Dataram Reports Fiscal 2013 Fourth Quarter and Annual Financial Results Business Wire PRINCETON, N.J. -- July 29, 2013 Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fourth quarter and year ended April 30, 2013. Revenues for the fourth quarter and year ended April 30, 2013 were $6.2 million and $27.6 million, respectively, which compares to $7.0 million and $36.1 million for the comparable prior year periods. The Company reported a net loss of $1.6 million for the fourth quarter which included $0.4 million impairment of goodwill charge, which compares to net income of $3.0 million in the comparable prior year period. Net income for the 2012 fourth quarter included $4.1 million of other income resulting from the sale of patents. The net loss in fiscal year ended April 30, 2013 totaled $4.6 million versus $3.3 million in the comparable prior year period. Loss in fiscal year ended April 30, 2012 was offset by the aforementioned sale of patents. John H. Freeman, Dataram’s President and CEO commented, “The primary factor impacting our financial results was a 33% industry wide decline in material cost per gigabyte. Despite these industry wide challenges, we continue to see signs of revenue growth through our new partnerships, new distribution channels and further development of our RAMDisk software”. Our RAMDisk software continues to generate increasing interest and presence in the personal and commercial marketplace. We introduced new Dataram versions into the market as well as versions specifically designed for Advanced Micro Devices, Inc. (“AMD”) and branded Radeon RAMDisk under a branding and licensing agreement. It is a price performance leader in the virtual RAM drive software market and is being used in a number of applications and commercial uses. The relationship with AMD for the RAMDisk product has enabled us to develop a consumer memory product line also branded under the AMD brand Radeon. We have recently begun producing and selling server memory under the Radeon brand name. Mr. Freeman concluded, “We have eliminated approximately $900,000 of costs on an annual basis since our year end and continue to look for ways to reduce our operating cost. These cost reductions, combined with the AMD branding agreements, provide us with new opportunities and a path to revenue growth in fiscal year 2014. To support our growth we intend to seek additional financing to help us execute our fiscal 2014 plan”. ABOUT DATARAM CORPORATION Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory 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 ***** DATARAM CORPORATION and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Fourth Quarter Ended Twelve Months Ended April 30, April 30, 2013 2012 2013 2012 Revenues $ 6,219 $ 6,983 $ 27,616 $ 36,079 Costs and expenses: Cost of sales 5,037 5,499 22,042 27,509 Engineering and 167 168 715 691 development Selling, general and 2,019 2,244 8,305 11,758 administrative Impairment of goodwill 438 - 438 - Impairment of capitalized - - - 2,387 software Stock-based compensation 26 72 231 451 expense* Intangible asset 41 41 164 164 amortization* 7,728 8,024 $ 31,895 $ 42,960 Loss from operations (1,509 ) (1,041 ) (4,279 ) (6,881 ) Other income (expense) (106 ) 3,998 (341 ) 3,627 Income (loss) before (1,615 ) 2,957 (4,620 ) (3,254 ) income taxes Income tax expense 5 - 5 5 Net income (loss) $ (1,620 ) $ 2,957 $ (4,625 ) $ (3,259 ) Net income (loss) per share: Basic $ (0.92 ) $ 1.66 $ (2.60 ) $ (1.84 ) Diluted $ (0.92 ) $ 1.66 $ (2.60 ) $ (1.84 ) Weighted average number of shares outstanding: Basic 1,755 1,784 1,777 1,771 Diluted 1,755 1,784 1,777 1,771 Note- All amounts shown have been adjusted to reflect the reverse 6-for-1 stock split effective March 18, 2013. * 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-K. DATARAM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 30, 2013 April 30, 2012 ASSETS Current assets Cash and cash equivalents $ 324 $ 3,275 Accounts receivable, net 2,885 2,605 Inventories 2,903 2,932 Note receivable 275 - Other current assets 81 116 Total current assets 6,468 8,928 Property and equipment, net 425 698 Other assets 56 54 Intangible assets, net 133 297 Goodwill 1,083 1,453 Total assets $ 8,165 $ 11,430 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Note payable-revolving credit line $ 1 ,876 $ 121 Accounts payable 948 1,017 Accrued liabilities 684 766 Due to related party – current portion 400 333 Total current liabilities 3,908 2,237 Due to related party – long term 1,267 1,667 Total liabilities 5,175 3,904 Stockholders' equity 2,990 7,526 Total liabilities and stockholders' equity $ 8,165 $ 11,430 Contact: Dataram Marc P. Palker, 609-799-0071 ext. 2207 CFO firstname.lastname@example.org
Dataram Reports Fiscal 2013 Fourth Quarter and Annual Financial Results
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