PRINCETON, N.J., Aug. 10, 2015 — (PRNewswire) —  Dataram Corporation (NASDAQ: DRAM) reports its financial results for its year ended April 30, 2015.  Revenues for the fourth quarter and year ended April 30, 2015 were $5.6 million and $28.3 million, respectively, which compares to $8.0 million and $30.4 million for the comparable prior year periods. The comparable prior year periods included revenues from a discontinued product line of $0.8 million and $1.6 million, respectively. The Company reported a net loss of $0.9 million for the fourth quarter, which compares to net loss of $0.5 million in the comparable prior year period. The net loss in fiscal year ended April 30, 2015 totaled $3.8 million and included $750,000 of interest expense for amortization of debt discount versus $2.6 million in the comparable prior year period.  On August 7, 2015, the Company filed its Annual Report on Form 10-K for its fiscal year ended April 30, 2015.

Dataram Chairman and CEO Dave Moylan commented that "2015 was a pivotal year in the Company's history. We entered FY2015 with great uncertainty and an uncertain future.  With investor support and a new leadership team, Dataram implemented an aggressive financial and operational transformation of the Company in order to establish a strong foundation for profitable inorganic and organic growth. We re-focused our efforts to concentrate on what we do best, and have done extremely well since we incorporated in 1967 – delivering customized memory solutions into complex technical environments for our business customers around the globe.  In the last eight months, we made many difficult and necessary decisions to ensure the Company remained viable and relevant. These efforts have resulted in quantifiable bottom line improvements; a leaner, more flexible workforce, who can better respond to market and customer needs; and a strategy designed to facilitate partnerships and development of M&A strategies.  They have also afforded us optimum strategic flexibility.  We have removed more than $3.5M in annual operating costs, with the full effect of these reductions beginning in June 2015.  We are also recognizing advances in sales activity.  With the business re-aligned, we are turning our focus to profitably and growing the business -- both organically and inorganically -- to drive the next stage of Dataram's evolution."

"We continue to raise additional capital to enable sales growth, increase working capital, and ensure we have sufficient equity to maintain our NASDAQ listing," Dave Moylan continued.  "On July 29, 2015, Dataram entered into separate Common Purchase Agreements, pursuant to which we sold and issued 500,000 shares of our Common Stock to five accredited investors.  Gross proceeds of the Common Stock offering were $500,000.  In May 2015, Dataram filed an application with the State of New Jersey for the transfer of some or all of the Company's New Jersey Net Operating Losses (NOLs).  On August 4, 2015, the Company was recommended for approval by the New Jersey Economic Development Authority's Board of Directors.  At this time, we cannot guarantee either the final approval of our application, success of the transfer, or the magnitude of the NOL transfer that the state of New Jersey will approve.  Dataram engaged Source Capital Group, Inc. on a best efforts basis to transfer the New Jersey NOL to the highest bidder."  

Dataram is also issuing the following guidance for both FY2016 and Q1 FY2016.  For FY 2016, the Company projects gross, operating revenues of between $28.0 to $34.0 million, and operating result between a net loss of $100,000 and net operating profit of $250,000, in each case exclusive of the impact of one-time charges and events.  In Q1 FY2016, the Company projects gross, operating revenues of between $7.2 to $7.4 million, and operating results between break-even and a net loss of $50,000.

 

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