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Dataram Reports Fiscal 2012 Fourth Quarter And Annual Financial Results

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 .

 
 

DATARAM CORPORATION and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

             

Fourth Quarter Ended April 30,

Twelve Months Ended April 30,

2012     2011 2012       2011
 
Revenues $ 6,983 $ 11,281 $ 36,079 $ 46,847
 
Costs and expenses:
Cost of sales 5,499 8,650 27,509 35,777
Engineering and development 168 256 691 980
Research and development 0 0 0 1,843
Selling, general and administrative 2,244 2,927 11,758 11,483
Impairment of capitalized software 0 0 2,387 0
Stock-based compensation expense* 72 142 451 585
Intangible asset amortization*   41     85     164     407  
  8,024     12,060   $ 42,960   $ 51,075  
 
Loss from operations (1,041 ) (779 ) (6,881 ) (4,228 )
 
Other income (expense)   3,998     (62 )   3,627     (401 )
 
Income (loss) before income taxes 2,957 (841 ) (3,254 ) (4,629 )
 
Income tax expense   0     0     5     5  
 
Net income (loss) $ 2,957   $ (841 ) $ (3,259 ) $ (4,634 )
 
Net income (loss) per share:
Basic $ 0.28   $ (0.09 ) $ (0.31 ) $ (0.52 )
Diluted $ 0.28   $ (0.09 ) $ (0.31 ) $ (0.52 )
 
Weighted average number of shares
outstanding:
Basic   10,703     8,928     10,626     8,923  
Diluted   10,703     8,928     10,626     8,923  
         
* 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, 2012       April 30, 2011
 
ASSETS
Current assets
Cash and cash equivalents $ 3,275 $ 345
Accounts receivable, net 2,605 4,630
Inventories 2,932 5,462
Other current assets   116   127
Total current assets 8,928 10,564
 
Property and equipment, net 698 963
 
Other assets 54 111
 
Intangible assets, net 297 1,940
 
Goodwill   1,453   1,242
 
Total assets $ 11,430 $ 14,820
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Note payable-revolving credit line $ 121 $ 2,154
Accounts payable 1,017 2,945
Accrued liabilities 766 840
Due to related party – current portion   333   1,500
Total current liabilities 2,237 7,439
 
Due to related party – long term   1,667   -
Total liabilities 3,904 7,439
 
Stockholders' equity   7,526   7,381
 
Total liabilities and stockholders' equity $ 11,430 $ 14,820




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