CRAY RESEARCH REPORTS 1991 REVENUE AND EARNINGS GROWTH
CRAY RESEARCH REPORTS 1991 REVENUE AND EARNINGS GROWTH EAGAN, Minn., Jan. 22 /PRNewswire/ -- Cray Research, Inc.
(NYSE: CYR) reported today revenue of $862,457,000, net earnings of $113,047,000, or $4.15 per share for the 12-month period ended Dec. 31, 1991. This compares with revenue of $804,380,000, net earnings of $112,994,000, and earnings per share of $4.02 for the same period a year ago.
Revenue for the fourth quarter was $316,536,000, compared with $254,855,000 a year ago; net earnings for the quarter were $59,629,000, or $2.15 per share, versus $33,383,000, or $1.21 per share a year ago. During 1991, Cray Research installed systems and upgrades at customer sites with a net contract value of $642 million. This compares with $652 million of net contract value for systems and upgrades installed at customer sites in 1990. Of the customer systems installed in 1991, 68 were new and 14 were used. John A. Rollwagen, chairman and chief executive officer, said, "We are pleased to report that we met our revenue and earnings objectives for 1991. Our revenue was up seven percent and earnings per share was up three percent over 1990's results, which is a remarkable accomplishment given the current state of the computer industry. "In spite of the slowness in the economy, we signed orders with 58 new customers in 1991, more than in any previous year in our history. Order signing was particularly strong in the fourth quarter, totaling approximately $352 million in net contract value versus $317 million in the fourth quarter of 1990. Total net contract value of orders signed for systems and upgrades in 1991 was $654 million compared with $660 million in 1990. Our backlog at year end was $350 million compared with $338 million at year end 1990. "Looking at our current order backlog and prospect list, we continue to see a way to increase revenue eight to ten percent in 1992, with most of the business concentrated in the second half of the year when the industry leading CRAY Y-MP C90 computer system will be fully available." In a separate action, Cray Research's Board of Directors today at its regularly scheduled meeting, authorized the company to repurchase up to 1.5 million shares of common stock. The company said it will use the authority from time to time, depending on market and business conditions. Cray Research, Inc. creates the most powerful, high quality computational tools for solving the world's most challenging scientific and industrial problems. CRAY RESEARCH AND SUBSIDIARIES Consolidated Summary of Balance Sheets DEC. 31, 1991 (In thousands) Assets Current Assets: Cash and equivalents $36,963 Receivables 244,242 Inventories 244,524 Other current assets 32,475 Total current assets 558,204 Long-term receivables 25,863 Leased systems and spares, net 109,868 Property, plant and equipment, net 249,080 Investments and other assets 136,031 -- $1,079,046 Liabilities and Stockholders' Equity Current liabilities $ 206,880 Long-term obligations, excluding current installments 113,494 Stockholders' equity 758,672 -- $1,079,046 CRAY RESEARCH AND SUBSIDIARIES Consolidated Summary of Earnings (In thousands, except per-share data) Three months ended Year-ended 12/31/91 12/31/90 12/31/91 12/31/90 (Unaudited) Revenue $316,536 254,855 862,457 804,380 Operating costs and exp. 230,614 208,222 699,717 645,918 Operating income 85,922 46,633 162,740 158,462 Other income(expense), net 1,970 2,524 3,881 9,624 Earnings before inc.taxes 87,892 49,157 166,621 168,086 Provision for income taxes (28,263) (15,774) (53,574) (55,092) Net earnings $59,629 $33,383 $113,047 $112,994 Earnings per common and common equivalent shares $2.15 $1.21 $4.15 $4.02 Average number of common and common equivalent shares outstanding 28,247 28,306 28,160 28,957 -0- 1/22/92 /CONTACT: (Media) Frank Parisl, 612-683-7130, or (Financial) Laura Merriam, 612-683-7395, both of Cray Research/ (CYR) CO: Cray Research, Inc. ST: Minnesota IN: CPR SU: ERN
AL -- MN016 -- 2488 01/22/92 16:50 EST
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|Date:||Jan 22, 1992|
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