UNITED STATES
                     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      1/31/07      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)

                          (609) 799-0071
             ___________________________________________________
            (Registrant's telephone number, including area code)
______________________________________________________________________________
(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.
                                                          [X] Yes      [ ] No

     Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer or a non-accelerated filer.  See definition of
"accelerated filer and large accelerated filer"in Rule 12b-2 of the Exchange
Act.

Large Accelerated Filer [ ]   Accelerated Filer [ ]   Non-Accelerated Filer [X]

     Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). [Check one]:
                                                          [ ] Yes      [X] No

     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 27, 2007, there were 8,600,996 shares outstanding.



                           PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                        Dataram Corporation and Subsidiaries
                            Consolidated Balance Sheets
                         January 31, 2007 and April 30, 2006
                                     (Unaudited)

                                           January 31, 2007     April 30, 2006
Assets
Current assets:
   Cash and cash equivalents               $  13,880,894         $  14,044,398
   Trade receivables, less allowance
     for doubtful accounts and sales returns
     of $300,000                               4,308,939             4,892,530
   Inventories                                 2,538,394             2,189,009
   Deferred income taxes                       1,364,865             1,364,865
   Note receivable                             1,537,500             1,537,500
   Other current assets                          285,208                80,063
                                              __________            __________
     Total current assets                     23,915,800            24,108,365

Deferred income taxes                            685,000             1,176,000

Property and equipment, at cost:
   Machinery and equipment                    10,883,428            10,640,675
   Leasehold improvements                      2,103,688             2,028,375
                                              __________            __________
                                              12,987,116            12,669,050
   Less: accumulated depreciation
     and amortization                         12,155,648            11,822,648
                                              __________            __________
Net property and equipment                       831,468               846,402

Other assets                                     104,988               104,988

                                              __________             __________

                                           $  25,537,256         $  26,235,755
                                              ==========            ==========
Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable                        $   1,180,109         $   2,056,948
   Accrued liabilities                           624,563               652,735
                                              __________            __________
     Total current liabilities                 1,804,672             2,709,683

Stockholders' equity:
   Common stock, par value $1.00 per share;
      Authorized 54,000,000 shares; issued and
      outstanding 8,589,839 at January 31, 2007
      and 8,487,396 at April 30, 2006          8,589,839             8,487,396
   Additional paid-in capital                  5,470,136             4,906,207
   Retained earnings                           9,672,609            10,132,469
                                              __________            __________

        Total stockholders' equity            23,732,584            23,526,072
                                              __________            __________
                                           $  25,537,256         $  26,235,755
                                              ==========            ==========

See accompanying notes to consolidated financial statements.


<TABLE>
                        Dataram Corporation and Subsidiaries
                        Consolidated Statements of Operations
                Three and Nine Months Ended January 31, 2007 and 2006

                                   (Unaudited)


<S>                                          <C>
                                                            2007                              2006
                                               3rd Quarter        Nine Months      3rd Quarter        Nine Months


Revenues                                     $   9,366,258      $  29,573,524    $  9,219,857     $ 33,021,732

Costs and expenses:
   Cost of sales                                 7,504,751         22,730,327       6,520,192       23,152,178
   Engineering and development                     295,271            921,804         287,076          846,499
   Selling, general and administrative           2,249,734          7,073,088       2,175,125        6,950,143
                                                __________         __________      __________       __________
                                                10,049,756         30,725,219       8,982,393       30,948,820

Earnings (loss) from operations                   (683,498)        (1,151,695)        237,464        2,072,912


Interest income, net                               174,957            518,250         140,576          278,939
Currency gain (loss)                                38,020            102,260         (25,587)         (70,856)
Other income, net                                        0          2,265,000       1,915,473        2,041,473
                                                __________         __________      __________       __________
Total other income                                 212,977          2,885,510       2,030,462        2,249,556

Earnings (loss) before income taxes               (470,521)         1,733,815       2,267,926        4,322,468

Income tax provision (benefit)                    (173,000)           655,000         863,000        1,634,000
                                                __________         __________      __________       __________
Net earnings (loss)                          $    (297,521)      $  1,078,815     $ 1,404,926     $  2,688,468
                                                ==========         ==========      ==========       ==========

Net earnings (loss) per share of common stock:
   Basic                                     $        (.03)       $       .13     $       .17    $         .32
                                                ==========         ==========      ==========       ==========
   Diluted                                   $        (.03)      $        .12     $       .16    $         .30
                                                ==========         ==========      ==========       ==========
Dividends per common share                   $         .06       $        .18     $       .05    $         .15
                                                ==========         ==========      ==========       ==========
See accompanying notes to consolidated financial statements.
</TABLE>


                            Dataram Corporation and Subsidiaries
                          Consolidated Statements of Cash Flows
                         Nine Months Ended January 31, 2007 and 2006
                                      (Unaudited)
                                                   2007                2006

