CRAY INC. REPORTS FULL YEAR AND FOURTH QUARTER FINANCIAL RESULTS
Company Reports Record Revenue for 2013 and Maintains 2014 Outlook
Seattle, WA - February 13, 2014 - Global supercomputer leader Cray Inc. (Nasdaq: CRAY) today announced financial results for the year and fourth quarter ended December 31, 2013. For 2013, Cray reported total revenue of $525.7 million, which compares with $421.1 million for 2012, an increase of 25% year over year. Net income for 2013 was $32.2 million, or $0.81 per diluted share, compared to $161.2 million, or $4.27 per diluted share, for 2012. The 2012 net income results included a $139.1 million pre-tax gain, which resulted from the sale of the Company’s interconnect hardware development program to Intel Corporation.
All figures in this release are based on U.S. GAAP unless otherwise noted. A reconciliation of GAAP to non-GAAP measures is included in the financial tables in this press release.
Non-GAAP net income, which adjusts for selected unusual and non-cash items was $30.3 million, or $0.76 per diluted share, for 2013, compared to $33.3 million, or $0.88 per diluted share, for 2012.
For the fourth quarter of 2013, revenue was $307.4 million compared to $188.8 million in the prior year period. The Company reported net income for the fourth quarter of $51.0 million, or $1.27 per diluted share, compared to $14.0 million, or $0.36 per diluted share, in the fourth quarter of 2012. Non-GAAP net income was $59.2 million, or $1.48 per diluted share, for the fourth quarter of 2013, compared to non-GAAP net income of $17.2 million, or $0.44 per diluted share for the same period last year.
Overall gross profit margin for 2013 was 35% compared to 36% for 2012. Product margin for 2013 was 32% compared to 35% for 2012; service margin for 2013 was 52% compared to 43% for 2012.
Operating expenses for 2013 were $162.7 million compared to $122.2 million for 2012. Non-GAAP operating expenses for 2013 were $155.5 million, compared to $115.6 million for 2012. Compared to 2012, 2013 GAAP and non-GAAP operating expenses were impacted by increased investments in our big data storage and analytics initiatives, significantly less R&D co-funding credits, and additional operating expenses from our acquisition of Appro International, Inc.
As of December 31, 2013, cash, investments and restricted cash totaled $220.4 million. Working capital increased $51.6 million to $334.9 million at the end of 2013, compared to $283.4 million at the end of 2012.
“We had a great year in 2013, led by strong growth in both supercomputing and big data,” said Peter Ungaro, president and CEO of Cray. “We set Company records for annual and quarterly revenue as we completed the acceptance of more supercomputers during the fourth quarter than we have in any quarter in our history. Our XC30 and CS300 supercomputers are in strong competitive positions, providing
The following information was filed by Cray Inc (CRAY) on Thursday, February 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.