-----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, MrbFZ5WuBbHRcWefPBL4Wz09WEjIPw0bwP6AP4xTOnbQtN4ZmnbHfH83erRVzU1o 3r1fcdmmnvfvout5HE7hSg== 0001001746-10-000013.txt : 20100902 0001001746-10-000013.hdr.sgml : 20100902 20100902093133 ACCESSION NUMBER: 0001001746-10-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100902 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100902 DATE AS OF CHANGE: 20100902 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: 101053727 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 k89210.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): September 2, 2010 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 September 2, 2010 Dataram Corporation announced the results of operations for the first fiscal quarter ended July 31, 2010. 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 September 2, 2010 announcing fourth quarter and fiscal year 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: September 2, 2010 /s/ Mark Maddocks _____________________________________ Mark Maddocks, Vice President-Finance and Chief Financial Officer EX-99 2 q1pr2011.txt PRESS RELEASE-FIRST QUARTER RESULTS PRESS RELEASE Dataram Contact Mark Maddocks Vice President-Finance, CFO 609-799-0071 info@dataram.com DATARAM REPORTS FISCAL 2011 FIRST QUARTER FINANCIAL RESULTS PRINCETON, N.J. September 2, 2010 - Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fiscal first quarter ended July 31, 2010. Revenues for the first quarter were $12.7 million, which compares to $9.2 million for the comparable prior year period and also compares to $11.9 million for the prior sequential quarter. The Company incurred a pre-tax net loss for the first quarter of the current fiscal year of $1.2 million which compares to a pre-tax net loss of $1.6 million for the comparable prior year period and a pre-tax net loss of $1.6 million for the prior sequential period. John H. Freeman, Dataram's president and CEO commented, "Our memory solutions business continued to grow in our fiscal first quarter. The implementation of our sales and marketing strategy coupled with the gradual economic recovery is having a positive effect on demand for our products and our memory business is increasingly cash profitable." Mr. Freeman stated, "The release schedule and development of our XcelaSAN product line is on track. Subsequent to the first quarter, we released the product with enhanced features and functionality which increases its ease of use, ease of installation and interoperability. We have accepted our first purchase order for this released version of XcelaSAN and have delivered and successfully installed the system. High Availability systems are still expected to be available for sale in December. We anticipate that our enhancements and the shipment of high availability systems will accelerate product sales and broaden market adoption. XcelaSAN is a unique intelligent Storage Area Network (SAN) optimization solution that delivers substantive application performance improvement to applications such as Oracle, SQL and VMware. XcelaSAN augments existing storage systems by transparently applying intelligent caching algorithms that serve the most active block-level data from high-speed storage, creating an intelligent, virtual solid state SAN. This breakthrough solution allows organizations to dramatically increase the performance of their business-critical applications without the costly hardware upgrades or over-provisioning of storage typically found in current solutions for increased performance. Mr. Freeman continued, "We are continuing our investments in research and development in XcelaSAN and recognized that we required external financing to continue these investments. In July 2010, we entered into an agreement with a financial institution for secured debt financing of up to $5.0 million. Also in July 2010, we entered into an agreement with a related party vendor to consign up to $3.0 million of certain inventory into our manufacturing facilities. This will allow us to substantially reduce our inventory carrying requirements while still maintaining our ability to service our customers. We expect that these two agreements together with cash generated from our memory solutions business will generate sufficient liquidity for us to meet our operating plans for fiscal 2011." The Company's net loss for the first quarter was of $1,239,000, or $0.14 per share which compares to net loss of $978,000, or $0.11 per share for the comparable prior year period. The prior fiscal year's first quarter net loss includes an income tax benefit of $628,000 on which the Company subsequently placed a 100% valuation allowance in its third quarter of fiscal 2010. Mr. Freeman concluded, "The turnaround of our memory solutions business is on track. Our memory solutions business is generating positive cash flow and growing. Our outlook for XcelaSAN is very robust, particularly as we move into High Availability systems later this year. We expect that the enhancements under development will further strengthen our value proposition and sales." 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 AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) First Quarter Ended July 31 ___________________________ 2010 2009 Revenues $ 12,744 $ 9,190 Costs and expenses: Cost of sales 9,621 6,655 Engineering and development 261 253 Research and development 871 874 Selling, general and administrative 2,855 2,728 Stock-based compensation expense* 158 156 Intangible asset amortization expense: 107 164 _________ ________ 13,783 10,830 _________ ________ Loss from operations (1,129) (1,640) Other income (expense) (109) 34 _________ ________ Loss before income taxes (1,239) (1,606) Income tax benefit 0 (628) _________ ________ Net loss $ (1,239) $ (978) ========= ======== Net loss per share: Basic $ (0.14) $ (0.11) ========= ========= Diluted $ (0.14) $ (0.11) ========= ========= Weighted average number of shares outstanding: Basic 8,918 8,869 ========= ======== Diluted 8,918 8,869 ========= ======== *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-Q. DATARAM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) July 31, 2010 April 30, 2010 ASSETS Current assets Cash and cash equivalents $ 786 $ 2,507 Accounts receivable, net 5,495 5,344 Inventories 5,748 6,872 Other current assets 209 87 __________________________________ Total current assets 12,238 14,810 Property and equipment, net 942 1,117 Other assets 100 105 Intangible assets, net 760 867 Goodwill 1,020 754 __________________________________ Total assets $ 15,060 $ 17,653 ================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,015 $ 3,523 Accrued liabilities 1,734 1,738 Note payable to related party 1,000 1,000 __________________________________ Total current liabilities 4,749 6,261 Stockholders' equity 10,311 11,392 __________________________________ Total liabilities and stockholders' equity $ 15,060 $ 17,653 ================================== -----END PRIVACY-ENHANCED MESSAGE-----