Cash flows from operating activities:
   Net income                                   $  1,078,815      $  2,688,468
   Adjustments to reconcile net income
     to net cash provided by operating activities:
       Depreciation and amortization                 333,000           630,000
       Bad debt expense (recovery)                    22,464           (86,634)
       Gain on sale of land                                0        (1,915,473)
       Stock-based compensation expense              345,877                 0
       Deferred income tax expense                   491,000         1,296,000
       Tax benefit from sale of common shares
       under stock option plan                       (66,000)          117,000
       Changes in operating assets and liabilities:
         Decrease in trade receivables               561,127         4,312,323
        (Increase) decrease in inventories           (349,385)          495,038
         Increase in other current assets           (139,145)          (17,558)
         Increase in other assets                          0           (51,173)
         Decrease in accounts payable               (876,839)       (1,105,946)
         Decrease in accrued liabilities             (28,172)         (604,861)
                                                  __________         __________
Net cash provided by operating activities          1,372,742         5,757,184
                                                  __________         __________

Cash flows from investing activities:
   Additions to property and equipment              (318,066)         (241,382)
   Proceeds from sales of property and equipment           0         1,252,973
                                                  __________        __________
   Net cash provided by (used in)
     investing activities                           (318,066)        1,011,591
                                                  __________        __________
Cash flows from financing activities:
  Proceeds from sale of common shares under
  stock option plan                                  254,495           422,865
  Tax benefit from sale of common shares
  under stock option plan                             66,000                 0
  Purchase and subsequent cancellation of
  shares of common stock                                   0          (229,859)
  Cash dividends                                  (1,538,675)       (1,264,213)
                                                  ___________        __________
Net cash used in financing activities             (1,218,180)       (1,071,207)
                                                  ___________        __________

Net increase (decrease) in
   cash and cash equivalents                        (163,504)        5,697,568

Cash and cash equivalents at
   beginning of period                            14,044,398         9,281,520
                                                  __________        __________
Cash and cash equivalents at
   end of period                                $ 13,880,894      $ 14,979,088
                                                  ==========        ==========
Supplemental disclosures of cash flow information:
   Cash paid during the period for:
      Interest                                  $          0      $     20,455
      Income taxes                              $    205,000      $    263,000
See accompanying notes to consolidated financial statements.



Dataram Corporation and Subsidiaries
Notes to Consolidated Financial Statements January 31, 2007 and 2006
(Unaudited)



(1) Basis of Presentation

The information for the three and nine months ended January 31, 2007 and 2006,
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 accounting
principles generally accepted in the United States of America.  The interim
results are not necessarily indicative of results to be expected for the full
fiscal year.  These financial statements should be read in conjunction with
the audited financial statements for the year ended April 30, 2006 included
in the Company's 2006 Annual Report on Form 10-K filed with the Securities
and Exchange Commission.


Net Earnings (Loss) Per Share

Net earnings (loss) per share is presented in accordance with Statement of
Financial Accounting Standards (SFAS) No. 128, "Earnings Per Share".  Basic
net earnings (loss) per share is computed by dividing the net earnings (loss)
by the weighted average number of shares of common stock issued and
outstanding during the period.  For purposes of calculating diluted net
earnings per share for the nine months ended January 31, 2007, and the three
and nine months ended January 31, 2006, the denominator includes both the
weighted average number of shares of common stock issued and outstanding and
also includes the dilutive effect of stock options outstanding (using the
treasury stock method).  For the three-month period ended January 31, 2007,
the denominator does not include the dilutive effect of stock options
outstanding because they would be anti-dilutive.

The following presents a reconciliation of the numerator and denominator used
in computing Basic and Diluted net earnings per share for fiscal 2007 and 2006:





                                   Three Months ended January 31, 2007
                                Earnings(loss)  Shares      Per share
                                 (numerator) (denominator)   amount
                                  _________   ___________   _________

Basic net earnings (loss) per share
-net earnings (loss) and weighted
average common shares
outstanding                       $ (297,521)   8,668,964     $ (.03)
Effect of dilutive securities
-stock options                            -             -          -
                                   ________     _________    _______
Diluted net earnings (loss) per share
-net earnings (loss) weighted
average common shares
outstanding and effect of
stock options                     $ (297,521)   8,668,964     $ (.03)
                                   ========     =========     ======







                                   Three Months ended January 31, 2006
                                   Earnings      Shares      Per share
                                 (numerator) (denominator)   amount
                                  _________   ___________   _________
Basic net earnings per share
-net earnings and weighted
average common shares
outstanding                       $1,404,926    8,472,054     $  .17

Effect of dilutive securities
-stock options                            -       358,642        .01
                                    _______     _________     ______
Diluted net earnings per share
-net earnings, weighted
average common shares
outstanding and effect of
stock options                     $1,404,926    8,830,696     $  .16
                                   =========    =========     ======


Diluted net earnings per share does not include the effect of options to
purchase 572,900 shares of common stock for the three months ended
January 31, 2006 because they are anti-dilutive.

