Error : Memory allocation failed `No such file or directory'

Hi,
 We are facing several problem in using the Imagemagick. 
        We have a large YUV file with 1000 frames. When we operate rotate 
on the entire YUV file, it is giving the following error

convert.exe: Memory allocation failed `No such file or directory' @ 
ImageMagick-6.4.5\magick\cache.c/unknown/967.

Also I observed Imagemagick is occupying more that an GB of my memory 
during the run.
Please help me in figuring out the issue. and suggest me a fix 

Thanks

Chalamala Srinivasa Rao
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