Using the MID function:

Formula: MID({NAME.EN_US},INSTR({NAME.EN_US}, " ")+1) 

Example: MID("John Smith",instr("John Smith", " ")+1)

The above formula would return "Smith" as it retrieves all the characters starting from the position of the space+1.

Using the RIGHT, INSTR and STRREVERSE functions:

Formula : right({'FIELD'},instr(strreverse({'FIELD'}),"*")-1)
 
Notes on the formula :
{'FIELD'} represents the string field you are trying to extract specific data from
"*" represents the character in the field that indicates where you want to start
 
Function descriptions:
right =  Use this function to obtain just the right part of a string. For instance, use it to obtain the last four digits of social security numbers stored in a field.
instr = The instr function returns the position of the first occurrence of one string within another.  This position is based on a 1 based index of the characters in the string. 
strreverse = Returns a string in which the character order of the input string is reversed
*For additional information and examples on formula functions, please go to Help, Crystal Reports Help from within the Crystal Reports program.
 
An example of using the formula :
An attribute description contains two pieces of data about a gift separated with a hyphen.  For example "Capital-PLAYGROUND".  We need to extract just the information after the hyphen.
 
The formula would look like this:      right({ATTRIBUTE.EN_US},instr(strreverse({ATTRIBUTE.EN_US}),"-")-1)
 
Breaking the formula down shows how it works :
strreverse({ATTRIBUTE.EN_US})   =  This reverses our string and results in "DNUORGYALP-latipaC"
instr(strreverse({ATTRIBUTE.EN_US}),"-")  =  This finds the position of the hypen in our reversed string and results in a position number : 11
instr(strreverse({ATTRIBUTE.EN_US}),"-")-1 =  This takes our instring number and subtracts 1 resulting in position 10
right({attribute description},instr(strreverse({ATTRIBUTE.EN_US}),"-")-1) =  Starting from the right of our field it counts back ten positions and results in everything to the right of that position : "PLAYGROUND"