-----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, A29T0LmpCDc5rpd7+rKzJOJxo1ir6Ffet0U552VvSpsz9nHLHqChOeFyIBsF7XZz J0FLgfXBDJNK8nK5tHpZeA== 0001001746-09-000025.txt : 20091125 0001001746-09-000025.hdr.sgml : 20091125 20091125120848 ACCESSION NUMBER: 0001001746-09-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091125 DATE AS OF CHANGE: 20091125 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: 091207063 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 k81124.txt CURRENT REPORT-RESULTS OF OPERATIONS 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): November 24, 2009 DATARAM CORPORATION ___________________________________________________________________________ (Exact name of registrant as specified in charter) New Jersey 1-8266 22-18314-09 ___________________________________________________________________________ State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Route 571, P. O. Box 7258, 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 (17 CFR 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 November 24, 2009 Dataram Corporation announced the results of operations for the second fiscal quarter ended October 31, 2009. A copy of this public announcement is furnished as an exhibit. Further information about the Company is available at http://www.dataram.com. The information provided in the attached press release and in this report may include forward-looking statements relating to future events, such as the development of new products, the 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. Section 9 - Financial Statements and Exhibits. Item 9.01. Exhibits. 99. Press Release dated November 24, 2009 announcing second quarter results of operations. (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: November 25, 2009 /s/ Mark Maddocks _____________________________________ Mark Maddocks, Vice President-Finance and Chief Financial Officer EX-99 2 q2pr2010.txt PRESS RELEASE-SECOND QUARTER RESULTS PRESS RELEASE Dataram Contact: Mark Maddocks Vice President-Finance, CFO 609-799-0071 info@dataram.com DATARAM REPORTS FISCAL 2010 SECOND QUARTER FINANCIAL RESULTS PRINCETON, N.J. November 24, 2009 - Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fiscal second quarter ended October 31, 2009. Revenues for the second quarter were $10.7 million, which compares to $7.1 million for the comparable prior year period. Revenues for the first six months of the current fiscal year were $19.9 million, which compares to $14.6 million for the comparable prior year period. The Company's recently acquired Micro Memory Bank business unit generated approximately $3.6 million and $6.5 million in revenues, respectively in the second quarter and first six months of the current fiscal year versus nil in the prior fiscal year. John H. Freeman, Dataram's president and CEO commented, "During our fiscal second quarter, we have seen demand increase as the economy recovers from the worldwide financial crises. Our memory solutions business has improved performance to the point where it is operating at a near cash break even level. I am confident that our sales and marketing strategy will drive further profitable growth. The price of memory has been volatile and we are seeing significant price increases. The upward pricing was based on consolidation of manufacturers, reduced production by manufacturers and increased demand. We expect that memory pricing will continue to increase at a slower pace and in a less volatile manner." Mr. Freeman continued, "We recently announced at the Storage Networking World trade show, a unique intelligent SAN optimization solution, XcelaSAN . XcelaSAN is the industry's first solution to deliver substantive application performance improvement to existing applications such as Oracle, SQL, Exchange and VMware. XcelaSAN augments existing storage systems by transparently applying intelligent caching algorithms that serve the most active block-level data from high-speed solid state storage, creating an intelligent, virtual solid state SAN. This breakthrough solution allows organizations to dramatically increase the performance of their existing business-critical applications without the costly hardware upgrades or over- provisioning of storage typically found in current solutions for increased performance. This product launch supports our corporate strategy to deliver data center solutions that optimize performance, leverage existing IT investments, and make measurable reductions in the total cost of ownership associated with these assets. On a limited basis this product is currently being shipped in our fiscal third quarter to select early install clients. We expect the product to be generally available early in 2010. Over the past 18 months, the Company has made significant investments in research and development, primarily associated with the development of this product. In the second quarter and first six months of the current fiscal year, we incurred approximately $1.6 million and $2.5 million, respectively of total expense in that area which compares to approximately $254,000 and $466,000 in the comparable prior year periods. Current year second quarter expenditures include approximately $402,000 of non-recurring expense related to the development of this product. We anticipate our third quarter research and development costs to be less than $1.0 million. The Company incurred a net loss for the second quarter of the current fiscal year of $1.6 million, or $0.18 per diluted share, which compares to a net loss of $393,000, or $0.04 per diluted share for the comparable prior year period. Current fiscal year six months net loss totaled approximately $2.6 million, or $0.29 per diluted share, which compares to an approximate net loss of $999,000, or $0.11 per diluted share in same prior year period. Last fiscal year's six months net loss included a charge to selling, general and administrative expense of approximately $716,000 related to a retirement agreement entered into with the Company's former chief executive officer. Mr. Freeman concluded, "Our financial condition remains strong. Our current ratio is 3.8 and our book value is $2.13 per share. I look forward to reporting on our progress next quarter." 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. Financial Tables Follow DATARAM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Second Quarter Ended Six Months Ended October 31, October 31, ____________________ ________________ 2009 2008 2009 2008 Revenues $ 10,673 $ 7,059 $ 19,863 $ 14,622 Costs and expenses: Cost of sales 7,937 4,660 14,592 9,595 Engineering and development 259 302 512 634 Research and development 1,621 254 2,495 466 Selling, general and administrative 3,113 2,370 5,842 5,428 Stock-based compensation expense* 225 130 380 256 Intangible asset amortization 164 - 328 - _________ ________ _________ _________ 13,319 7,716 24,149 16,379 _________ ________ _________ _________ Loss from operations (2,646) (657) (4,286) (1,757) Other income (expense) (12) 16 22 125 _________ ________ _________ _________ Loss before income taxes (2,658) (641) (4,264) (1,632) Income tax benefit (1,042) (248) (1,670) (633) _________ ________ _________ _________ Net loss $ (1,616) $ (393) $ (2,594) $ (999) ========= ======== ========= ========= Net loss per share: Basic $ (0.18) $ (0.04) $ (0.29) $ (0.11) ========= ========= ======== ========= Diluted $ (0.18) $ (0.04) $ (0.29) $ (0.11) ========= ========= ======== ========= Weighted average number of share outstanding: Basic 8,869 8,869 8,869 8,869 ========= ======== ========= ========= Diluted 8,869 8,869 8,869 8,869 ========= ======== ========= ========= *Stock-based compensation expense is recorded as a component of selling, general and administrative expenses in the Company's financial statements filed with the Securities and Exchange Commission on Form 10-Q. DATARAM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) October 31, 2009 April 30, 2009 ASSETS Current assets Cash and case equivalents $ 4,120 $ 12,525 Accounts receivable, net 5,434 3,381 Inventories 5,587 2,201 Deferred income taxes 511 300 Other current assets 213 126 _______________________________________ Total current assets 15,865 18,533 Deferred income taxes 4,730 3,282 Property and equipment, net 1,305 1,100 Intangible assets, net 1,176 1,504 Other assets 118 136 _______________________________________ Total assets $ 23,194 $ 24,555 ======================================= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,497 $ 1,386 Accrued liabilities 1,624 1,689 _______________________________________ Total current liabilities 4,121 3,075 Accrued liabilities 219 381 Stockholders' equity 18,854 21,099 _______________________________________ Total liabilities and stockholders' equity $ 23,194 $ 24,555 ======================================= -----END PRIVACY-ENHANCED MESSAGE-----