-----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, MLR+OfvLlWy78nXjFCldNKUmcXy+OLr8lqwPuTI/TwoSPDR3cH5vWNCaS40T8rsz GO60tsrxwFCd6FZwiNtT2Q== 0001001746-05-000004.txt : 20050216 0001001746-05-000004.hdr.sgml : 20050216 20050216111201 ACCESSION NUMBER: 0001001746-05-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050215 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050216 DATE AS OF CHANGE: 20050216 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: 05619611 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: 08543-7528 8-K 1 k8205.txt REPORT ON FORM 8-K ANNOUNCING THIRD QUARTER EARNINGS UNITED STATES 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 (Date of earliest event reported): February 15, 2005 DATARAM CORPORATION __________________________________________________________________________ (Exact name of registrant as specified in charter) New Jersey 1-8266 22-1831409 __________________________________________________________________________ (State or other juris- (Commission (IRS Employer diction of incorporation) File Number) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition. On February 15, 2005 Dataram Corporation announced the results of operations for the third fiscal quarter. A copy of this public announcement is furnished as an exhibit. 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. Section 9 - Financial Statements and Exhibits. Item 9.01. Exhibits. 99.1 Press Release dated February 15, 2005 announcing third quarter results of operation. (Furnished not filed) 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: February 15, 2005 _____________________________________ Mark Maddocks, Vice President-Finance and Chief Financial Officer EX-99 2 pr3q05.txt PRESS RELEASE DATARAM Dataram Contact: Investor Contact: Mark Maddocks, Joe Zappulla Vice President-Finance, CFO Wall Street Investor Relations PRESS RELEASE 609-799-0071 212-681-4100 info@dataram.com JZappulla@WallStreetIR.com DATARAM REPORTS THIRD QUARTER FINANCIAL RESULTS PRINCETON, N.J. February 15, 2005 -- Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fiscal third quarter ended January 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 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 V. Tarantino, Dataram's chairman and CEO, commented, "Revenues and gross margins from 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 supercomputer 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 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, added, "The Company' 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) 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 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 37 years experience Dataram provides customized memory solutions for OEMs and compatible memory for leading brands including HP, 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 EARNINGSS (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 ======== ======== 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 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----