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Dataram Reports Fiscal 2014 Fourth Quarter and Annual Financial Results

Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fourth quarter and year ended April 30, 2014. Revenues for the fourth quarter and year ended April 30, 2014 were $8.0 million and $30.4 million, respectively, which compares to $6.2 million and $27.6 million for the comparable prior year periods. The Company reported a net loss of $0.5 million for the fourth quarter, which compares to net loss of $1.6 million in the comparable prior year period. Fourth quarter April 30, 2013 results included a $0.4 million charge for impairment of goodwill. The net loss in fiscal year ended April 30, 2014 totaled $2.6 million versus $4.6 million in the comparable prior year period.

John H. Freeman, Dataram’s President and CEO commented, “The primary factor impacting our financial results was a 13% industry wide decline in material cost per gigabyte and further industry standardization. Despite these industry wide challenges, we continue to see signs of revenue growth through our new partnerships, new distribution channels and further development of our software products.”

We continue to work on raising additional capital and on July 15, 2014 entered into a Subordinated Secured Convertible Bridge Note and Warrant Purchase Agreement for the issuance of up to $750,000 aggregate principal amount of Subordinated Secured Convertible Bridge Notes and Warrants. The Bridge Notes and Warrants were issued on July 15, 2014. The Company issued $600,000 aggregate principal amount of the Bridge Notes to certain institutional investors and $150,000 aggregate principal amount of the Bridge Notes to certain members of management, officers and directors of the Company.

Mr. Freeman concluded, “The sale of subordinated secured convertible notes will be used to fund further sales growth and software development. We intend to seek additional financing to help us execute our fiscal 2015 plan.”

ABOUT DATARAM CORPORATION

Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory 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.

DATARAM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 
Fourth Quarter Ended

April 30,

Twelve Months Ended

April 30,

2014   2013 2014   2013
 
Revenues $ 7,981 $ 6,219 $ 30,399 $ 27,616
 
Costs and expenses:
Cost of sales 6,484 5,037 24,353 22,042
Engineering and development 264 167 1,187 715
Selling, general and administrative 1,711 2,019 7,004 8,305
Impairment of goodwill - 438 - 438
Stock-based compensation expense* - 26 43 231
Intangible asset amortization*   10     41     133     164  
  8,469     7,728   $ 32,720   $ 31,895  
 
Loss from operations (488 ) (1,509 ) (2,321 ) (4,279 )
 
Other income (expense)   (55 )   (106 )   (288 )   (341 )
 
Income (loss) before income taxes (543 ) (1,615 ) (2,609 ) (4,620 )
 
Income tax expense   -     5     -     5  
 
Net income (loss) $ (543 ) $ (1,620 ) $ (2,609 ) $ (4,625 )
 
Net income (loss) per share:
Basic $ (0.24 ) $ (0.92 ) $ (1.30 ) $ (2.60 )
Diluted $ (0.24 ) $ (0.92 ) $ (1.30 ) $ (2.60 )
 
Weighted average number of shares
outstanding:
Basic   2,249     1,755     2,000     1,777  
Diluted   2,249     1,755     2,000     1,777  

Note- All amounts shown have been adjusted to reflect the reverse 1-for-6 stock split effective March 15, 2013.

* 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-K.

DATARAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

   
April 30, 2014 April 30, 2013
 
ASSETS
Current assets
Cash and cash equivalents $ 258 $ 324
Accounts receivable, net 3,663 2,885
Inventories 2,291 2,903
Note receivable - 275
Other current assets   7   81
Total current assets 6,219 6,468
 
Property and equipment, net 219 425
 
Other assets 51 56
 
Intangible assets, net - 133
 
Goodwill   1,083   1,083
 
Total assets $ 7,572 $ 8,165
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Note payable-revolving credit line $ 2,970 $ 1,876
Accounts payable 1,438 948
Accrued liabilities 929 684
Due to related party – current portion   -   400
Total current liabilities 5,337 3,908
 
Due to related party – long term - 1,267
Other liabilities   250   -
Total liabilities 5,587 5,175
 
Stockholders' equity   1,985   2,990
 
Total liabilities and stockholders' equity $ 7,572 $ 8,165

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