-----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, IX9mpN9V5ncAz0YKtnbPGme8NpLnM4Jk1M7Hb9rsbjlB5FFCP9l/xsXbeBvQfUol PU3pBgeNa5SNYg3AkP777w== 0001001746-04-000003.txt : 20040603 0001001746-04-000003.hdr.sgml : 20040603 20040603171729 ACCESSION NUMBER: 0001001746-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040603 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040603 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: 04847866 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 k05-2004.txt FOURTH QUARTER FINANCIAL INFORMATION 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: June 3, 2004 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 7. Financial Statements and Exhibits. Included in this report is the following exhibit: Exhibit 99. Press Release dated June 3, 2004 announcing the fourth fiscal quarter and full fiscal year results of operations. Item 12. Results of Operations and Financial Condition On June 3, 2004 Dataram Corporation announced the results of operations for the fourth fiscal quarter and the full fiscal year. A copy of this public announcement is attached as an exhibit and is incorporated herein by reference. An associated dial-in conference call occurred on the date of the announcement's release, which was itself publicly announced and broadly accessible to the public. Further information about the Company is available at http://www.dataram.com. The information provided in this report and in that conference call 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, 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 and at http://www.dataram.com. 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: June 3, 2004 _____________________________________ Mark Maddocks, Vice President-Finance and Chief Financial Officer EX-99 2 pr4thqr.txt PRESS RELEASE DATARAM PRESS RELEASE Dataram Contact: Investor Contact: Mark Maddocks, Joe Zappulla Vice President-Finance, CFO Wall Street Investor Relations Corp. 609-799-0071 212-681-4100 info@dataram.com JZappulla@WallStreetIR.com DATARAM REPORTS $0.17 PER SHARE EARNINGS ON $19.9 MILLION OF REVENUE IN FOURTH QUARTER Revenues Grow 16% Over Prior Quarter and 59% Over Prior Year Period PRINCETON, N.J. June 3, 2004 - Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fiscal fourth quarter and year ended April 30, 2004. Revenues for the fourth quarter increased 16% to $19.9 million from the third quarter of the current fiscal year. This also compares to revenues of $12.5 million for the fourth quarter of the prior fiscal year, an increase of 59%. Net earnings for the fourth quarter were $1,530,000 or $0.17 per diluted share compared to a net earnings of $732,000 or $0.08 per share in the third quarter of the current fiscal year and a net loss of $12,735,000 or $1.50 per share in the fourth quarter of the previous fiscal year, which included pre-tax asset impairment charges and restructuring charges totaling $14.6 million. For the year ended April 30, 2004, revenues were $62.0 million, an increase of 16% over the previous fiscal year revenues of $53.5 million. Net earnings in fiscal 2004 were $2,271,000 or $0.25 per diluted share compared to a net loss of $15,604,000 or $1.84 per share in fiscal 2003, which included pre-tax asset impairment charges and restructuring charges totaling $15.3 million. (In 000's, except per Third Fourth Full Year share amounts) Quarter Quarter FY 2004 FY 2004 FY 2003(1) FY 2004 FY 2003(1) Revenues $17,131 $19,948 $12,520 $61,984 $53,529 Earnings (loss) from operations $ 711 $ 1,742 $(16,253) $ 2,404 $(20,083) Net earnings (loss) $ 732 $ 1,530 $(12,735) $ 2,271 $(15,604) Diluted earnings (loss) per share $ 0.08 $ 0.17 $ (1.50) $ 0.25 $ (1.84) (1) Includes pre-tax asset impairment charges and restructuring charges of $14.6 million and $15.3 million, respectively, for fiscal 2003's fourth quarter and fiscal year. Robert V. Tarantino, Dataram's chairman and CEO, commented, "We are pleased with the progress we have made this fiscal year and look forward to a prosperous fiscal 2005. Our revenue growth in fiscal 2004 has been led by sales growth to OEM customers. In the fourth quarter, revenues from sales to OEMs were approximately 50% of the Company's revenues, compared to approximately 17% of revenues a year ago. Our compatible memory revenues are also growing. Sales of our IBM, HP/Compaq and Sun compatible memory have all increased from the levels that existed at the beginning of the fiscal year. Additionally, our backlog grew to $4.7 million at the end of the fourth quarter, up from $3.6 million at the end of the previous quarter. The business environment has sufficiently improved to give us confidence that fiscal 2005 will be a growth year for Dataram." Mark Maddocks, Dataram's vice president of finance and CFO, added, "The Company's balance sheet is strong and continues to improve. With $6.8 million in cash and a current ratio of 3.5, we are highly liquid." Mr. Tarantino concluded, "We believe that our fourth quarter results are indicative of the current state of our business. Our fiscal 2005 business plan calls for an increase in fiscal 2005 earnings of approximately 15% over fiscal 2004's annualized fourth quarter earnings." Dataram will conduct a conference call today at 4:30 p.m. (EDT) today to present its fourth quarter and full year financial results and to respond to investor questions. Interested shareholders may participate in the call by dialing 800-837-5450 and providing the following reservation number: 21196657. 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 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 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 36 years experience Dataram provides customized memory solutions for OEMs and compatible memory for leading brands including HP/Compaq, Dell, IBM, SGI, Sun Microsystems and Intel. 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, 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, filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov. ***** Financial Tables Follow ***** DATARAM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Fourth Quarter Ended Year Ended April 30, April 30, 2004 2003 2004 2003 Revenues $ 19,948 $ 12,520 $ 61,984 $ 53,529 Costs and expenses: Cost of sales 14,938 9,734 46,311 39,529 Engineering and development 321 383 1,284 1,539 Selling, general and administrative 2,947 4,056 11,985 17,204 Restructuring charges - 3,065 - 3,805 Asset impairment charge - 11,535 - 11,535 ________ ________ ________ ________ 18,206 28,773 59,580 73,612 Earnings (loss) from operations 1,742 (16,253) 2,404 (20,083) Other income (expense), net (33) (28) 119 (84) ________ ________ ________ ________ Earnings (loss) before income taxes 1,709 (16,281) 2,523 (20,167) Income tax provision (benefit) 179 (3,546) 252 (4,563) ________ ________ ________ ________ Net earnings (loss) $ 1,530 $(12,735) $ 2,271 $(15,604) ======== ======== ======== ======== Net earnings (loss) per share: Basic $ 0.18 $ (1.50) $ 0.27 $ (1.84) ======== ======== ======== ======== Diluted $ 0.17 $ (1.50) $ 0.25 $ (1.84) ======== ======== ======== ======== Average number of shares outstanding: Basic 8,518 8,502 8,502 8,500 ======== ======== ======== ======== Diluted 9,194 8,502 8,907 8,500 ======== ======== ======== ======== DATARAM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 30, 2004 April 30, 2003 ASSETS Current assets: Cash and cash equivalents $ 6,806 $ 2,500 Trade receivables, net 8,846 6,292 Income tax receivable - 3,138 Inventories 2,537 2,855 Deferred income taxes 723 723 Other current assets 92 111 ________ ________ Total current assets 19,004 15,619 Property and equipment, net 2,858 4,564 Other assets 50 24 ________ ________ Total assets $ 21,912 $ 20,207 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 3,862 $ 3,208 Accrued liabilities 1,646 2,978 ________ ________ Total current liabilities 5,508 6,186 Stockholders' equity 16,404 14,021 ________ ________ Total liabilities and stockholders' equity $ 21,912 $ 20,207 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----