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12.12.2019 14:00
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Crossroads Systems Reports Fiscal Fourth Quarter and Fiscal Year 2019 Financial Results
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PR Newswire
DALLAS, Dec. 12, 2019
DALLAS, Dec. 12, 2019 /PRNewswire/ -- 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 fourth quarter and the year ended October 31, 2019.
The overall performance for the quarter and for fiscal 2019 was consistent with expectations. Portfolio growth remained in line with historical growth. The results of additional homes in inventory converting to additional sales volume has begun and to date, we are pleased with the sales volumes experience.
Fiscal Q4 2019 Financial Highlights
- Total property sales income was $6.6 million for the quarter compared to $4.1 million for the comparative period of 2018
- Total interest income was $3.2 million up from $2.7 million from the comparative period of 2018
- Operating income of $1.0 million, up from $476,000 for the comparative period of 2018
- Cash EPS (operating income less income to non controlling interests) increased to $0.14 from $0.06 for the comparative period of 2018
- Held 128 properties in inventory compared to 79 at the same time in 2018
- Added $5.6 million in new single-family mortgages during the quarter
- Book Value of $51.0 million or $8.54 per share
- Cash balance of $1.7 million
Fiscal 2019 Financial Highlights
- Total property sales income was $25.3 million for the fiscal year compared to $19.3 million for the comparative period of 2018
- Total interest income was $12 million up from $8.9 million from the comparative period of 2018
- Operating income of $4.4 million, up from $2.6 million for the comparative period of 2018
- Cash EPS (operating income less income to non controlling interests) increased to $0.63 from $0.36 for the comparative period of 2018
- The company booked $688,000 of state and federal income tax expense for the fiscal year which will be offset against the deferred tax asset. In addition, the company recorded a tax valuation allowance of $1.3 million related to unusable tax carryforward losses. This non-cash valuation allowance will swing year over year as we grow earnings and are able to utilize additional losses.
Eric A. Donnelly, Chief Executive Officer at Crossroads Systems, said, "With an almost 75% increase to EPS and 69% increase to operating income, we are excited about the momentum going into the recent announcement of our bank acquisition and what that means for our shareholders and customers later this year and beyond. We will continue to be prudent with inventory management and managing our liability sensitive balance sheet. The Texas economy continues to perform at a high level and interest rate outlook remains favorable for responsible scaling of our company and continued social impact throughout our markets."
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.
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 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' 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.
©2019 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@crossroads.com
Press Contact: Matthew Zintel Zintel Public Relations matthew.zintel@zintelpr.com
| CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (In Thousands) | ||||||
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | October 31, | |
| | | | | | 2019 | |
| ASSETS | | | ||||
| | | | | | | |
| Current assets: | | | | |||
| | Cash and cash equivalents | | $ 1,736 | |||
| | Restricted Cash | | 2,583 | |||
| | Accounts receivable, net | | 892 | |||
| | Current portion of mortgage notes receivable | | 1,478 | |||
| | Inventories | | | 11,796 | ||
| | Prepaids and other current assets | | 349 | |||
| | | Total current assets | | 18,835 | ||
| | | | | | | |
| Mortgage Notes Receivable | | 122,207 | ||||
| Goodwill | | | 18,567 | |||
| Deferred tax asset | | 19,680 | ||||
| Other non-current assets | | 214 | ||||
| | | Total assets | | $ 179,503 | ||
| | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| | | | | | | |
| Current liabilities: | | | ||||
| | Accounts payable | | $ 350 | |||
| | Accrued expenses | | 620 | |||
| | Escrow liabilities | | 2,653 | |||
| | Current portion of senior secured credit facilities | | 63,139 | |||
| | Current portion of other note payable | | 168 | |||
| | Current portion of acquisition note payable | | 2,495 | |||
| | | Total current liabilities | | 69,425 | ||
| | | | | | | |
| Senior secured credit facilities, net | | 48,637 | ||||
| Acquisition debt, net | | 10,397 | ||||
| | | Total liabilities | | 128,458 | ||
| | | | | | | |
| Stockholders' equity | | 51,044 | ||||
| | | Total liabilities and stockholders' equity | | $ 179,503 | ||
| CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES | |||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| (In Thousands) | |||
| | | | |
| | | | For the year ended |
| | | | October 31, 2019 |
| | | | |
| | | | |
| Revenue: | | | |
| | Interest income | $ 11,986 | |
| | Property sales | 25,331 | |
| | Other revenue | 387 | |
| | | Total revenue | 37,704 |
| | | | |
| Cost of revenue: | | ||
| | Interest expense | 6,298 | |
| | Cost of properties sold | 21,149 | |
| | | Total cost of revenue | 27,447 |
| | | | |
| Gross profit | | 10,257 | |
| | | | |
| Operating expenses: | | ||
| | General and administrative | 2,071 | |
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