Dataram Reports $0.17 Per Share Earnings on $19.9 Million of Revenue in Fourth Quarter; Revenues Grow 16% over Prior Quarter and 59% over Prior Year Period.Business Editors/High-Tech Writers PRINCETON Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , N.J.--(BUSINESS WIRE)--June 3, 2004 Dataram Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DRAM) today reported its financial results for its fiscal fourth quarter and year ended April 30, 2004. Revenues for the fourth quarter increased 16% to $19.9 million from the third quarter of the current fiscal year. This also compares to revenues of $12.5 million for the fourth quarter of the prior fiscal year, an increase of 59%. Net earnings for the fourth quarter were $1,530,000 or $0.17 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to a net earnings of $732,000 or $0.08 per share in the third quarter of the current fiscal year and a net loss of $12,735,000 or $1.50 per share in the fourth quarter of the previous fiscal year, which included pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. totaling $14.6 million. For the year ended April 30, 2004, revenues were $62.0 million, an increase of 16% over the previous fiscal year revenues of $53.5 million. Net earnings in fiscal 2004 were $2,271,000 or $0.25 per diluted share compared to a net loss of $15,604,000 or $1.84 per share in fiscal 2003, which included pre-tax asset impairment charges and restructuring charges totaling $15.3 million.
(In 000's, except per Third
share amounts) Quarter Fourth Quarter Full Year
------------------------ ------- ------------------ ------------------
FY 2004 FY 2004 FY 2003(1) FY 2004 FY 2003(1)
------------------------ ------- ------- ---------- ------- ----------
Revenues $17,131 $19,948 $ 12,520 $61,984 $ 53,529
------------------------ ------- ------- ---------- ------- ----------
Earnings (loss) from
operations $ 711 $ 1,742 $ (16,253) $ 2,404 $ (20,083)
------------------------ ------- ------- ---------- ------- ----------
Net earnings (loss) $ 732 $ 1,530 $ (12,735) $ 2,271 $ (15,604)
------------------------ ------- ------- ---------- ------- ----------
Diluted earnings (loss)
per share $ 0.08 $ 0.17 $ (1.50) $ 0.25 $ (1.84)
------------------------ ------- ------- ---------- ------- ----------
(1) Includes pre-tax asset impairment charges and restructuring charges of $14.6 million and $15.3 million, respectively, for fiscal 2003's fourth quarter and fiscal year. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. V. Tarantino Noun 1. Tarantino - United States filmmaker (born in 1963) Quentin Jerome Tarantino, Quentin Tarantino , Dataram's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are pleased with the progress we have made this fiscal year and look forward to a prosperous fiscal 2005. Our revenue growth in fiscal 2004 has been led by sales growth to OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. In the fourth quarter, revenues from sales to OEMs were approximately 50% of the Company's revenues, compared to approximately 17% of revenues a year ago. Our compatible memory revenues are also growing. Sales of our IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , HP/Compaq and Sun compatible memory have all increased from the levels that existed at the beginning of the fiscal year. Additionally, our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. grew to $4.7 million at the end of the fourth quarter, up from $3.6 million at the end of the previous quarter. The business environment has sufficiently improved to give us confidence that fiscal 2005 will be a growth year for Dataram." Mark Maddocks, Dataram's vice president of finance and CFO See Chief Financial Officer. , added, "The Company's balance sheet is strong and continues to improve. With $6.8 million in cash and a current ratio of 3.5, we are highly liquid." Mr. Tarantino concluded, "We believe that our fourth quarter results are indicative of the current state of our business. Our fiscal 2005 business plan calls for an increase in fiscal 2005 earnings of approximately 15% over fiscal 2004's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. fourth quarter earnings." Dataram will conduct a conference call today at 4:30 p.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) today to present its fourth quarter and full year financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 800-837-5450 and providing the following reservation number: 21196657. It is recommended that participants call 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through Vcall at www.vcall.com. A replay of the call will be available approximately one hour after the completion of the conference call through Vcall and for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock by dialing 800-633-8284 or 402-977-9140 and entering the reservation number listed above. ABOUT DATARAM CORPORATION Dataram is a worldwide leader in the design and manufacture of high capacity, reliable and innovative memory solutions. With over 36 years experience Dataram provides customized memory solutions for OEMs and compatible memory for leading brands including HP/Compaq, Dell, IBM, SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. , Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. and Intel. For more information about Dataram, visit www.dataram.com. The information provided in this press release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events, such as the development of new products, the commencement of production, 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
DATARAM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Fourth Quarter Year
Ended Ended
April 30, April 30,
2004 2003 2004 2003
Revenues $19,948 $ 12,520 $61,984 $ 53,529
Costs and expenses:
Cost of sales 14,938 9,734 46,311 39,529
Engineering and development 321 383 1,284 1,539
Selling, general and
administrative 2,947 4,056 11,985 17,204
Restructuring charges - 3,065 - 3,805
Asset impairment charge - 11,535 - 11,535
-------- --------- -------- ---------
18,206 28,773 59,580 73,612
Earnings (loss) from operations 1,742 (16,253) 2,404 (20,083)
Other income (expense), net (33) (28) 119 (84)
-------- --------- -------- ---------
Earnings (loss) before income
taxes 1,709 (16,281) 2,523 (20,167)
Income tax provision (benefit) 179 (3,546) 252 (4,563)
-------- --------- -------- ---------
Net earnings (loss) $ 1,530 $(12,735) $ 2,271 $(15,604)
======== ========= ======== =========
Net earnings (loss) per share:
Basic $ 0.18 $ (1.50) $ 0.27 $ (1.84)
======== ========= ======== =========
Diluted $ 0.17 $ (1.50) $ 0.25 $ (1.84)
======== ========= ======== =========
Average number of shares
outstanding:
Basic 8,518 8,502 8,502 8,500
======== ========= ======== =========
Diluted 9,194 8,502 8,907 8,500
======== ========= ======== =========
DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
April 30, April 30,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $ 6,806 $ 2,500
Trade receivables, net 8,846 6,292
Income tax receivable - 3,138
Inventories 2,537 2,855
Deferred income taxes 723 723
Other current assets 92 111
------------ ------------
Total current assets 19,004 15,619
Property and equipment, net 2,858 4,564
Other assets 50 24
------------ ------------
Total assets $ 21,912 $ 20,207
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 3,862 $ 3,208
Accrued liabilities 1,646 2,978
------------ ------------
Total current liabilities 5,508 6,186
Stockholders' equity 16,404 14,021
------------ ------------
Total liabilities and stockholders' equity $ 21,912 $ 20,207
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