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CRAY RESEARCH REPORTS SECOND QUARTER RESULTS; MAINTAINS EXPECTATIONS FOR A SIGNIFICANTLY IMPROVED YEAR

 EAGAN, Minn., July 26 /PRNewswire/ -- Cray Research, Inc. (NYSE: CYR) today reported revenue of $187,670,000, and net earnings of $6,241,000 or $ .24 per share, for the second quarter ended June 30, 1993. This compares with revenue of $184,997,000, net earnings of $1,253,000, or $ .05 per share, for the same period in 1992.
 Revenue for the first six months of 1993 was $390,267,000, compared with $350,091,000 for the first half of 1992. Net earnings were $21,265,000, or $ .82 per share for the first half of 1993, compared with $5,138,000, or $ .19 per share, for the same period a year ago.
 John Carlson, chairman and chief executive officer, said, "The contract value of orders signed this quarter was approximately $188 million compared with $75 million for the same period in 1992. Our backlog at the end of the quarter was approximately $429 million --a new company record -- compared with $381 million at the end of first quarter, and $301 million at the end of second quarter a year ago. We now have orders covering about 90 percent of projected high-end installations for this year."
 Carlson added, "with our very strong backlog going into the second half of 1993, I am confident that we can show a strong return to profitability this year. Demand for our C90 product family remains strong and our low-end systems continue to penetrate new markets and bring in new customers. We also have several orders for our new, soon- to-be-announced massively parallel (MPP) system, which indicates the confidence our customers have in our new technology and emerging products."
 Cray Research 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
 (IN THOUSANDS EXCEPT/SHARE DATA)
 (UNAUDITED)
 THREE MONTHS ENDED SIX MONTHS ENDED
 JUNE 30 JUNE 30
 1993 1992 1993 1992
 Revenue $187,670 184,997 390,267 350,091
 Cost of revenue 104,096 106,642 214,942 188,374
 Gross profit 83,574 78,355 175,325 161,717
 Operating expenses 73,554 76,483 142,505 153,039
 Operating income 10,020 1,872 32,820 8,678
 Other expense, net (890) (38) (1,612) (873)
 Earnings before income tax 9,130 1,834 31,208 7,805
 Income tax expense (2,889) (581) (9,943) (2,667)
 Net earnings $6,241 1,253 21,265 5,138
 Earnings per common and common
 equivalent share $0.24 $0.05 $0.82 $0.19
 Average number of common
 and common equivalent shares
 outstanding 26,120 26,607 26,062 26,933
 CRAY RESEARCH, INC. AND SUBSIDIARIES
 CONSOLIDATED SUMMARY BALANCE SHEETS
 (UNAUDITED)
 JUNE 30 DECEMBER 31
 (In thousands) 1993 1992
 Assets
 Current assets:
 Cash and equivalents $39,106 $54,953
 Receivables 107,685 155,797
 Inventories 312,721 263,284
 Other current assets 39,060 31,147
 Total current assets 498,572 505,181
 Long-term receivables 9,366 12,226
 Leased systems and spares, net 92,640 96,296
 Property, plant and equipment, net 234,929 257,775
 Investments and other assets 247,128 149,786
 -- $1,082,635 $1,021,264
 Liabilities and Stockholders' Equity
 Current liabilities $218,177 $184,312
 Long-term debt,excluding current installs 113,541 113,891
 Stockholders' equity 750,917 723,061
 -- $1,082,635 $1,021,264
 -0- 7/26/93
 /CONTACT: (Media) Frank Parisi, 612-683-7130, or Steve Conway, 612-683-7133; or (Financial) Laura Merriam, 612-683-7395, all of Cray Research/
 (CYR)


CO: Cray Research, Inc. ST: Minnesota IN: CPR SU: ERN

KH -- MN024 -- 5900 07/26/93 16:55 EDT
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Date:Jul 26, 1993
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