Crossroads (Nasdaq: CRDS) sees 28% drop in Q1 revenue

Palm Beach, FL 3/5/12 (StreetBeat) -- Software maker Crossroads Systems Inc. (Nasdaq: CRDS) posted a first-quarter loss of $2.7 million on revenue of $2.6 million versus a loss of $1.2 million on revenue of $3.6 million during the same quarter last year.

The Austin-based company attributed the 28 percent decline in revenue to a sharp decrease in intellectual property licensing and royaltiece.

Crossroads Systems, which was founded in 1996, employs 99 workers.

Last year, the company signed a cross-licensing deal with IBM Corp. (NYSE: IBM) that enabled IBM to sell Crossroads’ ReadVerify Appliance to customers. It also re-listed on Nasdaq last year, five years after delisting following a series of annual net losses and suffering share prices.

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