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The fate of Crossroads Systems Inc. (Nasdaq: CRDS) took a sharp turn south last quarter, as the storage router companys losses tripled from the previous quarter. Now the company hopes a trip down the iSCSI path will turn things around.
Crossroads posted its quarterly report today, in the wake of CFO Andrea Wenholz's resignation last week (see Crossroads CFO Resigns). Revenue totaled $4.9 million for the most recent quarter, down from $7.4 million the previous quarter. The company posted a net loss of $2.1 million or $0.08 per share, compared with a loss of $732,000 or $0.03 in the previous quarter.
Crossroads had forecast revenue in the $6 million range and a loss of from $0.05 to $0.06.
Crossroads has lost money every quarter since 1996, but the vendor had made progress since Rob Sims became CEO last September (see Crossroads Conscripts CEO). Losses narrowed from $1.7 million in the third quarter of 2003 to $732,000 in the second quarter of this year, and revenue crept from $5.6 million to $7.4 million over that span. Last quarter, however, revenue tumbled and losses tripled.
In a conference call with analysts today, Sims said the revenue drop was much worse than expected, even for what is traditionally a slow quarter. "Our visibility going into the third quarter indicated seasonal weakness. However, it was disappointing that actual sales were unable to meet even these lowered expectations," Sims said.
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