Cray Inc. Announces First Quarter Results.Business Editors SEATTLE--(BUSINESS WIRE)--May 12, 2000 Cray (Cray, Inc., Seattle, WA, www.cray.com) A supercomputer manufacturer founded in 1972 as Cray Research, Inc., by Seymour Cray, a leading designer of large-scale computers at Control Data. In 1976, it shipped its first computer to Los Alamos National Laboratory. Inc. (Nasdaq:CRAY), a global leader in supercomputer systems Three firms have held, simultaneously, the name Supercomputer Systems or Supercomputing Systems. The first was founded by Steve Chen, architect of the Cray X-MP and Cray Y-MP. The second was based in San Diego, California, USA. , today reported results for the first quarter 2000. These results do not reflect the recent acquisition of the Cray Research See Cray. business assets, which will be included in the second quarter 2000 results. Cray will hold an investor teleconference at 9:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there / 12:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. today to discuss the results and company progress (details are provided below). For the first quarter ended March 31, 2000, Cray Inc. reported a net loss of $8.0 million, or ($0.27) per share on revenues of $43,000, compared to a net loss of $6.8 million, or ($0.47) per share on revenues of $661,000 for the first quarter of 1999. The company's cash position increased from $10.0 million at December 31, 1999, to $35.2 million at March 31, 2000, including $5.0 million held as a deposit for the $15 million cash component of the Cray Research acquisition. The increase reflected a successful private placement of common stock in the first quarter that raised $24.3 million after expenses and approximately $9.0 million received from warrant exercises. "The results for the first quarter 2000 close the chapter for the company as a development stage entity," said Jim Rottsolk, president and chief executive officer. "With the Cray acquisition complete, we will be reporting on activities and sales across our full range of commercially available supercomputing products such as the Cray SV1 and T3E T3E Toxicomanie Europe Echanges Etudes , as well as achieving benchmarks leading to the commercialization of the MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. and SV2 supercomputers. With the world's foremost supercomputing technology, R&D, manufacturing, sales and service capabilities, we are focused on delivering our customers the best technology and product solutions to meet their most demanding computational Having to do with calculations. Something that is "highly computational" requires a large number of calculations. needs." "There is a tremendous amount of customer excitement surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. Cray's products," Rottsolk added. "Our recently announced $18.5 million contract from the Army for Cray T3E-1200 technology is evidence of that excitement and confidence in the new Cray. In addition, the company's internal excitement and confidence is reaching new heights. Besides retaining nearly all Cray employees, we have seen a resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. of interest from former employees who wish to return to the newly independent Cray Inc. We are rapidly building the new Cray from a position of strength and leadership. I look forward to reporting on our continued success in the future." Conference Call Management will discuss both the results and company progress and hold a question and answer session for callers today, May 12th, 2000, at 9:00 a.m. Pacific / 12:00 p.m. Eastern. To participate, call 415-247-8503 a few minutes before 9:00 a.m. Pacific / 12:00 p.m. Eastern (no passcode required). If you are unable to participate, a replay will be available from 11:00 a.m. Pacific on May 12 until May14 at 5:00 p.m. Pacific. To access, please dial 1-800-633-8284, reservation number 15195313. In addition, the replay will be available for 90 days via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.vcall.com. About Cray Inc. Cray Inc., formerly Tera Computer Company Tera Computer Company was a manufacturer of high-performance computing software and hardware, founded in 1987 in Seattle, Washington by James Rottsolk and Burton Smith. The company's first supercomputer product, named MTA, featured interleaved multi-threading, i.e. , designs, builds and sells high-performance vector processor A computer with built-in instructions that perform multiple calculations on vectors (one-dimensional arrays) simultaneously. It is used to solve the same or similar problems as an array processor; however, a vector processor passes a vector to a functional unit, whereas an array processor and general-purpose parallel computer systems. The company has leading edge technology, multiple product platforms, nearly 900 employees, a $2 billion installed base of over 600 computers worldwide, major manufacturing and service capabilities and extensive global customer relationships. Cray believes its Multithreaded multithreaded - multithreading Architecture and SV2 systems together represent the future of supercomputing. Go to www.cray.com for more information on the company. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . There are certain factors that could cause Cray's execution plans to differ materially from those anticipated by the statements above. Among such factors risks are expected delivery and acceptance times, and timely availability of commercially acceptable components from third party suppliers. For a discussion of such risks, and other risks that could affect Cray's future performance, please see "Risk Factors" in Tera Computer's most recent SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Note to Editors: Cray is a registered trademark, and Cray SV2, Cray T3E The Cray T3E was Cray Research's second-generation massively parallel supercomputer architecture, launched in 1995. Like the previous Cray T3D It was a fully distributed memory machine using a 3D torus topology interconnection network. and Cray T3E-1200 are trademarks, of Cray Inc. All other trademarks are the property of their respective owners.
CRAY INC.
CONDENSED BALANCE SHEETS
December 31, March 31,
1999 2000
----------- -----------
(unaudited)
ASSETS
Cash and cash equivalents $10,069,355 $30,187,972
Restricted cash 1,131,583 1,042,078
Accounts receivable 641,316 658,456
Inventory 4,513,013 4,482,710
Deposit to SGI 5,000,000
Property and equipment, net 5,828,712 7,158,322
Other assets 1,226,497 1,816,193
----------- -----------
TOTAL $23,410,476 $50,345,731
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 7,691,677 $ 8,143,035
Non-current liabilities 1,411,982 1,286,661
Shareholders' equity 14,306,817 40,916,035
----------- -----------
TOTAL $23,410,476 $50,345,731
=========== ===========
CRAY INC.
STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
1999 2000
----------- -----------
REVENUE $ 660,593 $ 42,978
----------- -----------
OPERATING EXPENSES:
Cost of sales 620,839 26,250
Manufacturing costs and
inventory adjustments 2,395,745 2,002,644
Research and development 3,033,333 4,482,844
Marketing and sales 632,479 767,733
General and administrative 465,058 1,100,621
----------- -----------
7,147,454 8,380,092
----------- -----------
Loss from operations (6,486,861) (8,337,114)
OTHER INCOME / (EXPENSE) (324,406) 332,234
----------- -----------
NET LOSS (6,811,267) (8,004,880)
PREFERRED STOCK DIVIDEND (70,057)
----------- -----------
LOSS FOR COMMON STOCK $(6,881,324) $ (8,004,880)
=========== ============
LOSS PER COMMON SHARE,
BASIC AND DILUTED $ (0.47) $ (0.27)
=========== ============
WEIGHTED AVERAGE SHARES
OUTSTANDING, BASIC AND
DILUTED 14,625,703 29,595,622
=========== ============
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