Dataram Reports Fiscal 2013 Third Quarter Financial Results

Dataram Reports Fiscal 2013 Third Quarter Financial Results

PRINCETON, N.J.--(BUSINESS WIRE)-- Dataram Corporation (NAS: DRAM) today reported its financial results for the three and nine months ended January 31, 2013. Revenues for the three and nine months ended January 31, 2013 were $6.4 million and $21.4 million, respectively, which compares to $8.4 million and $29.1 million for the comparable prior year periods. The Company incurred a net loss for the three months ended January 31, 2013 of $782,000, which compares to a net loss of $4.2 million for the comparable prior year period. For the nine months ended January 31, 2013, the net loss totaled $3.0 million as compared to $6.2 million for the prior comparable period. The Company recorded a charge of approximately $2.4 million in the third quarter of the prior year for impairment of capitalized software development cost. Net loss per share for the three and nine months ended January 31, 2013 was $0.44 and $1.68 as compared to net lost in the prior comparable periods of $2.34 and $3.52. These results reflect a 1 for 6 reverse stock split effective March 15, 2013.

John H. Freeman, Dataram's president and CEO commented, "The economy and especially the semiconductor industry continued to be soft during most of the Company's third quarter, due to oversupply of raw materials and reduced customer infrastructure investment. Since the close of our third quarter on January 31, 2013 we have seen an increase in pricing which can positively impact our memory business for the balance of the fiscal year and beyond."

Mr. Freeman concluded, "In addition to a healthier semiconductor industry, we continue to develop and expand our relationship with Advanced Micro Devices, Inc., which together with our RAMDisk agreement and other new opportunities we are currently pursuing should provide new sources of revenue, profit and growth for Dataram in 2013 and beyond. "


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

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

***** Financial Tables Follow *****

Note - all financial data reflects a 1 for 6 reverse stock split effective March 15, 2013


(In thousands, except per share amounts)


Third Quarter Ended

January 31,


Nine Months Ended

January 31,

2013   20122013   2012
Costs and expenses:
Cost of sales4,9296,75017,00522,010
Engineering and development152169548523
Selling, general and administrative2,0033,0256,2859,515
Impairment of capitalized software-2,387-2,387
Stock-based compensation expense*2695205378
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:
Weighted average number of shares
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.


(In thousands)

    January 31, 2013   April 30, 2012
Current assets
Cash and cash equivalents$759$3,275
Accounts receivable, net2,3082,605
Other current assets 116 115
Total current assets6,0968,927
Note receivable750-
Property and equipment, net499698
Other assets5655
Intangible assets, net174297
Goodwill 1,521 1,453
Total assets$9,096$11,430
Current liabilities
Note payable-revolving credit line$1,472$121
Accounts payable6311,017
Accrued liabilities643766
Due to related party 400 333
Total current liabilities3,1462,237
Due to related party - long term 1,366 1,667
Total liabilities4,5123,904
Stockholders' equity 4,584 7,526
Total liabilities and stockholders' equity





Marc P. Palker, 609-799-0071
Chief Financial Officer

KEYWORDS:   United States  North America  New Jersey


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