Dataram Reports Results for First Quarter Fiscal 2017

PRINCETON, N.J., Sept. 15, 2016 — (PRNewswire) —  Dataram Corporation (NASDAQ: DRAM) announced results of operations for its first quarter of fiscal 2017, which ended July 31, 2016.  Revenues for the first quarter were $4.9 million and were slightly lower compared to the fourth quarter of fiscal 2016. Revenue for the comparable prior year period, which included $1.1 million in discontinued brokerage operations, was $7.3 million.  On a GAAP basis, the net loss attributable to Dataram shareholders for the first quarter of fiscal 2017 was $927,000 or ($0.43) per share and included a non-cash charge of $429,000 for stock based compensation expense and approximately $200,000 in one-time charges, compared to a net loss of $180,000 or ($0.19) per share for the comparable prior year period.

"While our overall unit shipment volume increased more than 20% and international (non-US) revenue also increased on a comparable period basis, we continue to face challenging market conditions and further declining average selling prices (ASP) which have reduced our margins from 19% to 15%," said Dataram Chairman and CEO Dave Moylan. "To address current challenges and strengthen our position, we took actions in August to reduce costs and further increase efficiencies.  We are also encouraged by indications that show stabilization in memory prices and an expectation of rising prices through the remaining of this calendar year."

"In addition to focusing on the core memory business, and subject to the approval of our shareholders, we anticipate completing the acquisition of U.S. Gold Corp. ('USGC') later this fiscal year.  This acquisition will help us diversify beyond the memory business while notably strengthening the Company's balance sheet and working capital.  It will also improve the memory business margins through sharing of public company costs across business and reduction of duplicate costs," continued Moylan.  In June 2016, Dataram announced the intent to acquire USGC and its subsidiaries in an all equity transaction.  USGC is a U.S.-focused gold exploration and development company that is advancing two projects in mining friendly Nevada and Wyoming.  Closing of the acquisition is subject to usual and customary conditions, including the approval of our shareholders.

Mr. Moylan concluded, "We will continue to focus on improving the memory business and closing the USGC acquisition.  We will also continue to evaluate acquisitions to diversify the Company's business, reduce costs, and increase our portfolio of assets across sectors.  We look forward to providing our shareholders updates with respect to the closing of the USGC acquisition and believe this will significantly benefit our shareholders and future investors."

 

DATARAM CORPORATION and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)





First Quarter Ended

July 31,


2016


2015





Revenues

$          4,915


$          7,338





Costs and expenses:




      Cost of sales

4,189


5,935

      Engineering and development

56


54

      Selling, general and administrative

1,127


1,191

      Stock-based compensation expense*

429


213


5,801


7,393





Loss from operations

(886)


(55)





Other income (expense)

(41)


(62)





Net loss

$           (927)


$           (117)





 Less preferred stock dividends

-


63

Net loss allocated to common shareholders

$            (927)


$           (180)





Net loss per share:




       Basic

$          (0.43)


$          (0.19)

       Diluted

$          (0.43)


$          (0.19)

Weighted average number of shares




outstanding:




       Basic

2,175


934

       Diluted

2,175


934





* 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.


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