                                   Nine Months ended January 31, 2007
                                   Earnings      Shares      Per share
                                 (numerator) (denominator)   amount
                                  _________   ___________   _________

Basic net earnings per share
-net earnings and weighted
average common shares
outstanding                       $1,078,815    8,549,122     $  .13

Effect of dilutive securities
-stock options                            -       250,427        .01
                                    _______     _________     ______
Diluted net earnings per share
-net earnings, weighted
average common shares
outstanding and effect of
stock options                     $1,078,815    8,799,549     $  .12
                                   ========     =========     ======

                                   Nine Months ended January 31, 2006
                                   Earnings      Shares      Per share
                                 (numerator) (denominator)   amount
                                  _________   ___________   _________

Basic net earnings per share
-net earnings and weighted
average common shares
outstanding                       $2,688,468    8,431,481     $  .32

Effect of dilutive securities
-stock options                            -       393,580        .02
                                    _______     _________     ______
Diluted net earnings per share
-net earnings, weighted
average common shares
outstanding and effect of
stock options                     $2,688,468     8,825,061    $  .30
                                   =========     =========    ======

Diluted net earnings per share does not include the effect of options to
purchase 542,119 shares of common stock for the nine months ended
January 31, 2007 because they are anti-dilutive.

Diluted net earnings per share does not include the effect of options to
purchase 572,900 shares of common stock for the nine months ended
January 31, 2006 because they are anti-dilutive.

Dividends

On May 31, 2005 the Company's Board of Directors approved the initiation of a
common stock quarterly cash dividend program.  Cash dividends paid in the
three and nine months ended January 31, 2007 were $514,536 and $1,538,675,
respectively.  Cash dividends paid in the three and nine months ended
January 31, 2006 were $423,557 and $1,264,213 respectively.  On February 21,
2007, the Board of Directors declared another $0.06 per share cash dividend,
payable on March 21, 2007 to stockholders of record as of March 7, 2007.

Common Stock Repurchases

During the three months ended July 31, 2005, the Company repurchased 51,450
shares of common stock at a cost of $229,859.  Zero shares were repurchased in
the nine months ended January 31, 2007.  Shares were purchased pursuant to a
repurchase authorization announced on December 4, 2002 pursuant to which the
Company was authorized to repurchase a total of 500,000 shares of its common
stock.  As of January 31, 2007, 172,196 shares remain available for repurchase
under the plan.  This repurchase program does not have an expiration date.

Stock-Based Compensation

The Company has a 1992 incentive and non-statutory stock option plan for the
purpose of permitting certain key employees to acquire equity in the Company
and to promote the growth and profitability of the Company by attracting and
retaining key employees.  In general, the plan allowed granting of up to
2,850,000 shares, adjusted for stock splits, of the Company's common stock at
an option price to be no less than the fair market value of the stock on the
date such options are granted.  Under option agreements granted under the
plan, the holder of the option may purchase 20% of the common stock with
respect to which the option has been granted on or after the first anniversary
of the date of the grant and an additional 20% of such shares on or after each
of the four succeeding anniversary dates.  No further options may be granted
under this plan.

The Company also has a 2001 incentive and non-statutory stock option plan for
the purpose of permitting certain key employees to acquire equity in the
Company and to promote the growth and profitability of the Company by
attracting and retaining key employees.  In general, the plan allows granting
of up to 1,800,000 shares of the Company's common stock at an option price to
be no less than the fair market value of the Company's common stock on the
date such options are granted.  Currently, options granted under the plan vest
ratably on the annual anniversary date of the grants.  Vesting periods for
options currently granted under the plan range from one to five years.

The Company periodically grants nonqualified stock options to non-employee
directors of the Company.  These options are granted for the purpose of
retaining the services of directors who are not employees of the Company and
to provide additional incentive for such directors to work to further the best
interests of the Company and its shareholders.  The options granted to these
non-employee directors are exercisable at a price representing the fair value
at the date of grant and expire either five or ten years after date of grant.
Of each option, 100% are exercisable one year after the date of grant.

New shares of the Company's common stock are issued upon exercise of stock
options.

In December 2004, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 123 (revised 2004),
"Share-Based Payment"("SFAS 123R").  SFAS 123R addresses the accounting for
transactions in which an enterprise receives employee services in exchange
for (a) equity instruments of the enterprise or (b) liabilities that are based
on the fair value of the enterprise's equity instruments or that may be
settled by the issuance of such equity instruments.  SFAS 123R supersedes
APB No. 25 and requires that such transactions be accounted for using a fair
value-based method.  SFAS 123R requires companies to recognize an expense for
compensation cost related to share-based payment arrangements, including stock
options and employee stock purchase plans.  The Company implemented SFAS 123R
effective May 1, 2006.

