Dataram Reports Third Quarter Financial Results.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 third quarter ended January January: see month. 31, 2005. Revenues for the quarter were $14.4 million, which compares to $17.1 million for the third quarter of the previous fiscal year and $20.3 million for the second quarter of the current fiscal year. Net earnings for the quarter were $147,000 or $0.02 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 $732,000 or $0.08 per diluted share for the same period of the previous year and $1.5 million or $0.17 per diluted share for the previous quarter. For the first nine months of the current fiscal year, the Company's revenues were $50.5 million compared to revenues of $42.0 million for the same prior year period. Current year nine-month net earnings were $2.8 million or $0.31 per diluted share compared to net earnings of $741,000 or $0.08 for the comparable prior year period. 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, "Revenues and gross margins from the sale of the company's compatible memory products were in line with our expectations and were similar to average quarterly revenues and margins achieved in the first half of the fiscal year. The company normally competes for and participates in large projects, such as the NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. supercomputer supercomputer, a state-of-the-art, extremely powerful computer capable of manipulating massive amounts of data in a relatively short time. Supercomputers are very expensive and are employed for specialized scientific and engineering applications that must handle very installation. In the second quarter of this fiscal year, revenues from three large projects totaled approximately $6.2 million. Most of this revenue was derived from a sale to an 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 customer. We were disappointed in the lack of large project opportunities in the third quarter, which if they had materialized, would have led to results more in line with our expectations." Mark Maddocks, Dataram's vice-president of finance and CFO See Chief Financial Officer. , added, "The company's gross margins for the quarter were 21%. Gross margins for compatible memory products were approximately 27%, which is within our normal range. Gross margins for memory sales to OEM customers, which are generally lower than compatible product margins, were approximately 18%. This percentage was slightly lower than normal because of lower factory utilization due to reduced sales volume." Mr. Maddocks continued, "The company's fundamentals continue to strengthen. Our current ratio has increased to 8.5 from the previous quarter ratio of 3.8. This quarter, cash and equivalents increased to $8.2 million from $6.7 million while at the same time, total liabilities declined by $3.7 million. Book value has increased to $2.27 per share." Mr. Tarantino concluded, "As we state in our 10-K, our third quarter is sometimes a challenging quarter and this quarter was no exception. We expect slightly improved results in our fourth quarter." Dataram will conduct a conference call today at 4:30 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) to present its third quarter financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 800-621-5270 and providing the following reservation number: 21232154. 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, 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)
Third Quarter Ended Nine Months Ended
January 31, January 31,
------------------- -----------------
2005 2004 2005 2004
Revenues $14,431 $17,131 $50,544 $42,036
Costs and expenses:
Cost of sales 11,420 12,923 38,977 31,373
Engineering and development 317 317 947 963
Selling, general and
administrative 2,636 3,180 7,760 9,038
--------- -------- -------- --------
14,373 16,420 47,684 41,374
Earnings from operations 58 711 2,860 662
Other income 99 94 177 152
--------- -------- -------- --------
Earnings before income taxes 157 805 3,037 814
Income tax provision 10 73 197 73
--------- -------- -------- --------
Net earnings $147 $732 $2,840 $741
========= ======== ======== ========
Net earnings per share:
Basic $0.02 $0.09 $0.33 $0.09
========= ======== ======== ========
Diluted $0.02 $0.08 $0.31 $0.08
========= ======== ======== ========
Average number of shares
outstanding:
Basic 8,621 8,497 8,594 8,497
========= ======== ======== ========
Diluted 9,176 8,882 9,223 8,769
========= ======== ======== ========
DATARAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31, 2005 April 30, 2004
ASSETS
Current assets
Cash and cash equivalents $8,222 $6,806
Trade receivables, net 7,927 8,846
Inventories 2,579 2,537
Deferred income taxes 723 723
Other current assets 180 92
---------------- --------------
Total current assets 19,631 19,004
Property and equipment, net 2,246 2,858
Other assets 54 50
---------------- --------------
Total assets $21,931 $21,912
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $1,699 $3,862
Accrued liabilities 606 1,646
---------------- --------------
Total current liabilities 2,305 5,508
Stockholders' equity 19,626 16,404
---------------- --------------
Total liabilities and stockholders'
equity $21,931 $21,912
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