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CRAY RESEARCH REPORTS FIRST QUARTER RESULTS

 CRAY RESEARCH REPORTS FIRST QUARTER RESULTS
 EAGAN, Minn., April 20 /PRNewswire/ -- Cray Research, Inc.


(NYSE: CYR) today reported revenue of $165,094,000 and net earnings of $3,885,000, or $.14 per share, for the first quarter ended March 31, 1992. This compares with revenue of $143,001,000, net earnings of $5,228,000, and earnings per share of $.20, for the same period a year ago.
 John Rollwagen, chairman and chief executive officer, said, "The contract value of orders signed was approximately $86 million compared with $67 million for the first quarter of 1991. Our backlog at the end of the quarter was approximately $354 million, up from $315 million at the end of first quarter 1991."
 Rollwagen said, "At this time, our order backlog and prospect list continue to indicate that we can meet our growth objectives for 1992. However, second quarter financial results most likely will be similar to first quarter results as most of our installation and order activity will occur in the second half of the year when the Y-MP C90 and Y-MP EL computer systems will be widely available."
 Customers accepted systems and upgrades in the quarter with a net contract value of about $82 million. Of the systems installed in the quarter, 11 were new and two were used.
 Cray Research, Inc. creates the most powerful, highest-quality computational tools for solving the world's most challenging scientific and industrial problems.
 CRAY RESEARCH, INC. AND SUBSIDIARIES
 Consolidated Summary of Earnings
 (Unaudited) (In thousands, except per share data)
 Three Months Ended
 3/31/92 3/31/91
 Revenue $165,094 $143,001
 Cost of revenue 81,553 68,889
 Gross profit 83,541 74,112
 Operating expenses 76,735 67,242
 Operating income 6,806 6,870
 Other income (expense) (835) 1,051
 Earnings before income taxes 5,971 7,921
 Provision for income taxes (2,086) (2,693)
 Net earnings $3,885 $5,228
 Earnings per common and common
 equivalent share $.14 $.20
 Average number of common and common
 equivalent shares outstanding 27,142 26,670
 CONSOLIDATED SUMMARY OF BALANCE SHEET
 (Unaudited)
 ASSETS March 31, 1992
 Current Assets:
 Cash and equivalents $59,859
 Receivables 145,166
 Inventories 309,946
 Other current assets 34,273
 Total current assets 549,244
 Long-term receivables 31,611
 Leased systems and spares, net 101,183
 Property, plant and equipment, net 252,111
 Investments and other assets 129,846
 -- $1,063,995
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities $199,815
 Long-term debt, excluding current
 installments 110,945
 Stockholders' equity 753,235
 -- $1,063,995
 -0- 4/20/92
 /CONTACT: Steve Conway (Media) 612-683-7133, or Laura Merriam (Financial) 612-683-7395, both of Cray Research/
 (CYR) CO: Cray Research ST: Minnesota IN: CPR SU: ERN


MA -- MN015 -- 0210 04/20/92 16:18 EDT
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Date:Apr 20, 1992
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