Dataram Reports First Quarter Financial Results; Company Earns $.13 Per Diluted Share; Backlog Grows to $5.1 Million.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. -- 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 first fiscal quarter ended July July: see month. 31, 2004. Revenue for the quarter was $15.8 million, compared to $12.3 million for the first quarter of the previous fiscal year, an increase of 29%. Revenues for the prior sequential quarter were $19.9 million. Net earnings for the quarter were $1.2 million or $0.13 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 net earnings of $171,000 or $0.02 per diluted share for the comparable prior year period and $1.5 million or $0.17 per diluted share for the fourth quarter of last fiscal year.
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(In 000's, except per share amounts) First Quarter Fourth Quarter
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FY 2005 FY 2004 FY 2004
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Revenues $15,791 $12,267 $19,948
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Earnings from operations $1,183 $136 $1,742
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Net earnings $1,167 $171 $1,530
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Diluted earnings per share $0.13 $0.02 $0.17
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"This quarter represents our third consecutive quarter of year-over-year revenue growth," commented 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. . "It is not unusual for our first quarter to be less robust than the fourth quarter as the fourth quarter is typically our strongest. Our order rate was good and exceeded our revenues. The 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. increased to $5.1 million. We regard the year-over-year growth as a strong indicator that demand for our products continues to strengthen." Mark Maddocks, Dataram's vice president of finance and CFO See Chief Financial Officer. , added, "Our gross margins are in line with our historical norm of approximately 25% and are expected to remain at that level in the upcoming quarter. Engineering and S, G&A expenses totaled approximately $2.9 million in the quarter. Second quarter expenses are expected to be in this same range. The Company's balance sheet remains strong. Our current ratio is 4.9-to-1 and we have no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ." Mr. Tarantino concluded, "Our 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 business during the first quarter continued to be strong and represented approximately 53% of our revenue. Additionally, we received our first order from a major new customer, a computer manufacturer. We remain confident that we will achieve our fiscal 2005 business plan." 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 ) to present its first quarter financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 800-837-5479 and providing the following reservation number: 21205403. 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 37 years experience Dataram provides customized memory solutions for OEMs and compatible memory for leading brands including HP/Compaq, Dell, 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) , 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.
DATARAM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
July 31,
2004 2003
Revenues $15,791 $12,267
Costs and expenses:
Cost of sales 11,741 8,818
Engineering and development 319 333
Selling, general and administrative 2,548 2,980
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14,608 12,131
Earnings from operations 1,183 136
Other income (expense), net 65 50
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Earnings before income tax expense 1,248 186
Income tax expense 81 15
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Net earnings $1,167 $171
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Net earnings per share:
Basic $0.14 $0.02
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Diluted $0.13 $0.02
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Average number of shares outstanding:
Basic 8,562 8,497
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Diluted 9,303 8,617
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DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 31, 2004 April 30, 2004
ASSETS
Current assets
Cash and cash equivalents $5,601 $6,806
Trade receivables, net 7,828 8,846
Inventories 4,512 2,537
Deferred income taxes 723 723
Other current assets 306 92
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Total current assets 18,970 19,004
Property and equipment, net 2,680 2,858
Other assets 54 50
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Total assets $21,704 $21,912
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $3,096 $3,862
Accrued liabilities 765 1,646
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Total current liabilities 3,861 5,508
Stockholders' equity 17,843 16,404
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Total liabilities and stockholders'
equity $21,704 $21,912
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