<PAGE 1>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/ X / Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
For the quarterly period ended 1/31/00 or
/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the transition period from to
Commission file number 1-8266
DATARAM CORPORATION
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
New Jersey 22-1831409
_______________________________ _____________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
P.O. Box 7528, Princeton, NJ 08543
______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 799-0071
______________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
_______ _______
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the last practicable date. Common Stock ($1.00 par
value): As of February 28, 2000, there were 8,091,483 shares outstanding.
<PAGE 2>
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Dataram Corporation And Subsidiary
Consolidated Balance Sheets
January 31, 2000 and April 30, 1999
(Unaudited) (Audited)
January 31, 2000 April 30, 1999
Assets
Current Assets:
Cash and cash equivalents $ 12,405,552 $ 8,092,527
Trade receivables, less allowance
for doubtful accounts and sales returns
of $450,000 at January 31, 2000
and at April 30, 1999 11,098,245 12,016,106
Inventories 3,970,144 3,290,300
Other current assets 1,049,615 475,387
__________ __________
Total current assets 28,523,556 23,874,320
Property and equipment, at cost:
Land 875,000 875,000
Machinery and equipment 6,449,304 5,188,696
__________ __________
7,324,304 6,063,696
Less: accumulated depreciation
and amortization 3,511,993 2,572,993
__________ __________
Net property and equipment 3,812,311 3,490,703
Other assets 9,210 8,655
__________ __________
$ 32,345,077 $ 27,373,678
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 5,748,384 $ 4,344,179
Accrued liabilities 1,971,603 1,840,647
Income taxes payable 0 250,408
__________ __________
Total current liabilities 7,719,987 6,435,234
Deferred income taxes 919,000 919,000
Stockholders' Equity:
Common stock, par value $1.00 per share.
Authorized 18,000,000 shares; issued
8,028,425 at January 31,
2000 and 5,236,810 at April 30, 1999 8,028,425 5,236,810
Additional paid in capital 605,281 0
Retained earnings 15,072,384 14,782,634
__________ __________
Total stockholders' equity 23,706,090 20,019,444
__________ __________
$ 32,345,077 $ 27,373,678
========== ==========
See accompanying notes to consolidated financial statements.
<PAGE 3>
<TABLE>
Dataram Corporation and Subsidiary
Consolidated Statements of Earnings
Three and Nine Months Ended January 31, 2000 and 1999
(Unaudited)
2000 1999
3rd Quarter Nine Months 3rd Quarter Nine Months
<S> <C> <C> <C> <C>
Revenues $ 25,727,507 $ 76,277,881 $ 18,921,906 $ 52,933,927
Costs and expenses:
Cost of sales 19,456,699 56,811,517 13,869,310 37,234,581
Engineering and development 371,643 1,047,705 354,489 1,057,923
Selling, general and administrative 3,076,099 9,983,215 2,660,858 8,407,900
__________ __________ __________ __________
22,904,441 67,842,437 16,884,657 46,700,404
Earnings from operations 2,823,066 8,435,444 2,037,249 6,233,523
Interest income, net 123,432 348,119 109,982 362,067
__________ __________ __________ __________
Earnings before income taxes 2,946,498 8,783,563 2,147,231 6,595,590
Income tax provision 1,121,000 3,346,000 725,000 2,466,000
__________ __________ __________ __________
Net earnings $ 1,825,498 $ 5,437,563 $ 1,422,231 $ 4,129,590
========== ========== ========== ==========
Net earnings per share of common stock
Basic $ .23 $ .69 $ .18 $ .50
========== ========== ========== ==========
Diluted $ .19 $ .56 $ .15 $ .44
========== ========== ========== ==========
Weighted average number of common
shares outstanding
Basic 7,983,154 7,867,180 8,108,132 8,255,663
========== ========== ========= =========
Diluted 9,780,524 9,658,011 9,592,874 9,403,371
========== ========== ========= =========
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE 4>
Dataram Corporation and Subsidiary
Consolidated Statements of Cash Flows
Nine Months Ended January 31, 2000 and 1999
(Unaudited)
2000 1999
Cash flows from operating activities:
Net earnings $ 5,437,563 $ 4,129,590
Adjustments to reconcile net earnings
to net cash provided by
operating activities:
Depreciation and amortization 939,000 906,000
Bad debt expense (recoveries) 38,819 (181,363)
Changes in assets and liabilities:
Decrease in trade receivables 879,042 2,418,638
Increase in inventories (679,844) (589,827)
Increase in other current assets (574,228) (166,486)
Increase in other assets (555) (1,275)
Increase (decrease) in accounts payable 1,404,205 (1,927,179)
Increase in accrued liabilities 130,956 332,035
