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Cray Inc. has announced financial results for the first quarter ended March 31, 2010. Revenue for the quarter was $28.4 million compared to $74.5 million in the prior year period. The company reported a net loss for the quarter of $11.6 million compared to a net loss of $4.9 million in the first quarter of 2009.
Total gross profit margin for the first quarter was 23 percent down slightly from 24 percent in the first quarter of 2009. Product margin declined during the first quarter to 12 percent driven by low volume and a $0.5 million charge for estimated excess inventory. The first quarter 2010 service margin of 29 percent was impacted by lower revenues on a custom engineering contract.
Operating expenses for the first quarter of 2010 were $18.2 million compared to $21.4 million in the prior year period due primarily to lower spending on outside services in research and development.
“As expected, we got off to a slow start in the first quarter from a financial-results perspective, but we remain well-positioned to deliver on our growth targets for the year,” says Peter Ungaro, president and CEO of Cray. “Our recently announced Cray XT6 supercomputer began shipping to customers, and while we still have important development and testing to complete, our next generation ‘Baker’ supercomputer is currently on track for release early in the third quarter. We also continued to expand our addressable market with the introduction of the Cray CX1000 supercomputer. This system fills out our product lineup and with our recent Cray Linux Environment enhancements, and enables us to offer a supercomputing solution to every level of the high performance computing market.”
Ungaro says the company has had a run of wins at major supercomputing centers within its custom engineering business. As a result, he says Cray has nearly all of the orders needed to achieve its revenue outlook for the year.
Assuming a successful release of Baker in the third quarter and customer acceptances in 2010 as currently planned, Cray anticipates revenue in the range of $305 to $325 million for 2010.
For more information, visit Cray.
Sources: Press materials received from the company and additional information gleaned from the company's website.
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