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Dataram Reports Fiscal 2014 Third Quarter Financial Results

March 21, 2014
4th Consecutive Quarter of Revenue Growth, 22% Third Quarter Revenue Growth

Dataram Corporation [NASDAQ: DRAM]), today reported its financial results for the three and nine months ended January 31, 2014. Revenues for the three and nine months ended January 31, 2014 were $7.6 million and $22.4 million, respectively, which compares to $6.4 million and $21.4 million for the comparable prior year periods. The Company incurred a net loss for the three months ended January 31, 2014 of $847,000, which includes a charge of $150,000 in the third quarter of the current year for a legal settlement provision. The current quarter loss compares to a net loss of $782,000 for the comparable prior year period. For the nine months ended January 31, 2014, the net loss totaled $2.1 million as compared to $3.0 million for the prior comparable period. The Company recorded a net loss per share for the three and nine months ended January 31, 2013 was $0.40 and $1.08 as compared to net lost in the prior comparable periods of $0.44 and $1.68.

John H. Freeman, Dataram’s president and CEO commented, “The Company continues to execute its plan of cost reduction and sales expansion. The twenty two percent sales increase over the same quarter of last year and slight increase over the previous quarter of this year is a result of our product expansion, increased sales of Advanced Micro Devices (“AMD”) Radeon Memory products and growth in our AMD relationship. We continue to work to expand the number of outlets for our AMD Radeon branded consumer and server memory.”

Mr. Freeman concluded, “On March 20, 2014 we completed the sale of 219,750 shares of common stock for net proceeds of approximately $583,000 to an institutional investor in a registered direct offering. In addition, certain institutional holders of warrants exercised their warrants for 86,100 shares of common stock for net proceeds of approximately $301,350. The net proceeds from these transactions will be used for general corporate purposes, development of new software products and continued expansion of our AMD business and relationship. These monies are providing a foundation for increased growth in sales and software.”

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 www.sec.gov.

 

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