Prior to May 1, 2006, as permitted under SFAS No. 123, "Accounting for
Stock-Based Compensation,"("SFAS 123"), compensation cost for stock options
was recognized using the intrinsic value method described in APB No. 25,
"Accounting for Stock Issued to Employees"("APB 25").  Effective May 1, 2006,
the Company adopted the fair value recognition provisions of SFAS No. 123(R),
"Share-Based Payment,"("SFAS 123R") and Securities and Exchange Commission
Staff Accounting Bulletin No. 107.  Under SFAS 123R, the fair value of options
granted is amortized over the related service period.  SFAS 123R was adopted
using the modified prospective transition method; therefore, prior periods
have not been restated.  Compensation expense recognized in the three and
nine months ended January 31, 2007 includes compensation cost for all
share-based payments granted prior to, but not yet vested as of May 1, 2006,
based on the grant date fair value estimated in accordance with the original
provisions of SFAS 123.  Compensation cost for any share-based payments
granted subsequent to May 1, 2006 are based on the grant date fair value
estimated in accordance with the provisions of SFAS 123R.

As a result of adopting SFAS 123R, our loss before taxes and net loss for the
three months ended January 31, 2007 are $95,000 and $59,000 greater,
respectively, than if we had continued to account for stock-based compensation
under APB 25.  This resulted in an increase in our reported basic net loss
per share of $.01 for the three months ended January 31, 2007.  Earnings
before taxes and net earnings for the nine months ended January 31, 2007 are
$346,000 and $216,000 lower, respectively, than if we had continued to account
for stock-based compensation under APB 25.  This resulted in a decrease in our
reported basic and diluted net earnings per share of $.03 and $.03,
respectively, for the nine months ended January 31, 2007.  Compensation
expense is recognized in the selling, general and administrative expenses line
item of the accompanying consolidated statements of operations on a ratable
basis over the vesting periods.  We measure the fair value of stock options
using the Black-Scholes option pricing model based upon the market price of
the underlying common stock as of the date of grant, reduced by the present
value of estimated future dividends, using an expected quarterly dividend rate
of $0.06 and risk-free interest rates ranging from 3.0% to 5.0%. Stock options
are amortized over their applicable vesting period, which generally ranges
from one to four years.  These stock option grants have been classified as
equity instruments, and as such, a corresponding increase of $346,000 has been
reflected in additional paid-in capital in the accompanying consolidated
balance sheet as of January 31, 2007.  There were no capitalized stock-based
compensation costs at April 30, 2006.

Prior to the adoption of SFAS 123R, benefits of tax deductions in excess of
recognized compensation costs were reported as operating cash flows. SFAS 123R
requires excess tax benefits to be reported as a financing cash inflow.  The
Company had zero and $66,000, respectively, of excess tax benefits for the
three and nine months ended January 31, 2007.  The Company had tax benefits
of zero and $117,000, respectively for the same prior year periods.





A summary of option activity under the plans for the nine months ended
January 31, 2007 is as follows:

                            Weighted average   Weighted average      Aggregate
                             exercise price  remaining contractual   intrinsic
                  Shares                             life              value(1)
               __________  ________________  _____________________  ___________

Balance
April 30, 2006   1,299,375      $4.78               3.65           $  2,252,000

Granted (2)        143,300      $4.70                 -                       -
Exercised         (102,443)     $2.34                 -                 235,000
Cancelled          (26,150)     $6.64                 -                       -
                 _________
Balance
January 31, 2007 1,314,082      $5.07               3.29             $  995,000
                 =========
Vested
January 31, 2007 1,103,382      $5.14               2.80             $  987,000
                 =========


(1) These amounts represent the difference between the exercise price and
$4.49, the closing price of Dataram common stock on January 31, 2007 as
reported on the NASDAQ Stock Market, for all in-the-money options outstanding.
For exercised options, intrinsic value represents the difference between the
exercise price and the closing price of Dataram common stock on the date of
exercise.

(2) The fair value of the stock options granted during the current fiscal
year is $2.00 and was estimated on the date of grant using the Black-Scholes
option pricing model with the following assumptions: expected life of 5 years;
expected volatility of 67%; expected dividend yield of 5.1%; expected
forfeiture rate of 0%; and a risk-free interest rate of 5.0%.

Total cash received from the exercise of options in the three and nine months
ended January 31, 2007 was $50,000 and $254,000 respectively.  During the
third quarter ended January 31, 2007, zero options completed vesting.  As of
January 31, 2007, there was $339,000 of total unrecognized compensation costs
 related to stock options.  These costs are expected to be recognized over a
\weighted average period of 1.25 years.  At January 31, 2007, an aggregate of
1,135,300 shares were authorized for future grant under the Company's stock
option plans.


The following table illustrates the pro forma effect on net earnings and
earnings per share for the three and nine months ended January 31, 2006 as
if the Company had applied the fair value recognition provisions of SFAS 123R
to stock-based compensation:


                                Three Months Ended       Nine Months Ended
                                     January 31,            January 31,
                                       2006                   2006
                                   -----------            -----------
Net earnings as reported          $  1,404,926           $  2,688,468

Deduct:  Total stock-based
 employee compensation expense
 determined under fair value
 based method for all awards,
 net of related tax effects ....      (129,555)              (443,546)
                                   -----------            -----------

Pro forma net earnings....        $  1,275,371           $  2,244,922
                                   ===========            ===========



Earnings per share:
 Basic - as reported ...........   $      0.17            $      0.32
                                   ===========            ===========
 Basic - pro forma .............   $      0.15            $      0.27
                                   ===========            ===========

 Diluted - as reported .........   $      0.16            $      0.30
                                   ===========            ===========
 Diluted - pro forma ...........   $      0.14            $      0.25
                                   ===========            ===========



Reclassification

Certain amounts in the fiscal 2006 consolidated financial statement have
been reclassified to conform to the fiscal 2007 presentation.



