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Dataram Reports Fiscal 2014 First Quarter Financial Results



  Dataram Reports Fiscal 2014 First Quarter Financial Results

Business Wire

PRINCETON, N.J. -- September 16, 2013

Dataram Corporation (NASDAQ:DRAM) today reported its financial results for its
fiscal first quarter ended July 31, 2013. Revenues for the first quarter were
$7.4 million, which compares to $6.2 million in the previous quarter and $8.0
million for the comparable prior year period. The Company’s net loss for the
first quarter totaled $882,000, or $0.50 per share which compares to net loss
of $976,000, or $0.55 per share for the comparable prior year period. In the
first quarter of fiscal 2014 the Company recorded an expense of approximately
$110,000 for severance costs incurred in connection with a reduction in
workforce. In addition, the Company recorded a nonrecurring  expense of
$275,000 to fully reserve for the Shoreline Memory, Inc. promissory note which
was due on July 31, 2013. The loss adjusted for the nonrecurring item would
have been $607,000, compared to a loss of $976,000 in the prior year or
approximately a 38% reduction.

John H. Freeman, Dataram’s President and CEO commented, “We have made progress
in the first quarter with increased sales and the reduction of operating
expense of approximately 23%, without the effects of the nonrecurring expense.
Despite industry wide challenges, we continue to see signs of growth through
our new partnerships, new distribution channels and further development of our
RAMDisk software.”

AMD and Newegg both bundled and ran special offers for Radeon RAMDisk which
resulted in increased sales. Our inclusion in AMD’s Never Settle Forever
campaign, other campaigns, expansion of distribution through major r/e-tailors
and continued growth in commercial licenses which include annual renewal fees
create a strong foundation for RAMDisk growth and profitability.

Dataram continues to work closely with AMD in delivering technically superior
memory products for both consumer and commercial applications. We have also
identified and are jointly working with system builders and integrators which
can benefit from our memory products.

Mr. Freeman concluded, “The industry challenges remain but our cost
containment initiatives, experiences with our new partnerships and renewed
large company orders are making a positive contribution to Dataram and our
bottom line.”

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 *****

                                              
                                                
DATARAM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

(Unaudited)

 
                                                
                                               First Quarter Ended
                                               July 31,
                                               2013            2012
                                                                
Revenues                                       $ 7,367         $ 7,998
                                                                
Costs and expenses:
Cost of sales                                    5,805           6,304
Engineering and development                      319             206
Selling, general and administrative              1,978           2,214
Stock-based compensation expense*                21              100
Intangible asset amortization expense*           41              41     
                                                 8,164           8,865  
                                                                
Loss from operations                             (797  )         (867  )
                                                                
Other income (expense)                           (85   )         (109  )
                                                                
Loss before income taxes                         (882  )         (976  )
                                                                
Income tax benefit                               0               0      
                                                                
Net loss                                       $ (882  )       $ (976  )
                                                                
Net loss per share:
Basic                                          $ (0.50 )       $ (0.55 )
Diluted                                        $ (0.50 )       $ (0.55 )
                                                                
Weighted average number of shares
outstanding:
Basic                                            1,755           1,784  
Diluted                                          1,755           1,784  
                                                                        
                                                                        

Note- July 2012 amounts shown have been adjusted to reflect the reverse
1-for-6 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-Q.
 
 

 
 
DATARAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)
                                                               
                                            July 31, 2013       April 30, 2013
                                                                 
ASSETS
Current assets
Cash and cash equivalents                   $    108            $     324
Accounts receivable, net                         3,210                2,885
Inventories                                      2,722                2,903
Note receivable, less allowance of
$275 at                                          -                    275

July 31, 2013
Other current assets                             141                  81
Total current assets                             6,181                6,468
                                                                 
Property and equipment, net                      374                  425
                                                                 
Other assets                                     56                   56
                                                                 
Intangible assets, net                           92                   133
                                                                 
Goodwill                                         1,083                1,083
                                                                 
Total assets                                $    7,786          $     8,165
                                                                 
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Note payable-revolving credit line          $    2,342          $     1,876
Accounts payable                                 1,198                948
Accrued liabilities                              549                  684
Due to related party                             400                  400
Total current liabilities                        4,489                3,908
                                                                 
Due to related party – long term                 1,167                1,267
Total liabilities                                5,656                5,175
                                                                 
Stockholders' equity                             2,130                2,990
                                                                 
Total liabilities and stockholders'         $    7,786          $     8,165
equity
                                                                       
                                                                       

Contact:

Dataram:
Marc P. Palker, 609-799-0071
Chief Financial Officer
info@dataram.com
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