Dataram Reports Fiscal 2007 First Quarter Financial Results; Company's Order Rate Continues To Improve; Board of Directors Declares Regular Quarterly $0.06 Per Share Dividend.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 fiscal first quarter ended July July: see month. 31, 2006. Revenues for the quarter increased to $9.3 million from $8.8 million in the fourth quarter of fiscal year 2006 and compares to $13.9 million for the first quarter of the prior fiscal year. The company reported a net loss for the first quarter of $70,000, which includes stock option expenses of $134,000. Excluding stock option expenses, the Company generated net earnings of approximately $17,000 compared to net earnings of $83,000 or $0.01 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 in the prior quarter and net earnings of $931,000 or $0.11 per diluted share for the first quarter of the previous fiscal year. Dataram's first quarter highlights: --First quarter revenue increases 6 percent sequentially --First quarter order rate improves to $9.7 million --Backlog increases to $1.4 million --Board of Directors approve regular quarterly dividend of $0.06 per share 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 making progress with our strategy to expand our customer base of large corporate end-users and value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. . Revenues from both the compatible memory and 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 increased over the prior three month period. More importantly, our order rate in the first quarter increased by approximately 6% from the prior quarter and by approximately 7% from the preceding two quarters. As we enter the second quarter, we are continuing to experience sequential improvement in our order rate. The Company's 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 $418,000 to $1.4 million at the end of the first quarter from $964,000 at the end of the prior period." Gross margin during the first quarter averaged 26 percent, down from the prior quarter level of 28 percent. The current quarter gross margin is within what the Company considers its normal range of 22 to 28 percent. Selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and engineering and development costs for the first quarter were $2.6 million, slightly higher than the prior quarter level of $2.5 million and lower by $145,000 than the fiscal 2006 first quarter costs of $2.8 million. Mr. Tarantino concluded, "Our financial condition is strong and we are highly liquid. Today, the Company's Board of Directors declared a quarterly dividend of $0.06 per common share. The dividend will be payable on September 20, 2006, to shareholders of record as of September 6, 2006." As announced in a previously issued press release, 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 877-690-6787, providing the following reservation number: 21301937. 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 39 years of experience, Dataram provides customized memory solutions for OEMs and compatible memory for leading brands including HP, 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, 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 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 OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
First Quarter Ended
July 31,
2006 2005
Revenues $ 9,305 $ 13,944
Costs and expenses:
Cost of sales 6,900 9,746
Engineering and development 307 266
Selling, general and administrative 2,307 2,493
Stock option expense 134 -
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9,648 12,505
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Earnings (loss) from operations (343) 1,439
Other income 236 50
Earnings (loss) before income taxes (107) 1,489
Income tax provision (benefit) (37) 558
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Net earnings (loss) $ (70) $ 931
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Net earnings (loss) per share
Basic $ (0.01) $ 0.11
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Diluted $ (0.01) $ 0.11
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Average number of shares outstanding:
Basic 8,490 8,381
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Diluted 8,805 8,755
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DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 31, 2006 April 30, 2006
ASSETS
Current assets
Cash and cash equivalents $ 12,880 $ 14,044
Trade receivables, net 4,670 4,893
Inventories 3,537 2,189
Deferred income taxes 1,441 1,365
Note receivable 1,537 1,537
Other current assets 371 80
--------------------------------
Total current assets 24,436 24,108
Deferred income taxes 1,126 1,176
Property and equipment, net 860 847
Other assets 105 105
--------------------------------
Total assets $ 26,527 $ 26,236
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 2,814 $ 2,057
Accrued liabilities 618 653
--------------------------------
Total current liabilities 3,432 2,710
Stockholders' equity 23,095 23,526
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Total liabilities and stockholders'
equity $ 26,527 $ 26,236
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