Dataram Reports Fiscal 2013 Third Quarter Financial Results Business Wire PRINCETON, N.J. -- March 22, 2013 Dataram Corporation (NASDAQ: DRAM) today reported its financial results for the three and nine months ended January 31, 2013. Revenues for the three and nine months ended January 31, 2013 were $6.4 million and $21.4 million, respectively, which compares to $8.4 million and $29.1 million for the comparable prior year periods. The Company incurred a net loss for the three months ended January 31, 2013 of $782,000, which compares to a net loss of $4.2 million for the comparable prior year period. For the nine months ended January 31, 2013, the net loss totaled $3.0 million as compared to $6.2 million for the prior comparable period. The Company recorded a charge of approximately $2.4 million in the third quarter of the prior year for impairment of capitalized software development cost. Net loss per share for the three and nine months ended January 31, 2013 was $0.44 and $1.68 as compared to net lost in the prior comparable periods of $2.34 and $3.52. These results reflect a 1 for 6 reverse stock split effective March 15, 2013. John H. Freeman, Dataram’s president and CEO commented, “The economy and especially the semiconductor industry continued to be soft during most of the Company’s third quarter, due to oversupply of raw materials and reduced customer infrastructure investment. Since the close of our third quarter on January 31, 2013 we have seen an increase in pricing which can positively impact our memory business for the balance of the fiscal year and beyond.” Mr. Freeman concluded, “In addition to a healthier semiconductor industry, we continue to develop and expand our relationship with Advanced Micro Devices, Inc., which together with our RAMDisk agreement and other new opportunities we are currently pursuing should provide new sources of revenue, profit and growth for Dataram in 2013 and beyond. ” ABOUT DATARAM CORPORATION Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory, storage and software products. Our products and services deliver IT infrastructure optimization, dramatically increase application performance and deliver substantial cost savings. Dataram solutions are deployed in 70 Fortune 100 companies and in mission-critical government and defense applications around the world. For more information about Dataram, visit www.dataram.com. The information provided in this press release may include forward-looking statements relating to future events, such as the development of new products, pricing and availability of raw materials or the future financial performance of the Company. Actual results may differ from such projections and are subject to certain risks including, without limitation, risks arising from: changes in the price of memory chips, changes in the demand for memory systems, increased competition in the memory systems industry, order cancellations, delays in developing and commercializing new products and other factors described in the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov. ***** Financial Tables Follow ***** Note – all financial data reflects a 1 for 6 reverse stock split effective March 15, 2013 DATARAM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Third Quarter Ended Nine Months Ended January 31, January 31, 2013 2012 2013 2012 Revenues $ 6,439 $ 8,420 $ 21,396 $ 29,096 Costs and expenses: Cost of sales 4,929 6,750 17,005 22,010 Engineering and 152 169 548 523 development Selling, general and 2,003 3,025 6,285 9,515 administrative Impairment of capitalized - 2,387 - 2,387 software Stock-based compensation 26 95 205 378 expense* Intangible asset 41 41 123 123 amortization* 7,151 12,467 24,166 34,936 Loss from (712 ) (4,047 ) (2,770 ) (5,840 ) operations Other expense (70 ) (131 ) (235 ) (370 ) Loss before (782 ) (4,178 ) (3,005 ) (6,210 ) income taxes Income tax 0 5 0 5 benefit Net loss $ (782 ) $ (4,183 ) $ (3,005 ) $ (6,215 ) Net loss per share: Basic $ (0.44 ) $ (2.34 ) $ (1.68 ) $ (3.52 ) Diluted $ (0.44 ) $ (2.34 ) $ (1.68 ) $ (3.52 ) Weighted average number of shares outstanding: Basic 1,783 1,784 1,785 1,767 Diluted 1,783 1,784 1,785 1,767 * Items are recorded as a component of operating costs and expenses in the Company’s financial statements filed with the Securities and Exchange Commission on Form 10-Q. DATARAM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) January 31, 2013 April 30, 2012 ASSETS Current assets Cash and cash equivalents $ 759 $ 3,275 Accounts receivable, net 2,308 2,605 Inventories 2,913 2,932 Other current assets 116 115 Total current assets 6,096 8,927 Note receivable 750 - Property and equipment, net 499 698 Other assets 56 55 Intangible assets, net 174 297 Goodwill 1,521 1,453 Total assets $ 9,096 $ 11,430 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Note payable-revolving credit $ 1,472 $ 121 line Accounts payable 631 1,017 Accrued liabilities 643 766 Due to related party 400 333 Total current liabilities 3,146 2,237 Due to related party – long term 1,366 1,667 Total liabilities 4,512 3,904 Stockholders' equity 4,584 7,526 Total liabilities and $ 9,096 $ 11,430 stockholders' equity Contact: Dataram Marc P. Palker, 609-799-0071 Chief Financial Officer firstname.lastname@example.org
Dataram Reports Fiscal 2013 Third Quarter Financial Results
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