Yes, it's hitting PHP memory limit which is set to 32 MB. You'll have to increase it to at least 64 MB but just to make sure it doesn't hit it again, I'd set it to 128 MB
Depending on which configuration file you have access to, you'll have to edit either .htaccess file and add this line to it:
php_value memory_limit 128M
...or edit php.ini file and add/modify this setting:
memory_limit = 128M
When you save/re-upload the configuration file, it should work fine.
Note: If you get any server error that means you are not allowed to modify memory limit. In that case you'll have to contact your hosting provider and ask them to increase it for you.