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| Crossroads Systems, Inc. |
| 9390 Research Boulevard, Suite II-300, Austin, TX 78759 * (512) 349-0300 |
| Business Description | The company is the leading provider of storage routers for storage area networks, SANs. |
| Offering Information Company has | |||
| Trading As | CRDS (NASNTL) | Industry | High-Tech (SIC 3577) |
| Type of Stock Offered | Common Shares | Filing Date | 08/18/1999 |
| Domestic Shares Offered | 3,750,000 | Offer Date | 10/19/1999 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 3,750,000 | Offer Price | $18.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.260 |
| Gross Proceeds | $67,500,000 | Selling | $0.760 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 25,382,900 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| SG Cowen | Lead Manager | (212) 495-6000 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| Morgan Keegan & Company, Incorporated | Co-manager | (901) 529-5357 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 10/31/1996 | 10/31/1997 | 10/31/1998 | 07/31/1998 | 07/31/1999 | ||
| Revenues | - | - | 0.492 | 1.009 | 3.209 | 1.997 | 11.793 |
| Income from Oper. | - | - | -0.204 | -2.749 | -5.436 | -3.917 | 3.735 |
| Net Income | - | - | -0.212 | -2.693 | -5.354 | -3.812 | -3.645 |
| E.P.S | - | - | -0.040 | -0.450 | -0.870 | -0.620 | -0.520 |
| Revenue Growth (%) | - | - | 105.08 | 218.038 | 490.54 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | 31.67 | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -5.82 | -4.39 | -2.14 | ||||
| Cash Flow - Inv. | -3.17 | -0.64 | 0.77 | ||||
| Cash Flow - Fin. | 4.61 | 0.51 | 6.18 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 07/31/1999 | Financial Ratios | ||||
| Total Assets | 14.14 | Current Assets | 12.09 | Current Ratio | 2.06 |
| Total Liab. | 25.24 | Current Liab. | 5.87 | Debt Ratio | 178.51% |
| Total Equity | -11.10 | Working Cap. | 6.22 | Debt to Equity Ratio | - |
| Cash | 6.49 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and other general corporate purposes, including research and development, sales and marketing and potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Brobeck, Phleger & Harrison |
| Bank's Law Firm | Gray Cary Ware & Freidenrich |
| Auditor | Pricewaterhouse Coopers LLC |
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