-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R2a/OYfRr0xWVYyfy3VyXI5MGibLDt4WDaqo0ZOitgc2k5dRjTSMmtU3lzOpauzl UR1odqFpHiY0AsidzwkuWA== 0001001746-03-000003.txt : 20030428 0001001746-03-000003.hdr.sgml : 20030428 20030428100830 ACCESSION NUMBER: 0001001746-03-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030428 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DATARAM CORP CENTRAL INDEX KEY: 0000027093 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 221831409 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08266 FILM NUMBER: 03665761 BUSINESS ADDRESS: STREET 1: P O BOX 7528 CITY: PRINCETON STATE: NJ ZIP: 08543 BUSINESS PHONE: 6097990071 MAIL ADDRESS: STREET 1: PO BOX 7528 CITY: PRINCETON STATE: NJ ZIP: 08543 8-K 1 k8428.txt FORM 8-K APRIL 28, 2003 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: April 28, 2003 DATARAM CORPORATION __________________________________________________________________________ (Exact name of registrant as specified in charter) New Jersey 1-8266 22-1831409 __________________________________________________________________________ (State or other juris- (Commission File No.) (IRS Employer diction of incorporation) Identification No.) Route 571, P.O. Box 7528, Princeton, NJ 08543-7528 __________________________________________________________________________ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (609) 799-0071 __________________________________________________________________________ (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure. On April 28, 2003 Dataram Corporation announced a restructuring of its operations. As part of the restructuring, the Company's subsidiary, Dataram ApS intends to close its production facility in Aarhus, Denmark. The Company intends to consolidate all manufacturing into its facility located in Bucks County, Pennsylvania. This restructuring is more particularly described in a press release dated as of this date and attached hereto as an exhibit, and this description is incorporated by reference into this report. The information provided in this report may include forward-looking statements relating to 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, filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov and at http://www.dataram.com. Item 7. Financial Statements and Exhibits. Exhibit 99. Press release dated April 28, 2003 announcing restructuring. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. DATARAM CORPORATION By: MARK MADDOCKS Date: April 28, 2003 _________________________________ ____________________ Mark Maddocks, Vice President, Finance and Chief Financial Officer EX-99 3 pr428.txt PRESS RELEASE DATARAM PRESS RELEASE Dataram Contact: Investor Contact: Mark Maddocks, Joe Zappulla Chief Financial Officer Wall Street Investor Relations Corp. 609-799-0071 212-714-2445 info@dataram.com JZappulla@WallStreetIR.com DATARAM RESTRUCTURES OPERATIONS o Consolidates manufacturing operations o Reduces operating costs by $7 million, annually Princeton, NJ -- April 28, 2003 -- Dataram Corporation (NASDAQ: DRAM), a leading provider of server and workstation memory, today announced a restructuring of its operations. As part of the restructuring, the Company's subsidiary, Dataram ApS intends to close its production facility in Aarhus, Denmark and the Company will consolidate all manufacturing into its facility located in Bucks County, Pennsylvania. As a result, the Company will reduce its workforce by approximately 28% and will incur a consolidated pretax charge totaling approximately $5 million in its fiscal fourth quarter ending April 30, 2003, which consists primarily of additional depreciation of machinery and equipment, a provision for leasehold impairment, inventory reserves and severance payments. Additionally, the Company will write-off its purchased goodwill of approximately $11 million. The Company will continue to support its customers in Europe through its distribution facility in Denmark which will include product support and design capabilities and will maintain its existing sales offices in Denmark, France, Germany and the United Kingdom. The Company expects that this initiative will reduce its operating costs, consisting primarily of manufacturing and general and administrative expenses, by approximately $7 million annually. Robert Tarantino, Dataram's chairman and CEO, commented, "Throughout fiscal 2002 and for the first three quarters of fiscal 2003 we have generated positive cash flow from operations and paid off more than $15 million of debt. However, in light of the general economic uncertainty and with no indication of a dramatic upturn in corporate IT spending, we can no longer justify maintaining two production facilities with the associated overheads. Our production capacity in the U.S. is more than sufficient to meet current levels of demand. The U.S. operation coupled with our European distribution center can produce and deliver orders anywhere in the world, usually within 24 hours. Our customers will continue to receive the same production flexibility, timely delivery and efficient service that Dataram has perfected over its 36-year history." Mr. Tarantino concluded, "For fiscal 2004, we will focus on our core competency of offering gigabyte class memory for high-end workstations and servers, as well as providing specialized memory products for our OEM customers. Our focus territories will be the United States, Europe and Japan. Sales in Japan and Europe continue to be in line with our expectations and U.S. sales are improving. Excluding the restructuring charges, we generated free cash flow in our fiscal fourth quarter. Looking forward, we are encouraged by current business trends and, coupled with the costs savings projected with this initiative, we expect to operate profitably in fiscal 2004." Dataram's fiscal year ends on April 30, 2003 and the Company expects to release its financial results and conduct a conference call in early June. A press release announcing the date of the call will be issued prior to the earnings release date. ABOUT DATARAM CORPORATION Founded in 1967, Dataram Corporation is a leading provider of computer memory. The Company offers a specialized line of gigabyte-class memory for entry- to enterprise-level servers and workstations from Dell, HP/Compaq, IBM, SGI, Sun and Intel platforms. Additionally, the Company manufactures memory for original equipment manufacturers and channel assemblers. Further information, including the Company's recent filings with the SEC and this press release, is available on the Internet at 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, 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, filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov. ###### -----END PRIVACY-ENHANCED MESSAGE-----