,214
7,243
1,816 2,512 4,328
2,915
(810) 2,105
CROSSROADS SYSTEMS, INC.
Supplemental Schedule - Unaudited Consolidated Balance Sheet As of July 31, 2018
ASSETS
Current assets: Cash and cash equivalents Restricted cash Accounts receivable, net Inventories Intercompany receivable Prepaids and other current assets Earnest money deposits Mortgage notes receivable Total current assets
Property and equipment, net Investment in subsidiaries Goodwill Other assets
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable Accrued and other current liabilities Escrow liabilities Due to subsidiaries Revolving line of credit, inventory Revolving line of credit, mortgage notes (current maturities) Payroll liabilities Total current liabilities
Senior secured term notes (long-term) Acquisition debt (long-term)
Total liabilities
Stockholders' equity: Total participating payables Total preferred equity investment Total subordinated debt
Members equity in CPF Common stock Additional paid-in capital (Accumulated deficit)/Retained Earnings Current year net (loss) income
Total stockholders' equity (deficit) Total liabilities and stockholders' equity (deficit)
Unaudited Crossroads July 31, 2018
Unaudited CPF
July 31, 2018
Unaudited Elimination Entries
July 31, 2018
Unaudited Crossroads Consolidated
July 31, 2018
406,846 -
4,500 -
3,143,910 242,678 -
3,797,934
3,340,503 1,638,919
701,636 5,818,287 11,341,693
7,994 101,260 101,441,491 124,391,784
-
24,540
26,919,888
5,033,253
-
235,194
496,524
$
35,986,269 $
124,912,849 $
-
7,559 -
(14,485,603) -
(14,478,044)
(26,919,888)
(41,397,932) $
3,754,908 1,638,919
706,136 5,818,287
(0) 250,672 101,260 101,441,491 113,711,675
24,540 -
5,033,253 731,718
119,501,186
204 78,606
11,341,693
11,420,503
18,244,130 29,664,633
262,676 274,530 1,661,740
4,963,731 38,533,993
(1,968) 45,694,702
43,805,354 -
89,500,056
(11,341,693) (11,341,693)
(11,341,693)
262,880 353,136 1,661,740
(0) 4,963,731 38,533,993
(1,9-68) 45,773,512
43,805,354 18,244,130 107,822,996
2,200,000 5,883 242,309,739 (235,466,465) (2,727,521) 6,321,636
$
35,986,269 $
157,928 15,103,349
1,723,311 13,595,715
-
4,832,489 35,412,793 124,912,849 $
(26,885,638) (3,170,601) (30,056,239)
(41,397,932) $
157,928 15,103,349
3,923,311 13,595,715
5,883 215,424,101 (238,637,066)
2,104,968 11,678,1-91 119,501,186
Consolidated Fin Stmts_Q3.18.xlsx_Cons BS8/27/183:05 PM
CROSSROADS SYSTEMS, INC.
Supplemental Schedule - Unaduited Consolidated Income Statement For the Nine Months Ended July 31, 2018
Revenue: Interest income Property sales Other revenue Total revenue
Unaudited Crossroads July 31, 2018
$
-$
-
(212,878)
(212,878)
Cost of revenue: Interest expense Cost of properties sold Other cost of revenue Total cost of revenue
3,430 3,430
Gross Profit
(216,309)
Unaudited CPF
July 31, 2018
Unaudited Crossroads Consolidated
July 31, 2018
6,243,996 $ 15,223,984
201,508 21,669,489
6,243,996 15,223,984
(11,370) 21,456,611
2,478,794 11,731,819
14,210,613
7,458,876
2,478,794 11,731,819
3,430 14,214,044
7,242,567
Operating expenses: General and administrative Salaries and wages Total operating expenses
Income (Loss) from operations
Other income (expense): Interest (expense) income State income tax expense
Net Income (Loss)
846,724 854,867 1,701,590
(1,917,899)
(809,622) -
$ (2,727,521) $
969,268 1,657,119 2,626,386
4,832,489
4,832,489 $
1,815,992 2,511,985 4,327,977
2,914,590
(809,622) -
2,104,968
Consolidated Fin Stmts_Q3.18.xlsx_Cons IS-YTD8/27/183:05 PM
CROSSROADS SYSTEMS, INC.
Supplemental Schedule - Unaduited Consolidated Income Statement For the Quarter Ended July 31, 2018
Revenue: Interest income Property sales Other revenue Total revenue
Unaudited Crossroads July 31, 2018
$
-$
-
(224,960)
(224,960)
Cost of revenue:
Interest expense
-
Cost of properties sold
-
Other cost of revenue
-
Total cost of revenue
-
Gross Profit
(224,960)
Unaudited CPF
July 31, 2018
Unaudited Crossroads Consolidated
July 31, 2018
2,607,992 $ 5,838,500
51,026 8,497,518
2,607,992 5,838,500
(173,934) 8,272,558
1,175,319 4,491,483
5,666,802
2,830,716
1,175,319 4,491,483
5,666,802
2,605,756
Operating expenses: General and administrative Salaries and wages Total operating expenses
Income (Loss) from operations
Other income (expense): Interest (expense) income State income tax expense
Net Income (Loss)
(33,737) 118,193
84,456
(309,416)
(323,155) -
$
(632,571) $
287,860 691,322 979,182
1,851,534
1,851,534 $
254,123 809,516 1,063,638
1,542,117
(323,155) -
1,218,963
Consolidated Fin Stmts_Q3.18.xlsx_Cons IS-Q8/27/183:05 PM
Unaudited Fiscal Second Quarter 2018 Shareholder Report for The Three Months Ended July 31, 2018
Crossroads Systems, Inc.
Delaware
74-284664
(State of Incorporation) (IRS Employer Identification No.)
8214 Westchester Drive Suite 950
Dallas, TX 75225 (Address of principal executive office)
(214) 999-0149 (Company's telephone number)
Common Stock $0.001 Par Value Trading Symbol: CRSS Trading Market: OTC Pink Open Market
75,000,000 Common Shares Authorized 5,979,994 Shares Issued and Outstanding as of July 2, 2018
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