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Dataram Reports Fiscal 2013 Third Quarter Financial Results

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

January 31,

     

Nine Months Ended

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 development 152 169 548 523
Selling, general and administrative 2,003 3,025 6,285 9,515
Impairment of capitalized software - 2,387 - 2,387
Stock-based compensation expense* 26 95 205 378
Intangible asset amortization*   41     41     123     123  
  7,151     12,467     24,166     34,936  
 
Loss from operations (712 ) (4,047 ) (2,770 ) (5,840 )
 
Other expense   (70 )   (131 )   (235 )   (370 )
 
Loss before income taxes (782 ) (4,178 ) (3,005 ) (6,210 )
 
Income tax benefit   0     5     0     5  
 
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 line $ 1,472 $ 121
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 stockholders' equity

$

9,096

$

11,430





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