Dataram Corporation (NASDAQ:DRAM) today reported its financial results
for the three and nine months ended January 31, 2014. Revenues for the
three and nine months ended January 31, 2014 were $7.6 million and $22.4
million, respectively, which compares to $6.4 million and $21.4 million
for the comparable prior year periods. The Company incurred a net loss
for the three months ended January 31, 2014 of $847,000, which includes
a charge of $150,000 in the third quarter of the current year for a
legal settlement provision. The current quarter loss compares to a net
loss of $782,000 for the comparable prior year period. For the nine
months ended January 31, 2014, the net loss totaled $2.1 million as
compared to $3.0 million for the prior comparable period. The Company
recorded a net loss per share for the three and nine months ended
January 31, 2013 was $0.40 and $1.08 as compared to net lost in the
prior comparable periods of $0.44 and $1.68.
John H. Freeman, Dataram's president and CEO commented, "The Company
continues to execute its plan of cost reduction and sales expansion. The
twenty two percent sales increase over the same quarter of last year and
slight increase over the previous quarter of this year is a result of
our product expansion, increased sales of Advanced Micro Devices ("AMD")
Radeon Memory products and growth in our AMD relationship. We continue
to work to expand the number of outlets for our AMD Radeon branded
consumer and server memory."
Mr. Freeman concluded, "On March 20, 2014 we completed the sale of
219,750 shares of common stock for net proceeds of approximately
$583,000 to an institutional investor in a registered direct offering.
In addition, certain institutional holders of warrants exercised their
warrants for 86,100 shares of common stock for net proceeds of
approximately $301,350. The net proceeds from these transactions will be
used for general corporate purposes, development of new software
products and continued expansion of our AMD business and relationship.
These monies are providing a foundation for increased growth in sales
ABOUT DATARAM CORPORATION
Founded in 1967, Dataram is a worldwide leader in the manufacture of
high-quality computer memory, storage and software products. Our
products and services deliver IT infrastructure optimization,
dramatically increase application performance and deliver substantial
cost savings. Dataram solutions are deployed in 70 Fortune 100 companies
and in mission-critical government and defense applications around the
world. For more information about Dataram, visit www.dataram.com.
The information provided in this press release may include
forward-looking statements relating to 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, filed with the
Securities and Exchange Commission, which can be reviewed at http://www.sec.gov.
DATARAM CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share amounts)(Unaudited)
Third Quarter Ended
Nine Months Ended
Note- 2013 amounts shown have been adjusted to reflect the reverse
1-for-6 stock split effective March 18, 2013.
* Items are recorded as a component of operating costs and expenses in
the Company's financial statements filed with the Securities and
Exchange Commission on Form 10-Q.
DATARAM CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)
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