Dataram Reports Increased Earnings in Third Quarter; Company Earns $.08 Per Diluted Share in Third Quarter; Sequential Revenue Growth of 36%.Business Editors 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)--Feb. 18, 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 third quarter ended January January: see month. 31, 2004. Revenues for the third quarter were $17.1 million, an increase of $4.5 million or 36 percent from the prior sequential One after the other in some consecutive order such as by name or number. quarter revenues of $12.6 million, and compares to revenues of $12.8 million for the third quarter of last fiscal year. Net earnings for the third quarter were $732,000 or $0.08 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 loss of $163,000 or $0.02 per share in the second quarter of the current fiscal year and a net loss of $793,000 or $0.09 per share in the third quarter of the previous fiscal year. Revenues for the first nine months of the current fiscal year were $42.0 million compared to $41.0 million for the previous fiscal year period. Net earnings for this period were $741,000 or $0.08 per diluted share compared to a net loss of $2.9 million or $0.34 per share for the prior year comparable period.
(In 000's, except per Second
share amounts) Quarter Third Quarter Nine Months
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FY 2004 FY 2004 FY 2003 FY 2004 FY 2003(1)
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Revenues $12,638 $17,131 $12,758 $42,036 $41,010
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Earnings (loss) from
operations (186) 711 $(1,244) 662 (3,830)
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Net earnings (loss) (163) 732 $(793) 741 (2,869)
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Diluted earnings (loss)
per share (0.02) $0.08 $(0.09) 0.08 (0.34)
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(1) Includes a pretax restructuring charge of $740.
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, "The improvement in our order rate, which we began to experience in the latter part of the second quarter, has continued through the third quarter, reflecting an improving economic environment for companies in the IT industry. We are experiencing growth in sales of our memory products to 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 customers as well as to our compatibles customers." Mr. Tarantino concluded, "As we enter our fourth quarter, we are encouraged by the improving business environment and we expect continued improvement in earnings in the fourth quarter." Mark Maddocks, Dataram's vice president of finance and CFO See Chief Financial Officer. , added, "Our gross margins returned to approximately 25% in the third quarter and are expected to remain at that level or better in the upcoming quarter. Engineering and SG&A expenses totaled approximately $3.5 million in the third quarter. Fourth quarter expenses are expected to be in this range or slightly lower. The Company's balance sheet remains strong. Our current ratio is 3.6-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. ." Dataram will conduct a conference call today at 4:30 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) today to present its third quarter financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 800-718-6841 and providing the following reservation number: 21185629. 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 (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 See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
Financial Tables Follow
DATARAM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Third Quarter Ended Nine Months Ended
January 31, January 31,
2004 2003 2004 2003
Revenues $17,131 $12,758 $42,036 $41,009
Costs and expenses:
Cost of sales 12,923 9,286 31,373 29,796
Engineering and development 317 375 963 1,156
Selling, general and
administrative 3,180 4,341 9,038 13,148
Restructuring charges - - - 740
----------- -------- -------- --------
16,420 14,002 41,374 44,840
Earnings (loss) from operations 711 (1,244) 662 (3,380)
Other income (expense), net 94 (2) 152 (56)
----------- -------- -------- --------
Earnings (loss) before income
taxes 805 (1,246) 814 (3,886)
Income tax provision (benefit) 73 (453) 73 (1,017)
----------- -------- -------- --------
Net earnings (loss) $732 $(793) $741 $(2,869)
=========== ======== ======== ========
Net earnings (loss) per share:
Basic $0.09 $(0.09) $0.09 $(0.34)
=========== ======== ======== ========
Diluted $0.08 $(0.09) $0.08 $(0.34)
=========== ======== ======== ========
Average number of shares
outstanding:
Basic 8,497 8,510 8,497 8,499
=========== ======== ======== ========
Diluted 8,882 8,510 8,769 8,499
=========== ======== ======== ========
DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31, 2004 April 30, 2003
ASSETS
Current assets:
Cash and cash equivalents $3,937 $2,500
Trade receivables, net 7,369 6,292
Income tax receivable 0 3,138
Inventories 3,562 2,855
Deferred income taxes 822 723
Other current assets 201 111
---------------- --------------
Total current assets 15,891 15,619
Property and equipment, net 3,235 4,564
Other assets 50 24
---------------- --------------
Total assets $19,176 $20,207
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $3,530 $3,208
Accrued liabilities 884 2,978
---------------- --------------
Total current liabilities 4,414 6,186
Stockholders' equity 14,762 14,021
---------------- --------------
Total liabilities and stockholders'
equity $19,176 $20,207
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