Dataram: Fiscal 4Q14 Financial Results

(in $ million)	4Q13	4Q14	FY13	FY14
Revenue	6.2	8.0	27.6	30.4
*Growth*		29%		*10%*
Net income (loss)	(1.6)	(0.5)	(4.6)	(2.6)

Dataram Corporation 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, 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.

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.”