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CRAY RESEARCH REPORTS IMPROVED FIRST QUARTER RESULTS; A STRONG RETURN TO PROFITABILITY

 EAGAN, Minn., April 21 /PRNewswire/ -- Cray Research, Inc. (NYSE: CYR) today reported revenue of $205,597,000, and net earnings of $15,024,000, or $ .58 per share, for the first quarter ended March 31, 1993. This compares with revenue of $165,094,000, net earnings of $3,885,000, and earnings per share of $ .14, for the same period a year ago.
 John F. Carlson, chairman and chief executive officer, said, "The contract value of orders signed was approximately $124 million compared with $86 million for first quarter 1992.
 Our backlog at the end of the quarter was approximately $381 million, compared with $417 at year end 1992, and $354 million at the end of first quarter a year ago."
 Carlson said, "I am pleased with the first quarter results because they indicate that the restructuring efforts adopted in 1992 and our investment in new products are beginning to pay off. Notable achievements in the quarter included: reducing operating expenses by 10 percent from the same quarter a year ago; improving manufacturing performance and efficiency with 400 fewer people; signing the largest C90 system order outside of the U.S.; adding five new university customers for our entry level product; and announcing the new CRAY C90 and EL98 series of computer systems."
 Customers accepted systems and upgrades during the quarter with a contract value of about $160 million.
 Cray Research, Inc. designs, manufactures, markets, and supports high-performance computer systems for scientific and engineering applications.
 CRAY RESEARCH, INC. and SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited)
 March 31 Dec. 31
 1993 1992
 Assets (In thousands)
 Current assets:
 Cash and equivalents $75,191 $54,953
 Receivables 118,966 155,797
 Inventories 274,187 263,284
 Other current assets 36,743 31,147
 -- 505,087 505,181
 Long-term receivables 11,669 12,226
 Leased systems and spares, net 93,771 96,296
 Property, plant and equipment, net 246,041 257,775
 Investments and other assets 176,339 149,786
 -- $1,032,907 $1,021,264
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current installments of
 long-term debt $6,020 $5,389
 Accounts payable 31,768 30,739
 Accrued expenses 79,418 85,121
 Income taxes payable 3,590 4,023
 Deferred income and
 customer advances 63,763 59,040
 Total current liabilities 184,559 184,312
 Long-term debt, excl.
 current installments 105,582 106,402
 Other long-term obligations 5,569 7,489
 Stockholders' equity:
 Common stock 31,511 31,511
 Additional paid-in capital 108,505 109,322
 Retained earnings 821,033 806,009
 Foreign currency
 translation adjustments (1,944) (429)
 Treasury stock, at cost (221,908) (223,352)
 Total stockholders' equity 737,197 723,061
 -- $1,032,907 $1,021,264
 CRAY RESEARCH, INC. and SUBSIDIARIES
 Consolidated Statements of Earnings
 (in thousands, except per share data)
 (Unaudited)
 Three months ended
 March 31
 1993 1992
 Revenue:
 Sales revenue $148,708 $98,865
 Leased systems revenue 5,066 17,213
 Service fees 48,823 49,016
 Total revenue 202,597 165,094
 Cost of revenue:
 Cost of sales 72,341 35,698
 Cost of leased systems 3,442 10,262
 Cost of services 35,063 35,772
 Total cost of revenue 110,846 81,732
 Gross profit 91,751 83,362
 Operating Expenses:
 Development and engineering 34,383 37,565
 Marketing 27,957 32,526
 General and administrative 6,611 6,465
 Total operating expenses 68,951 76,556
 Operating income 22,800 6,806
 Other income (expense), net (722) (835)
 Earnings before income taxes 22,078 5,971
 Income Tax expense (benefit) (7,054) (2,086)
 Net earnings $15,024 $3,885
 Earnings per common and
 common equivalent share $0.58 $0.14
 Average number of common and common
 equivalent shares outstanding 26,050 27,142
 -0- 4/21/93
 /CONTACT: (Media) Frank Parisi, 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 -- MN024 -- 8981 04/21/93 16:47 EDT
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