Decrease in income taxes payable (250,408) (236,116)
__________ __________
Net cash provided by
operating activities 7,324,550 4,684,017
__________ __________
Cash flows from investing activities:
Purchase of property and equipment (1,260,608) (863,378)
__________ __________
Net cash used in investing activities (1,260,608) (863,378)
Cash flows from financing activities:
Proceeds from sale of common shares under
stock option plan (including tax benefits) 1,631,713 0
Purchase and cancellation of common stock (3,382,630) (1,468,060)
__________ __________
Net cash used in financing activities (1,750,917) (1,468,060)
__________ __________
Net increase in cash
and cash equivalents 4,313,025 2,352,579
Cash and cash equivalents at
beginning of year 8,092,527 7,529,906
__________ __________
Cash and cash equivalents at
end of period $ 12,405,552 $ 9,882,485
========== ==========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 40,484 $ 38,751
Income taxes $ 3,340,000 $ 2,750,200
See accompanying notes to consolidated financial statements.
<PAGE 5>
Notes to Consolidated Financial Statements
January 31, 2000 and 1999
(Unaudited)
Basis of Presentation
The information at January 31, 2000 and for the three and nine months ended
January 31, 2000 and 1999, is unaudited but includes all adjustments
(consisting only of normal recurring adjustments) which, in the opinion of
management, are necessary to state fairly the financial information set forth
therein in accordance with generally accepted accounting principles. The
interim results are not necessarily indicative of results to be expected for
the full fiscal year. These financial statements should be read in conjuction
with the audited financial statements for the year ended April 30, 1999
included in the Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission.
Stock Splits
On November 10, 1999 the Company's Board of Directors announced a three-for-
two stock split effected in the form of a dividend for shareholders of record
at the close of business on November 24, 1999 and payable December 15, 1999.
The stock split has been charged to additional paid in capital in the amount
of $546,781 and retained earnings in the amount of $1,978,224. On November 11,
1998 the Company's Board of Directors announced a two-for-one stock split
effected in the form of a dividend for shareholders of record at the close of
business on November 23, 1998 and payable December 3, 1998. The stock split
has been charged to additional paid in capital in the amount of $2,125,871 and
retained earnings in the amount of $655,534. Weighted average shares
outstanding and net earnings per share in the accompanying financial
statements have been restated to give retroactive effect to these stock
splits.
Significant Accounting Policies
Principles of consolidation
The consolidated financial statements include the accounts of the Company and
its wholly-owned subsidiary, Dataram International Sales Corporation (a
Domestic International Sales Corporation (DISC)). All significant intercompany
transactions and balances have been eliminated.
Cash and cash equivalents
Cash and cash equivalents consist of unrestricted cash, money market preferred
stock and commercial paper with original maturities of three months or less.
Inventory valuation
Inventories are valued at the lower of cost or market, with costs determined
by the first-in, first-out method. Inventories at January 31, 2000 and April
30, 1999 consist of the following categories:
January 31, 2000 April 30, 1999
________________ ______________
Raw material $ 1,471,000 $ 1,335,000
Work in process 352,000 508,000
Finished goods 2,147,000 1,447,000
________________ ______________
$ 3,970,000 $ 3,290,000
================ ==============
<PAGE 6>
Property and equipment
Property and equipment is recorded at cost. Depreciation is generally computed
on the straight-line basis. Depreciation rates are based on the estimated
useful lives which range from three to five years for machinery and equipment.
When property or equipment is retired or otherwise disposed of, related costs
and accumulated depreciation are removed from the accounts. Repair and
maintenance costs are charged to operations as incurred.
Revenue recognition
Revenue from product sales is recognized when the related goods are shipped to
the customer and all significant obligations of the Company have been
satisfied. Estimated warranty costs are accrued.
Product development and related engineering
The Company expenses product development and related engineering costs as
incurred. Engineering effort is directed to development of new or improved
products as well as ongoing support for existing products.
