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 financial 2nd quarter finished April 30, 2k19. The overall performance for the quarter was in line with expectations. Portfolio development remained in line with historical development.
Additionally, to raise the availability of affordable housing in our markets, a concerted effort was made to acquire more inventory which has skewed the cost of goods figures to sales as those homes make their way through the system to their ultimate sale.
The company, as did much of Texas, faced weather challenges in March and April which resulted in delays related to remodels which impacted inventory for sale.
Financial Q2 2k19 Financial Highlights
- Total property sales income was $7.4(M)for the quarter and remained flat to the comparative period of 2k18
- Total interest income was $2.9(M)up from $2.4(M) from the comparative period of 2k18
- Operating income of $1.4(M), up from $1.3(M)for the comparative period of 2k18
- Incomes per share of $0.23compared to incomes per share of $0.22 for the comparative period of 2k18
- Held 108 properties in inventory compared to 58 at a similar time in 2k18
- Added $6.4(M)in new single-family mortgages throughout the quarter
- Tangible Net Book Value of $32.2(M)
- Cash balance of $904,000
Eric A. Donnelly, Chief Executive Officer at Crossroads Systems, said, “We are pleased to announce another consistent quarter of community impact, loan development, and profitability.
As a social enterprise focused on double bottom line results, our unwavering commitment to improving communities, realizing the dream of homeownership for thousands of deserving borrowers while building shareholder value remains the balanced focus of our business. Conscious capitalism works and has a place in public markets.”
Throughout the 2nd quarter, CPF successfully completed the annual recertification with the Community Development Financial Institution Fund (“CDFI Fund”).
In addition, CPF had a site visit from the Bond Guaranty Program (“BGP”) which it applied for in February. CPF plans to refinance its existing debt with the BGP which will allow the Company to better serve its mission.
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.