0001001746-11-000002.txt : 20110316
0001001746-11-000002.hdr.sgml : 20110316
20110316095915
ACCESSION NUMBER: 0001001746-11-000002
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110316
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20110316
DATE AS OF CHANGE: 20110316
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: 11690541
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
k8q32011.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): March 16, 2011
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 March 16, 2011 Dataram Corporation announced the results of
operations for the third fiscal quarter ended January 31, 2011. 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 March 16, 2011 announcing third 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: March 16, 2011 /s/ Mark Maddocks
______________________________________
Mark Maddocks, Vice President-Finance
and Chief Financial Officer
EX-99
2
q3pr2011.txt
PRESS RELEASE - THIRD QUARTER RESULTS
PRESS RELEASE
Dataram Contact:
Mark Maddocks
Vice President-Finance, CFO
609-799-0071
info@dataram.com
DATARAM REPORTS FISCAL 2011 THIRD QUARTER FINANCIAL RESULTS
PRINCETON, N.J. March 16, 2011 - Dataram Corporation (NASDAQ: DRAM) today
reported its financial results for its fiscal third quarter and nine months
ended January 31, 2011. Revenues for the third quarter and first nine
months of fiscal 2011 were $11.9 million and $35.6 million, respectively,
which compares to $12.3 million and $32.1 million for the comparable prior
year periods. The Company incurred a pre-tax net loss for the third quarter
of the current fiscal year of $0.8 million which compares to a pre-tax net
loss of $1.3 million for the comparable prior year period. Nine month
pre-tax net loss totaled $3.8 million versus $5.5 million for the comparable
prior year period.
John H. Freeman, Dataram's president and CEO commented, "The release
schedule and development of our XcelaSAN product line is on track. We have
completed our coding and testing of High Availability functionality. Systems
with High Availability functionality are shipping to customers this quarter."
Walker Blount, a respected storage systems analyst at Web-Feet Research, a
memory and storage research firm said, "The subtle beauty of the Dataram
XcelaSAN Model 100 is mid-level enterprise users have the most
cost-effective and true plug-and-play fast storage appliance (450,000 IOPS),
resulting in ease of integration for existing enterprise architectures. It
can be up and running in less than two hours in a Fibre Channel server
system. Users are looking for solutions that are easy to implement and that
provide real cost savings - XcelaSAN delivers on both."
Mr. Freeman continued, "In the third quarter, our revenues and gross margin
recovered from the decline we experienced in our second quarter and were in
line with our expectations. Nonetheless, we are proceeding with our plan to
improve profitability and minimize the impact of periodic downward market
fluctuations. We will complete the consolidation of our manufacturing
facilities by the end of the current fiscal year and have already reduced
our S, G & A expenses in our memory solutions business. We project continued
growth in our memory solutions business. Our actions should position this
business unit to operate more profitably at current revenue levels."
The Company's net loss for the third quarter was $0.8 million, or $0.09 per
share which compares to a net loss of $6.5 million, or $0.73 per share for
the comparable prior year period. Nine month net loss totaled $3.8 million
versus $9.1 million for the prior comparable period. In the third quarter of
the current fiscal year the Company's XcelaSAN development project met the
accounting requirements of having established technological feasibility, and
accordingly, the Company capitalized approximately $0.8 million of XcelaSAN
development costs. The net loss for the prior year three and nine months
comparable periods includes income tax expense of $5.3 million and $3.6
million , respectively, and is comprised of a valuation allowance the
Company placed on its deferred income tax assets.
Mr. Freeman concluded, "We have taken the necessary actions to ensure that
our memory solutions business is profitable and growing. Our outlook for
XcelaSAN is strong, particularly as High Availability functionality is now a
reality."
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)
Third Quarter Ended Nine Months Ended
January 31, January 31,
___________________ _________________
2011 2010 2011 2010
Revenues $ 11,873 $ 12,284 $ 35,566 $ 32,147
Costs and expenses:
Cost of sales 8,970 8,899 27,127 23,490
Engineering and development 237 220 723 732
Research and development 112 892 1,825 3,388
Selling, general and
administrative 2,954 3,009 8,556 8,851
Stock-based compensation
expense* 148 346 461 726
Intangible asset amortization 107 164 322 492
__________ __________ _________ _________
12,528 13,530 39,014 37,679
Loss from operations (655) (1,258) (3,448) (5,532)
Other income (expense) (179) (11) (339) 11
__________ __________ _________ ________
Loss before income taxes (834) (1,257) (3,787) (5,521)
Income tax expense 5 5,281 5 3,611
__________ __________ _________ ________
Net loss $ (839) $ (6,538) $ (3,792) $ (9,132)
========== ========== ========= ========
Net loss per share:
Basic $ (0.09) $ (0.73) $ (0.43) $ (1.03)
========== ========== ========= ========
Diluted $ (0.09) $ (0.73) $ (0.43) $ (1.03)
========== ========== ========= ========
Weighted average number of
shares outstanding:
Basic 8,928 8,869 8,920 8,882
========== ========== ========= ========
Diluted 8,928 8,869 8,920 8,882
========== ========== ========= ========
*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)
January 31, 2011 April 30, 2010
ASSETS
Current assets
Cash and cash equivalents $ 466 $ 2,507
Accounts receivable, net 3,573 5,344
Inventories 5,108 6,872
Other current assets 328 87
__________________________________
Total current assets 9,475 14,810
Property and equipment, net 787 1,117
Other assets 83 105
Intangible assets, net 1,313 867
Goodwill 1,186 754
__________________________________
Total assets $ 12,844 $ 17,653
==================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 2,199 $ 3,523
Accrued liabilities 704 1,738
Notes payable 1,867 1,000
__________________________________
Total current liabilities 4,770 6,261
Stockholders' equity 8,074 11,392
__________________________________
Total liabilities and
stockholders' equity $ 12,844 $ 17,653
==================================