Income taxes
The Company follows the asset and liability method of accounting for income
taxes in accordance with the provisions of Statement of Financial Accounting
Standards SFAS No. 109, "Accounting for Income Taxes". Under the asset and
liability method, deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates in effect for the year in which those temporary
differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in earnings
in the period that the tax rate changes.
Common Stock
During the nine month period ended January 31, 2000, the Company purchased and
retired 419,850 shares of its common stock. This amount reflects the 3 for 2
stock split announced November 10, 1999 and distributed on December 15, 1999.
Concentration of credit risk
Financial instruments that potentially subject the Company to concentration of
credit risk consist primarily of cash and cash equivalents. The Company
maintains its cash and cash equivalents in financial institutions and
brokerage accounts. To the extent that such deposits exceed the maximum
insurance levels, they are uninsured. The Company performs ongoing evaluations
of its customers' financial condition, as well as general economic conditions
and, generally, requires no collateral from its customers.
Use of estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
<PAGE 7>
Long-term debt
During the second quarter of fiscal 2000, the Company amended and restated its
credit facility with its bank. Under the amended agreement, the Company
modified certain financial covenants and increased the revolving credit
facility to $12,000,000 until October 31, 2000, at which point it will
decrease to $6,000,000 until October 31, 2001. The agreement provides for
Eurodollar rate loans, CD rate loans and base rate loans at an interest rate
no higher than the bank's base commercial lending rate less 1/2%. The Company
is required to pay a commitment fee equal to 1/16 of one percent per annum on
the unused commitment. The agreement contains certain restrictive financial
covenants including a minimum current ratio, minimum tangible net worth
requirement, minimum interest coverage ratio, maximum debt to equity ratio and
certain other covenants, as defined by the agreement. There were no borrowings
during fiscal 2000 and 1999. As of January 31, 2000, the amount available for
borrowing under the revolving credit facility was $12,000,000.
<PAGE 8>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management's Discussion and Analysis of Financial Condition and
Results of Operations contains forward looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and section 21E of
the Securities and Exchange Act of 1934, as amended. Actual results could
differ materially from those projected in the forward looking statements.
Liquidity and Capital Resources
As of January 31, 2000, working capital amounted to $20.8 million
reflecting a current ratio of 3.7 compared to working capital of $17.4 million
and a current ratio of 3.7 as of April 30, 1999.
During the second quarter of fiscal 2000, the Company amended and
restated its $12 million unsecured revolving credit line with its bank to
renew the expiring portion of the facility. On October 31, 2000, $6 million of
the facility is scheduled to expire and on October 31, 2001, the remaining $6
million is scheduled to expire. The Company intends to renew any expiring
portion of the facility by the expiration date and maintain a $12 million
total facility. The credit facility was unused during the first nine months of
fiscal 2000 and fiscal 1999. As of January 31, 2000 there was no amount
outstanding under the line of credit.
Management believes that its working capital together with internally
generated funds and its bank line of credit are adequate to finance the
Company's operating needs and future capital requirements.
Year 2000
The turn of the century created no adverse effects for the Company. The
Company's products are all year 2000 compliant. The Company's manufacturing,
accounting, production and inventory control systems and software are year
2000 compliant. The Company has numerous personal computers and peripheral
devices used in information technology and non-information technology
applications which are also year 2000 compliant. Management believes, and has
no knowledge to the contrary, that the Company's customers and key vendors are
also year 2000 compliant. Management estimates that the financial impact of
its Y2K compliance effort had no material effect on the Company's consolidated
financial condition, results of operations and liquidity.
Results of Operations
Revenues for the three month period ended January 31, 2000 increased 36%
to $25,728,000 from revenues of $18,922,000 for the comparable prior year
period. Fiscal 2000 nine month revenues totaled $76,278,000, an increase of
44% versus nine month revenues of $52,934,000 for the prior fiscal year. The
increase in revenues was the result of increased demand for the Company's
memory products, driven primarily by the worldwide internet driven increased
demand for servers and associated peripherals.
Cost of sales for the third quarter and nine months of fiscal 2000 were
76% and 75%, respectively of revenues versus 73% and 70% for the same prior
year periods. The increase in cost of sales is primarily the result of product
mix, specifically, the growth in the Company's Intel certified products which
generally command lower margins than the Company's products sold in non-Intel
markets.