(2) Cash and cash equivalents

Cash and cash equivalents consist of unrestricted cash, money market funds
and commercial paper with purchased maturities of three months or less when
acquired.


(3) 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, 2007 and
April 30, 2006 consist of the following categories:


                    January 31, 2007    April 30, 2006
                    ________________    ______________
Raw materials       $      1,630,000    $    1,506,000
Work in process               45,000            63,000
Finished goods               863,000           620,000
                    ________________    ______________
                    $      2,538,000    $    2,189,000
                    ================    ==============


(4) Note receivable/Other income

On December 29, 2005, the Company closed on an agreement to sell its
undeveloped land.  The purchase price was $3,075,000 of which half, or
$1,537,500 was paid in the form of a one-year mortgage, which accrued
interest at 5% per annum.  On November 30, 2006, the Company entered into
an agreement to extend the due date of the mortgage by six months with the
interest rate adjusted to 7.5% during the extension period.  Prior to the
closing, the land had been carried at cost on the Company's balance sheet
at a value of $875,000 and was shown as an asset held for sale.


(5) Financial information by geographic location

The Company operates in one business segment and develops, manufactures and
markets a variety of memory systems for use with network servers and
workstations which are manufactured by various companies.  Revenues for the
three and nine month periods ended January 31, 2007 and 2006 by geographic
region are as follows:


                                      Three months ended    Nine months ended
                                       January 31, 2007      January 31, 2007
                                       ________________      ________________
United States                          $      6,822,000     $      21,064,000
Europe                                        1,863,000             5,850,000
Other (principally Asia Pacific Region)         681,000             2,660,000
                                       ________________      ________________
Consolidated                           $      9,366,000     $      29,574,000
                                       ================     =================


                                       Three months ended   Nine months ended
                                       January 31, 2006      January 31, 2006
                                       ________________      ________________
United States                          $      5,825,000     $      23,152,000
Europe                                        2,042,000             6,813,000
Other (principally Asia Pacific Region)       1,353,000             3,057,000
                                       ________________      ________________
Consolidated                           $      9,220,000     $      33,022,000
                                       ================     =================





Long-lived assets consist of property and equipment. Long-lived assets and
total assets by geographic region as of January 31, 2007 are as follows:

                            January 31, 2007
                    Long-lived assets     Total assets
                    _________________    ______________
United States       $         831,000    $   24,966,000
Europe                              0           517,000
Other                               0            54,000
                    _________________    ______________
Consolidated        $         831,000    $   25,537,000
                    =================    ==============


(6) Significant New Accounting Pronouncements

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs, an
amendment of Accounting Research Bulletin (ARB) No. 43, Chapter 4". SFAS 151,
amends ARB 43, Chapter 4, to clarify that abnormal amounts of idle facility
expense, freight, handling costs, and wasted material (spoilage) should be
recognized as current-period charges.  In addition, this statement requires
that allocation of fixed production overheads to the cost of conversion be
based on the normal capacity of the production facilities.  The provisions of
this statement were effective for the Company beginning May 1, 2006 and had
no material effect on the Company's consolidated balance sheet as of
January 31, 2007, and the related consolidated statements of operations and
cash flows for the period then ended.

In July 2006, the FASB issued FASB Interpretation No. 48, Accounting for
Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109
FIN 48), which clarifies the accounting for uncertainty in tax positions.
This Interpretation requires that we recognize in our financial statements,
the impact of a tax position, if that position is more likely than not to be
sustained on audit, based on the technical merits of the position.  The
provisions of FIN 48 are effective in the first quarter of fiscal 2008, with
the cumulative effect, if any, of the change in accounting principle recorded
as an adjustment to opening retained earnings.  The application of FIN 48
will not have a material effect on our financial results.

In September 2006, the SEC released Staff Accounting Bulletin No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements"(SAB 108).  SAB 108
provides interpretive guidance on the SEC's views regarding the process of
quantifying materiality of financial statement misstatements.  SAB 108 is
effective for fiscal years ending after November 15, 2006, and early
application for the first interim period of the same fiscal year is
encouraged.  The application of SAB 108 in fiscal 2007 did not have a
material effect on our financial results.

(7) Concentration of credit risk

Financial instruments that potentially subject the Company to concentration
of credit risk consist primarily of cash and cash equivalents and trade
receivables.  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.  In regard to trade
receivables, the Company performs ongoing evaluations of its customers'
financial condition, as well as general economic conditions and, generally,
requires no collateral from its customers.

(8) Use of estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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.





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.  The information provided in
this interim report 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 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.

