Dataram Reports Second Quarter Financial Results; Company Pays Off Long-term Debt and Continues Open Market Share Repurchases.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)--Nov. 20, 2002 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 second quarter of fiscal 2003 ended October October: see month. 31, 2002. Revenues for the second quarter were $14.0 million compared to $14.3 million for the previous sequential One after the other in some consecutive order such as by name or number. quarter and $19.2 million for the same period of the prior year. The Company reported a net loss of $253,000 or $0.03 per share for the second quarter compared to a loss of $1.8 million, or $0.21 per share in the prior sequential quarter, which includes 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. of $740,000, and net earnings of $160,000 or $0.02 per share in the second quarter of last fiscal year.
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(In 000's, except per
share amounts) First Quarter Second Quarter
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FY 2003 FY2003 FY2002
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Revenues $14,282 $ 13,970 $ 19,173
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Net earnings (loss) (1,823) (253) 160
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Net earnings (loss)
per share (0.21) (0.03) 0.02
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Diluted shares
outstanding 8,483 8,504 9,291
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(In 000's, except per
share amounts) Six Months
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FY2003 FY2002
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Revenues $ 28,252 $ 41,744
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Net earnings (loss) (2,076) (1,601)
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Net earnings (loss)
per share (0.24) (0.19)
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Diluted shares
outstanding 8,494 8,502
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Mark Maddocks, Dataram's CFO See Chief Financial Officer. stated, "Our free cash flow significantly exceeds our earnings. Non-cash depreciation and amortization charges for the second quarter and first six months of this fiscal year totaled approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.0 million and $2.0 million, respectively, versus capital expenditures of approximately $125,000 and $250,000, respectively, for the same periods. These levels of non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and capital expenditures and their impact on free cash flow are representative of expected future levels for the remainder of this 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. Tarantino Noun 1. Tarantino - United States filmmaker (born in 1963) Quentin Jerome Tarantino, Quentin Tarantino , Dataram's president 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. , added, "During the quarter, we improved our financial condition by paying down $1.0 million in 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. . Shortly after the end of the quarter, we paid off an additional $500,000 and we are now debt free. Also, the Company has continued to participate in the market for its shares, purchasing 84,900 shares of its common stock in the quarter at a total price of $256,000 as part of its open market repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. The company will continue to repurchase its shares during its fiscal third quarter." Mr. Tarantino concluded, "During the last two years, we have successfully weathered a terrible market, especially for companies in the technology space. During that time, we have taken the steps necessary to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our cost structure with the realities of the market environment, while still preserving our key capabilities. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the difficult environment, we have been cash flow positive throughout that period. We feel that the worst of the market downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. is behind us and that the changes we have made will allow us to grow profitably from here. We expect our earnings to be approximately break even in the current quarter and to return to profitability no later than the fourth quarter of this fiscal year." Dataram will conduct a conference call at 11:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) today to present its second quarter financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 888-214-7566 and providing the following reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number: 21041357. 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 Corporation, celebrating its 35th year in the computer industry, is a leading provider of computer memory. The Company offers a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. line of gigabyte-class memory for entry- to enterprise-level servers, workstations and notebooks from Compaq (Compaq Computer Corporation, Houston, TX, www.compaq.com) Compaq was the leading PC manufacturer when it was acquired by HP in 2002. Founded in 1982 by Rod Canion, Jim Harris and Bill Murto, one year later the company shipped 53,000 PC-compatible COMPAQ Portables, resulting in $111 , Dell, Fujitsu/Siemens, HP, 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) , Intel, 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 and Toshiba Toshiba Corporation (株式会社東芝 Kabushiki-gaisha Tōshiba . Additional information is available on the Internet at www.dataram.com.
DATARAM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
10/31/2002 10/31/2001
Revenues $ 13,970 $ 19,173
Costs and expenses:
Cost of sales 9,770 12,052
Engineering and development 400 413
Selling, general and administrative 4,269 5,210
Intangible asset amortization 0 296
Restructuring charges 0 0
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14,439 17,971
Earnings (loss) from operations (469) 1,202
Interest income (expense), net (10) (143)
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Earnings (loss) before income taxes (479) 1,059
Income tax provision (benefit) (226) 899
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Net earnings (loss) $ (253) $ 160
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Net earnings (loss) per share:
Basic $ (.03) $ .02
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Diluted $ (.03) $ .02
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Average number of shares outstanding:
Basic 8,504 8,480
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Diluted 8,504 9,291
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Six Months Ended
10/31/2002 10/31/2001
$ 28,252 $ 41,744
Revenues
Costs and expenses: 20,510 27,677
Cost of sales 782 1,008
Engineering and development 8,806 11,266
Selling, general and administrative 0 593
Intangible asset amortization 740 1,200
Restructuring charges ------------- --------------
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30,838 41,744
Earnings (loss) from operations (2,586) 0
Interest income (expense), net (54) (297)
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Earnings (loss) before income taxes (2,640) (297)
Income tax provision (benefit) (564) 1,304
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Net earnings (loss) $ (2,076) $ (1,601)
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Net earnings (loss) per share: $ (.24) $ (.19)
Basic ============= ==============
Diluted $ (.24) $ (.19)
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Average number of shares outstanding: 8,494 8,502
Basic ============= ==============
Diluted 8,494 8,502
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DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
October 31, 2002 April 30, 2002
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ASSETS
Current assets:
Cash and cash equivalents $ 2,591 $ 3,656
Trade receivables, net 6,881 12,177
Inventories 3,400 5,435
Other current assets 1,488 532
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Total current assets 14,360 21,800
Property and equipment, net 7,460 9,210
Goodwill 11,144 11,144
Other assets 443 408
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$ 33,407 $ 42,562
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,518 6,600
Accrued liabilities 1,599 1,687
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Total current liabilities 4,117 8,287
Deferred income taxes 646 647
Long-term debt 500 3,800
Stockholders' equity 28,144 29,828
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$ 33,407 $ 42,562
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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, 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. . |
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