<PAGE 9>
Engineering and development costs in fiscal 2000's third quarter and nine
months were $372,000 and $1,048,000, respectively versus $354,000 and
$1,058,000 for the same prior year periods. The Company intends to maintain
its commitment to the timely introduction of new memory products as new
workstations and computers are introduced.
Selling, general and administrative costs in this year's third quarter
and nine months were 12% and 13% of revenues, respectively versus 14% and 16%,
for the comparable prior year periods. Three month total expenditures
increased by $415,000 from the comparable prior year period. Nine month
selling, general and administrative costs increased by $1,575,000 in fiscal
2000 versus fiscal 1999. The increase in cost is primarily the result of the
planned expansion of the Company's sales force, and costs attributed to the
increase in revenues. Additionally, fiscal 1999 three and nine month expense
includes a $300,000 recovery of an account receivable previously charged to
allowance for doubtful accounts in the fourth quarter of fiscal 1998.
Other income (expense), net for the third quarter and nine months of
fiscal 2000 and 1999, consisted primarily of interest income on short term
investments.
Income tax expense for the third quarter and nine months of fiscal 1999
include a $116,000 benefit (net of Federal income tax benefit) from a
reduction in the Company's effective state tax rate.
Safe Harbor Statement
The information provided in this interim report 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
for workstations and servers, increased competition in the memory systems
industry, 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.
<PAGE 10>
PART II: OTHER INFORMATION
ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K
A. Exhibits
27 (a). Financial Data Schedule
28 (a). Press Release reporting results of Third Quarter,
Fiscal Year 2000 (Attached).
28 (b). Press Release announcing change in listing of the Company's
common stock from the AMEX to the Nasdaq (Attached).
28 (c). Press Release announcing engagement of investor relations
firm (Attached).
B. Reports on Form 8-K
No reports on Form 8-K have been filed during the current quarter.
<PAGE 11>
Signatures
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 thereunto duly authorized.
DATARAM CORPORATION
Date: March 7, 2000 By: MARK E. MADDOCKS
______________________ ______________________
Mark E. Maddocks
Vice President, Finance
(Principal Financial Officer)
Page 8 of 8
Page 8 of 8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> JAN-31-2000
<CASH> 12,405,552
<SECURITIES> 0
<RECEIVABLES> 11,548,245
<ALLOWANCES> 450,000
<INVENTORY> 3,970,144
<CURRENT-ASSETS> 28,523,556
<PP&E> 7,324,304
<DEPRECIATION> 3,511,993
<TOTAL-ASSETS> 32,345,077
<CURRENT-LIABILITIES> 7,719,987
<BONDS> 0
0
0
<COMMON> 8,028,425
<OTHER-SE> 15,677,665
<TOTAL-LIABILITY-AND-EQUITY> 32,345,077
<SALES> 76,277,881
<TOTAL-REVENUES> 76,277,881
<CGS> 56,811,517
<TOTAL-COSTS> 56,811,517
<OTHER-EXPENSES> 1,047,705
<LOSS-PROVISION> 38,819
<INTEREST-EXPENSE> 3,802
<INCOME-PRETAX> 8,783,563
<INCOME-TAX> 3,346,000
<INCOME-CONTINUING> 5,437,563
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,437,563
<EPS-BASIC> .69
<EPS-DILUTED> .56
</TABLE>
<PAGE >
Dataram Contact: Investor Contact:
Mark Maddocks, Chief Financial Officer Tim Curtiss, Wall Street Investor
Relations Corp.
609-799-0071 216/831-6532
[email protected] [email protected]
DATARAM REPORTS 36 PERCENT REVENUE INCREASE IN THIRD QUARTER
. Company Reports 28% Increase in Earnings over Previous Year
. European Sales and Marketing Center to Open in Fourth Quarter
PRINCETON, NJ, February 9, 2000 - Dataram Corporation (NASDAQ: DRAM) today
reported its financial results for its fiscal third quarter ended January 31,
2000. The Company reported net earnings of $1,825,000, or $0.19 per diluted
share, compared to $1,422,000, or $0.15 per diluted share, for the same period
of the previous year. Revenues for the quarter were $25.7 million, an
increase of 36% over the prior year's third quarter level of $18.9 million.