Executive Overview

Dataram Corporation is a developer, manufacturer and marketer of large
capacity memory products primarily used in high performance network servers
and workstations.  The Company provides customized memory solutions for
original equipment manufacturers (OEMs) and compatible memory for leading
brands including Dell, HP, IBM, Silicon Graphics and Sun Microsystems.  The
Company also manufactures a line of memory products for AMD and Intel
motherboard based servers.

The Company's memory products are sold worldwide to OEMs, distributors,
value-added resellers and end-users.  The Company has a manufacturing
facility in the United States with sales offices in the United States, Europe
and Japan.

The Company is an independent memory manufacturer specializing in high
capacity memory and competes with several other large independent memory
manufacturers as well as the OEMs mentioned above.  The primary raw material
used in producing memory boards is dynamic random access memory (DRAM) chips.
The purchase cost of DRAM chips typically represents approximately 75% of the
total cost of a finished memory board.  Consequently, average selling prices
for computer memory boards are significantly dependent on the pricing and
availability of DRAM chips.

Liquidity and Capital Resources

As of January 31, 2007, cash and equivalents amounted to $13.9 million and
working capital amounted to $22.1 million, reflecting a current ratio of 13.3,
compared to cash and equivalents of $14.0 million and working capital of $21.4
million and a current ratio of 8.9 as of April 30, 2006.

During the first nine months of fiscal year 2007, net cash provided by
operating activities totaled approximately $1.4 million.  Net income in the
first nine months of fiscal 2007 was approximately $1.1 million.  Accounts
receivable decreased by approximately $561,000 as a result of lower sequential
quarterly revenues.  Also, non-cash stock-based compensation expense of
approximately $346,000 was recorded.  Depreciation expense in the first nine
month's of fiscal 2007 was $333,000.  Deferred income taxes also decreased by
$491,000.  This decrease, which was due to the Company's first nine months
federal income tax expense, was offset by federal net operating loss (NOL)
carry-forwards.  The cash provided by these sources was partially offset by a
decrease in accounts payable of approximately $877,000 and an increase in
inventories of $349,000.  Other current assets increased by approximately
$139,000, primarily as a result of an increase in prepaid income taxes and
other expenses related to annual maintenance contracts and annual
insurance deposits.


Net cash used in investing activities of approximately $318,000 for the nine
months ended January 31, 2007, consists of capital expenditures substantially
related to the acquisition of production testing equipment.

Net cash used in financing activities of approximately $1.2 million for the
nine months ended January 31, 2007, consists of approximately $1.5 million
cash dividend payments, offset by approximately $254,000 of cash received
from stock option exercises including a tax benefit of $66,000.

On June 21, 2004, the Company entered into a credit facility with a bank,
which provides for up to a $5 million revolving credit line.  Advances under
the facility are limited to 75% of eligible receivables, as defined in the
agreement.  The agreement provides for LIBOR rate loans and base rate loans
at an interest rate no higher than the bank's base commercial lending rate.
The Company is required to pay a commitment fee equal to one quarter of one
percent per annum on the unused commitment.  The agreement contains certain
restrictive covenants, specifically a trailing twelve month profitability
requirement, a current assets to current liabilities ratio, a total
liabilities to tangible net worth ratio and certain other covenants, as
defined in the agreement.  The agreement was amended on April 4, 2005.  The
effect of the amendment was to increase the limit of the Company's combined
open market stock repurchases and dividend payments to $2.5 million per year
from $1.0 million per year without prior waiver.  The agreement was scheduled
to expire on June 21, 2006.  On June 20, 2006, the agreement was amended.
The effect of amendment was to extend the expiration date of the agreement to
August 15, 2008 and remove the eligible accounts receivable limitation on
advances under the facility.  The amendment also modified the total
liabilities to tangible net worth ratio covenant.  The Company is in
compliance with all covenants of the agreement and there have been no
borrowings against the credit line.

Management believes that the Company's existing cash and cash flows generated
from operations will be sufficient to meet short term liquidity needs as the
Company does not expect any unforeseen demands beyond general operating
requirements for cash.  Management further believes that its working capital
together with internally generated funds from its operations and its bank
line of credit are adequate to finance the Company's long term operating
needs and future capital requirements.

Future minimum lease payments under noncancellable operating leases (with
initial or remaining lease terms in excess of one year) as of April 30, 2006
are as follows:


                                        Operating leases
Year ending April 30:                ______________
      2007                           $      417,000
     2008                                   389,000
      2009                                  397,000
      2010                                  404,000
      2011                                  360,000
Thereafter                                   34,000
                                     ______________
Total minimum lease payments         $    2,001,000
                                     ==============

The Company has no other material commitments.

Results of Operations

Revenues for the three-month period ended January 31, 2007 were $9,366,000
compared to revenues of $9,220,000 for the comparable prior year period.
Fiscal 2007 nine-month revenues totaled $29,574,000 versus nine-month
revenues of $33,022,000 in the prior year.  Last year's fiscal nine months
revenue included approximately $3.0 million of revenues shipped to one OEM
customer in last year's first quarter compared to nil in the comparable
current year period.


