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CRAY COMPUTER CORP. REPORTS 1992 FINANCIAL RESULTS

 COLORADO SPRINGS, Colo., Feb. 4 /PRNewswire/ -- Cray Computer Corp. (NASDAQ: CRAY) reported a net loss of $50,494,000, or $2.08 per share, for the year ended Dec. 31, 1992. This compares with a net loss of $52,214,000, or $2.50 per share, for the year ended Dec. 31, 1991.
 Net loss for the fourth quarter of 1992 was $12,591,000, or 51 cents per share, compared with a net loss of $14,621,000, or 61 cents per share, for the fourth quarter of 1991.
 William G. Skolout, chief financial officer, stated that, "The loss for 1992 was expected by management as the company continued the development of the CRAY-3 supercomputer system. The loss for the year 1992 and fourth quarter 1992 were both less than their respective periods in 1991 due to tighter expense controls."
 Seymour R. Cray, chairman and chief executive officer, stated that, "During fourth quarter 1992 the company increased its marketing activities and with the successful CRAY-3 benchmarking announced in January 1993 the company will continue to increase these activities." He further stated that "I am looking forward to the company entering the marketplace and delivering the first CRAY-3. The outlook for 1993 is encouraging even though considerable challenges still face the company."
 The following table provides a comparison of operating results of the fourth quarter ended Dec. 31, 1992, with those of the fourth quarter ended Dec. 31, 1991, and a comparison of operating results of the year ended Dec. 31, 1992, with the year ended Dec. 31, 1991:
 CRAY COMPUTER CORP.
 Summary of Operating Results
 (In thousands, except per share data)
 For the quarter For the year
 ended Dec. 31, ended Dec. 31,
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Revenue, net $84 $84 $334 $333
 Net loss ($12,591) ($14,621) ($50,494) ($52,214)
 Net loss per share ($.51) ($.61) ($2.08) ($2.50)
 Weighted average number
 shares outstanding 24,474 24,033 24,333 20,873
 The following table summarizes the balance sheets as of Dec. 31, 1992 and 1991:
 Summary Balance Sheets
 (In thousands)
 Dec. 31,
 1992 1991
 (Unaudited)
 Assets
 Cash and short-term investments $27,584 $52,476
 Other current assets 5,109 4,362
 Property, plant and equipment, net 33,256 44,637
 Long-term marketable securities --- 13,819
 Other assets 764 1,580
 Total $66,713 $116,874
 Liabilities and Stockholders' Equity
 Current liabilities $4,437 $5,174
 Capital lease obligations,
 non-current --- 58
 Stockholders' equity 62,276 111,642
 Total $66,713 $116,874
 Cray Computer Corp. is engaged in the design, development, manufacture and marketing of the CRAY-3 and CRAY-4 supercomputer systems.
 -0- 2/4/93
 /CONTACT: Terry Willkom, president, or William Skolout, CFO of Cray Computer, 719-579-6464/
 (CRAY)


CO: Cray Computer Corp. ST: Colorado IN: CPR SU: ERN

MS-JB -- DV001 -- 2693 02/04/93 07:02 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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