Dataram Corporation (NASDAQ: DRAM) today reported its financial results
for its fourth quarter and year ended April 30, 2014. Revenues for the
fourth quarter and year ended April 30, 2014 were $8.0 million and $30.4
million, respectively, which compares to $6.2 million and $27.6 million
for the comparable prior year periods. The Company reported a net loss
of $0.5 million for the fourth quarter, which compares to net loss of
$1.6 million in the comparable prior year period. Fourth quarter April
30, 2013 results included a $0.4 million charge for impairment of
goodwill. The net loss in fiscal year ended April 30, 2014 totaled $2.6
million versus $4.6 million in the comparable prior year period.
John H. Freeman, Dataram's President and CEO commented, "The primary
factor impacting our financial results was a 13% industry wide decline
in material cost per gigabyte and further industry standardization.
Despite these industry wide challenges, we continue to see signs of
revenue growth through our new partnerships, new distribution channels
and further development of our software products."
We continue to work on raising additional capital and on July 15, 2014
entered into a Subordinated Secured Convertible Bridge Note and Warrant
Purchase Agreement for the issuance of up to $750,000 aggregate
principal amount of Subordinated Secured Convertible Bridge Notes and
Warrants. The Bridge Notes and Warrants were issued on July 15, 2014.
The Company issued $600,000 aggregate principal amount of the Bridge
Notes to certain institutional investors and $150,000 aggregate
principal amount of the Bridge Notes to certain members of management,
officers and directors of the Company.
Mr. Freeman concluded, "The sale of subordinated secured convertible
notes will be used to fund further sales growth and software
development. We intend to seek additional financing to help us execute
our fiscal 2015 plan."
ABOUT DATARAM CORPORATION
Founded in 1967, Dataram is a worldwide leader in the manufacture of
high-quality computer memory 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 CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Note- All amounts shown have been adjusted to reflect the reverse
1-for-6 stock split effective March 15, 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-K.
CONDENSED CONSOLIDATED BALANCE SHEETS
[ Back To NFVZone's Homepage ]