Revenues for the three and nine months ended January 31, 2007 and 2006 by
geographic region are as follows:


                                      Three months ended     Nine months ended
                                       January 31, 2007      January 31, 2007
                                       ________________      ________________
United States                          $      6,822,000      $     21,064,000
Europe                                        1,863,000             5,850,000
Other (principally Asia Pacific Region)         681,000             2,660,000
                                       ________________      ________________
Consolidated                           $      9,366,000      $     29,574,000
                                       ================      ================


                                       Three months ended    Nine months ended
                                       January 31, 2006      January 31, 2006
                                       ________________      ________________
United States                          $      5,825,000      $     23,152,000
Europe                                        2,042,000             6,813,000
Other (principally Asia Pacific Region)       1,353,000             3,057,000
                                       ________________      ________________
Consolidated                           $      9,220,000     $      33,022,000
                                       ================      ================



Cost of sales for the third quarter and nine months were 80% and 77% of
revenues, respectively, versus 71% and 70% for the same respective prior year
periods.  Gross margins during the third quarter were lower than what the
Company considers its normal range.  This was primarily the result of reduced
absorption of factory costs in the third quarter that was a result of the
lower sequential quarterly volume.  Gross margins of 77% in the first nine
months of fiscal 2007 are within normal range.  Gross margins for prior year
periods were higher than the Company's historical norm of 25% and reflect a
higher than normal shipment percentage of larger capacity memory.  Large
capacity memory usually commands higher gross margins.  Management expects
that cost of sales as a percentage of revenue will generally be approximately
75%.  Fluctuations either up or down of 3% or less in any given quarter are
not unusual and can result from many factors, some of which are a rapid
change in the price of DRAMs, or a change in product mix possibly resulting
from a large order or series of orders for a particular product or a change
in customer mix.

Engineering and development costs in fiscal 2007's third quarter and nine
months were $295,000 and $922,000, respectively, versus $287,000 and $846,000
for the same respective prior year periods.  The increases in the current
year are attributable to additional salary and employee related cost.  The
Company intends to maintain its commitment to the timely introduction of new
memory products as new computers are introduced.

Selling, general and administrative costs in fiscal 2007's third quarter and
nine months were 24% of revenues, respectively versus 24% and 21% for the
same prior year periods.  Third quarter and nine month expenses increased
$75,000 and $123,000, respectively, over prior year comparable periods.  The
increase in expense in fiscal 2007's third quarter was primarily the result
of stock option expense of $95,000.  The increase in expense in fiscal 2007's
nine month period was primarily the result of stock option expense of
$346,000, offset by reduced compensation costs primarily related to employee
attrition.  Stock option expense recorded in the prior year comparable
periods was nil.

Other income, net for the third quarter and nine months totaled $213,000 and
$2,886,000, respectively, for fiscal 2007 and $2,030,000 and $2,250,000 for
the same respective periods in fiscal 2006.  Other income in fiscal 2007's
third quarter consisted primarily $175,000 on interest income.  Additionally,
there was $38,000 of foreign currency gain, primarily as a result of the EURO
strengthening relative to the US dollar.  Other income for fiscal 2007 nine
months consisted primarily of $2.3 million received from a DRAM manufacturer
related to a settlement agreement that the Company entered into in the second
quarter.  Additionally, there was $518,000 of interest income and $102,000
foreign currency gain, primarily as a result of the EURO strengthening
relative to the US dollar.  Other income in fiscal 2006's third quarter
consisted primarily of $1,915,000 related to the sale of the Company's land,
and interest income net of interest expense of $141,000.  Other income in
fiscal 2006's nine months consisted primarily of the aforementioned gain on
sale of the land as well as an additional $125,000 of scheduled non-refundable
payments related to the land sale received in the first half of the fiscal
year.  Additionally, there was $279,000 interest income net of interest
expense.  Offsetting fiscal 2006 nine month other income was $71,000 of
foreign currency loss, primarily as a result of the US dollar strengthening
relative to the EURO.

Income tax expense (benefit) for the third quarter and nine months of fiscal
2007 was a benefit of ($173,000) and $655,000 of expense, respectively, verses
$863,000 of expense and $1,634,000 of expense for the same prior year periods.
The Company's effective tax rate for financial reporting purposes in fiscal
2007 is approximately 37.5%.  However, the Company has federal NOL
carry-forwards totaling approximately $3.1 million and therefore will
continue to make cash payments for income taxes at an approximate rate of
6.5% of pretax earnings until it utilizes all of its NOL carry-forwards.