Volume, measured in gigabytes shipped, increased 53% in the third quarter,
compared to the prior year period. Net earnings for the nine month period
ended January 31, 2000 were $5,438,000, or $0.56 per diluted share, an
increase of 32% over the same period of the prior year of $4,130,000, or $0.44
per diluted share. Revenues were $76.3 million, up 44% compared to $52.9
million in the comparable period of the previous fiscal year.
In thousands, except Three Months ended Nine Months ended
per share amounts January 31 January 31
____________________ _________________________ ________________________
% %
2000 1999 B/(W) 2000 1999 B/(W)
_______ _______ ____ _______ _______ ____
Revenues $25,728 $18,922 36% $76,278 $52,934 44%
Earnings from Operations $ 2,823 $ 2,037 39% $ 8,436 $ 6,234 35%
Net Earnings $ 1,825 $ 1,422 28% $ 5,438 $ 4,130 32%
Diluted EPS $ 0.19 $ 0.15 27% $ 0.56 $ 0.44 27%
Shares Outstanding
(diluted) 9,781 9,593 9,658 9,403
- more -
<PAGE >
"This is our ninth consecutive quarter of delivering increased year-over-year
bottom line results. We were pleased with the strong development of our
business," said Robert Tarantino, chairman and CEO of Dataram. "Despite
concerns about customer inventory levels and purchasing patterns during the
Y2K changeover, our business showed real strength during this period."
Tarantino added, "The important trends driving our expansion remain the
explosive rate of investment in Internet infrastructure and the needs of our
customers to increase the capacity of their computing systems. Availability of
broadband communications services will require carriers and users to increase
server capacity. The evolution of multimedia image transmission will drive
continuing investment in advanced memory solutions."
During the third quarter, the Company implemented two initiatives designed to
enhance shareholder value. Dataram completed a three-for-two stock split on
December 15, 1999. In late January, the company applied for and received
permission to transfer its shares to NASDAQ, which became effective on
February 1.
"Dataram's new sales and marketing center in Europe is on schedule to become
fully operational this quarter. The European community is poised for
significant growth in its Internet infrastructure," noted Tarantino. "We are
excited about the opportunity to increase our market coverage and service
levels in this large, dynamic region of the memory marketplace"
"An important contributor to our strong sales increase in the third quarter
was growth in the OEM business segment," added Mark Maddocks, CFO.
"Negligible one year ago, this rapidly expanding segment of our business added
significantly to sales growth in the quarter. As a by-product of this avenue
of revenue growth, gross profit margins have declined slightly, as we
anticipated." Maddocks continued, "As we enter our fiscal fourth quarter, we
are encouraged by the strong demand we have observed in both our compatibles
and OEM business."
- more -
<PAGE >
Dataram will conduct a conference call at 11:00 AM, EST on Wednesday, February
9 to provide further insights regarding its financial results and to respond
to investor questions. Interested shareholders may participate in the call by
dialing 800/670-3540 approximately 10 minutes before the call is scheduled to
begin and asking to be connected to the Dataram conference call. A recording
of the call will be available from 1:00 PM to 9:00 PM on February 9.
Listeners may dial 800/633-8284 and use the code 14384882 for the replay.
Participants may also use V-Call.
Dataram Corporation is a leading provider of gigabyte memory upgrades for
workstations and network servers. The Company specializes in the manufacture
of large-capacity memory boards for Compaq/Digital, Dell, Hewlett-Packard,
IBM, Intel, Silicon Graphics and Sun Microsystems computers.
