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Dataram Reports Fiscal 2012 First Quarter Financial Results

Mr. Freeman concluded, “Our memory solutions business is profitable and generating positive cash flow. In the first quarter we secured the financing, which coupled with the expense containment actions, we believe necessary to sustain the Company through the period of the XcelaSAN product launch.”

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,

2011         2010
 
Revenues $ 10,270 $ 12,744
 
Costs and expenses:
Cost of sales 7,375 9,621
Engineering and development 169 261
Research and development 0 871
Selling, general and administrative 3,277 2,855
Stock-based compensation expense* 148 158
Intangible asset amortization expense*   41     107  
  11,010     13,873  
 
Loss from operations (740 ) (1,129 )
 
Other income (expense)   (114 )   (110 )
 
Loss before income taxes (854 ) (1,239 )
 
Income tax benefit   0     0  
 
Net loss $ (854 ) $ (1,239 )
 
Net loss per share:
Basic $ (0.08 ) $ (0.14 )
Diluted $ (0.08 ) $ (0.14 )
 
Weighted average number of shares
outstanding:
Basic   10,395     8,918  
Diluted   10,395     8,918  

* 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, 2011 April 30, 2011
 
ASSETS
Current assets
Cash and cash equivalents $ 747 $ 345
Accounts receivable, net 3,838 4,630
Inventories 5,333 5,462
Other current assets   162         128
Total current assets 10,080 10,565
 
Property and equipment, net 1,030 962
 
Other assets 97 111
 
Intangible assets, net 2,532 1,940
 
Goodwill   1,299         1,242
 
Total assets $ 15,038       $ 14,820
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Note payable-revolving credit line $ 1,025 $ 2,154
Accounts payable 1,935 2,945
Accrued liabilities 905 840
Due to related party   1,500         1,500
Total current liabilities 5,365 7,439
 
 
Stockholders' equity   9,673         7,381
 
Total liabilities and stockholders' equity

$

15,038

     

$

14,820





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