Critical Accounting Policies

During December 2001, the Securities and Exchange Commission (SEC) published
a Commission Statement in the form of Financial Reporting Release No. 60
which encouraged that all registrants discuss their most "critical accounting
policies"in management's discussion and analysis of financial condition and
results of operations.  The SEC has defined critical accounting policies as
those that are both important to the portrayal of a company's financial
condition and results, and that require management's most difficult,
subjective or complex judgments, often as a result of the need to make
estimates about the effect of matters that are inherently uncertain.  While
the Company's significant accounting policies are summarized in Note 1 to the
consolidated financial statements included in the Company's Form 10-K for the
fiscal year ended April 30, 2006, the Company believes the following
accounting policies to be critical:

Revenue Recognition - Revenue is recognized when title passes upon shipment
of goods to customers.  The Company's revenue earning activities involve
delivering or producing goods. The following criteria are met before revenue
is recognized: persuasive evidence of an arrangement exists, shipment has
occurred, selling price is fixed or determinable and collection is reasonably
assured.  The Company does experience a minimal level of sales returns and
allowances for which the Company accrues a reserve at the time of sale in
accordance with SFAS No. 48, "Revenue Recognition When Right of Return
Exists".  Estimated warranty costs are accrued by management upon product
shipment based on an estimate of future warranty claims.

Stock Option Expense - In December 2004, SFAS No. 123 (revised 2004),
"Share-Based Payment"("SFAS 123(R)") was issued. SFAS 123(R) revises SFAS 123
and supersedes APB No. 25, "Accounting for Stock Issued to Employees"
("APB 25").  SFAS 123, as originally issued in 1995, established as
preferable a fair value-based method of accounting for share-based payment
transactions with employees.  However, SFAS 123 as amended permitted entities
the option of continuing to apply the intrinsic value method under APB 25 that
the Company had been using, as long as the footnotes to the financial
statements disclosed what net income would have been had the preferable fair
value-based method been used.  SFAS 123(R) requires that the compensation cost
relating to all share-based payment transactions, including employee stock
options, be recognized in the historical financial statements.  That cost is
measured based on the fair value of the equity or liability instrument issued
and amortized over the related service period.  The Company has adopted the
guidance in SFAS 123(R) effective May 1, 2006.  As such, the accompanying
consolidated statements of operations for the three and nine months ended
January 31, 2007 includes approximately $95,000 and $346,000, respectively
of compensation expense in the selling, general and administrative expense
line item related to the fair value of options granted to employees and
directors under the Company's stock-based employee compensation plans which
is being amortized over the service period in the financial statements, as
required by SFAS 123(R).  These awards have been classified as equity
instruments, and as such, a corresponding increase of $346,000 has been
reflected in additional paid-in capital in the accompanying consolidated
balance sheet as of January 31, 2007.


Income Taxes - The Company utilizes the asset and liability method of
accounting for income taxes in accordance with the provisions of
SFAS No. 109, "Accounting for Income Taxes".  Under the asset and liability
method of SFAS No. 109, 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.  A valuation allowance is provided when it is
more likely than not that some portion or all of the deferred tax assets will
not be realized.  The Company considers certain tax planning strategies in
its assessment as to the recoverability of its tax assets.  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.  Under SFAS No. 109, 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.

Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, including deferred tax asset
valuation allowances and certain other reserves 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.
Estimates and assumptions are reviewed periodically and the effects of
revisions are reflected in the consolidated financial statements in the
period they are determined to be necessary.  Some of the more significant
estimates made by management include the allowance for doubtful accounts and
sales returns, the deferred tax asset valuation allowance and other operating
allowances and accruals.  Actual results could differ from those estimates.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company does not invest in market risk sensitive instruments.  The
Company's investments consist of overnight deposits with banks and commercial
paper, which matures within ninety days.  The Company's rate of return on its
investment portfolio changes with short-term interest rates, although such
changes will not affect the value of its portfolio.  The Company's objective
in connection with its investment strategy is to maintain the security of
its cash reserves without taking market risk with principal.

The Company purchases and sells primarily in U.S. dollars.  The Company sells
in foreign currency (primarily Euros) to a limited number of customers and as
such incurs some foreign currency risk.  Generally, approximately 5 to 10
percent of the Company's accounts receivable are denominated in currencies
other than U.S. dollars.  At present, the Company does not purchase forward
contracts as hedging instruments, but could do so as circumstances warrant.



ITEM 4. CONTROLS AND PROCEDURES

The Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures as required by
Exchange Act Rule 13a-15(e) as of the end of the period covered by this
report.  Based on that evaluation, the Chief Executive Officer and Chief
Financial Officer have concluded that these disclosure controls and
procedures are effective.  There were no changes in our internal controls
over financial reporting during the quarter ended January 31, 2007 that have
materially affected, or are reasonably likely to materially affect, our
internal controls over financial reporting.







ITEM 6.  EXHIBITS

     31(a)  Rule 13a-14(a) Certification of Robert V. Tarantino

     31(b)  Rule 13a-14(a) Certification of Mark E. Maddocks

     32(a)  Section 1350 Certification of Robert V. Tarantino
                         (furnished not filed)

     32(b)  Section 1350 Certification of Mark E. Maddocks
                         (furnished not filed)




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



                                     MARK E. MADDOCKS



Date: March 9, 2007                  By:
                                        _______________________________
                                     Mark E. Maddocks
                                     Vice President, Finance

                                     (Principal Financial Officer)