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 for
workstations and servers, increased competition in the memory systems
industry, 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 to follow -
<PAGE >
DATARAM CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
1/31/2000 1/31/1999 1/31/2000 1/31/1999
_________ _________ _________ _________
(Unaudited) (Unaudited)
Revenues $ 25,728 $ 18,922 $ 76,278 $ 52,934
Costs and expenses:
Cost of sales 19,457 13,869 56,811 37,234
Engineering and development 372 355 1,048 1,058
Selling, general and
administrative 3,076 2,661 9,983 8,408
______ ______ ______ ______
22,905 16,885 67,842 46,700
Earnings from operations 2,823 2,037 8,436 6,234
Interest income, net 123 110 348 362
______ ______ ______ ______
Earnings before income taxes 2,946 2,147 8,784 6,596
Income taxes 1,121 725 3,346 2,466
______ ______ ______ ______
Net earnings $ 1,825 $ 1,422 $ 5,438 $ 4,130
====== ====== ====== ======
Net earnings per share:
Basic $ 0.23 $ 0.18 $ 0.69 $ 0.50
====== ====== ====== ======
Diluted $ 0.19 $ 0.15 $ 0.56 $ 0.44
====== ====== ====== ======
Average number of shares
outstanding:
Basic 7,983 8,108 7,867 8,256
====== ====== ====== ======
Diluted 9,781 9,593 9,658 9,403
====== ====== ====== ======
-more-
<PAGE >
DATARAM CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, 2000 April 30, 1999
________________ ______________
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 12,406 $ 8,093
Trade receivables, net 11,098 12,016
Inventories 3,970 3,290
Other current assets 1,050 475
__________ __________
Total current assets 28,524 23,874
Property and equipment, net 3,812 3,491
Other assets 9 9
__________ __________
$ 32,345 $ 27,374
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,748 $ 4,344
Accrued liabilities 1,972 2,092
__________ __________
Total current liabilities 7,720 6,436
Deferred income taxes 919 919
Stockholders' equity 23,706 20,019
__________ __________
$ 32,345 $ 27,374
========== ==========
# # #
<PAGE >
APPROVED BY: Mark E. Maddocks
Chief Financial Officer
Dataram Corporation
(609) 799-0071
CONTACT: Investor Relations:
Cheryl Schneider/John Blackwell
Press: Michael McMullan
Morgen-Walke Associates, Inc.
(212) 850-5600
DATARAM CHANGES LISTING FROM AMEX TO NASDAQ NATIONAL MARKET
PRINCETON, NJ, January 27, 2000 - Dataram Corporation today announced
that its Board of Directors has approved a change in the listing of its
common stock from the AMEX to the NASDAQ National Market. The Company's
common stock is scheduled to start trading on the NASDAQ Tuesday,
February 1, 2000 under the symbol "DRAM".
Robert V. Tarantino, President and Chief Executive Officer stated, "As
a technology Company, The Board of Directors believes that we match the
profile of NASDAQ-traded companies." Dataram has enjoyed strong sales
and earnings growth in recent quarters, reflecting robust demand
conditions for high-end servers and workstations.
"The investment community pays closer attention to companies that trade
on NASDAQ", said Mark Maddocks, Chief Financial Officer. "We believe
having multiple market makers will promote the liquidity in the market
for our stock."
Dataram manufactures memory boards and modules used in advanced
computing platforms. Its customers include Internet Service Providers,
major financial institutions, Hollywood special effects houses,
workstation manufacturers, and other users of memory-intensive
applications.
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Dataram Contact: Investor Contact:
Mark Maddocks, Chief Financial Officer Tim Curtiss, Wall Street Investor
Relations Corp.
609-799-0071 216/831-6532
[email protected] [email protected]
DATARAM SIGNS Wall Street Investor Relations Corp.
PRINCETON, NJ, March 1, 2000 - Dataram Corporation (NASDAQ: DRAM) announced
today the signing of Wall Street Investor Relations Corporation (WSIR). WSIR
is a rapidly growing consulting firm that develops programs to help
corporations maximize shareholder value. Robert Tarantino, Chairman and
Chief Executive Officer of Dataram, said, "We believe our stock is
significantly undervalued. On behalf of our shareholders, we must address
this issue. Wall Street Investor Relations, a firm comprised of brokerage
industry professionals, has a reputation of working effectively with companies
to improve and maintain appropriate trading levels. Our recent listing on
NASDAQ and stock split were steps in our campaign to maximize shareholder
value and liquidity in our shares."
"We need to build investor awareness of Dataram's story and its attractive
position", said Tim Curtiss, Managing Director of WSIR. "Dataram has achieved
high sales and earnings growth and has significant potential. This is a well-
managed company with high returns, increasing market share, and an expanding
list of high-growth customers. These characteristics are attractive to
investors who seek growth at a reasonable price. We intend to communicate
this investment theme to selected mutual and hedge funds, other institutional
investors, and brokerage sales forces as a part of our effort to increase
ownership."
Dataram Corporation is a leading provider of gigabyte memory upgrades for
network servers and workstations. The company specializes in the manufacture
of large-capacity memory boards for Compaq/Digital, Dell, Hewlett-Packard,
IBM, Intel, Silicon Graphics and Sun Microsystems computers.
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 for
workstations and servers, increased competition in the memory systems
industry, 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
