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Cray Inc. Reports Second Quarter 2014 Financial Results

Company Highlights Significant Recent Customer Wins and Reaffirms Annual Guidance

SEATTLE, WA -- (Marketwired) -- 07/29/14 -- Global supercomputer leader Cray Inc. (NASDAQ: CRAY) today announced financial results for the second quarter ended June 30, 2014.

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. Given the nature of the business, the Company's results can fluctuate dramatically quarter-to-quarter.

Revenue for the quarter was $85.1 million and compares to $84.5 million in the prior year period. The Company reported a net loss for the quarter of $6.7 million, or $0.18 per diluted share, compared to a net loss of $0.2 million, or $0.00 per diluted share in the second quarter of 2013. Non-GAAP net loss was $8.6 million, or $0.22 per diluted share for the quarter, compared to $7.0 million, or $0.19 per diluted share for the same period last year.

Overall gross profit margin for the second quarter of 2014 was 34% compared to 32% for the second quarter of 2013. Total non-GAAP gross profit margin for the second quarter of 2014 was 35% compared to 33% for the second quarter of 2013.

Operating expenses for the second quarter of 2014 were $42.8 million compared to $36.6 million for the prior year period. Non-GAAP operating expenses for the second quarter of 2014 were $39.9 million, compared to $35.0 million for the prior year period. The increase in 2014 GAAP and non-GAAP operating expenses was driven largely by the Company's investments in big data.

As of June 30, 2014, cash, investments and restricted cash totaled $211.6 million compared to $278.6 million at March 31, 2014. Working capital at the end of the second quarter was $300.5 million, compared to $314.9 million at the end of the first quarter.

"Over the last few months we've been on an incredible run of customer wins in both the U.S. and around the world," said Peter Ungaro, president and CEO of Cray. "These awards, some of them multi-year in nature, reaffirm our belief that we're in a great position to continue to grow, not only in 2014 but also over the coming years. Our products are competitively strong, with each of our development roadmaps being driven by the continuing convergence of supercomputing and big data we're seeing in the market. We believe we're in a great position to capitalize on this exciting market evolution and to continue to build on our market leadership."

Outlook
For 2014, while a wide range of results remains possible, the Company anticipates revenue to be in the range of $600 million for the year and, as previously indicated, to be heavily weighted to the fourth quarter as has been typical in recent years. Revenue is expected to be about $125 million for the third quarter. Non-GAAP gross margin for 2014 is anticipated to be in the mid-30% range. Total non-GAAP operating expenses for the year are anticipated to be about $175 million. Based on this outlook, the Company expects to be profitable on both a GAAP and non-GAAP basis for 2014.

The Company's 2014 effective non-GAAP tax rate is expected to be about 10%.

Actual results for any future period are subject to large fluctuations given the nature of Cray's business.

Recent Highlights

Conference Call Information
Cray will host a conference call today, Tuesday, July 29, 2014 at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss its second quarter financial results. To access the call, please dial into the conference at least 10 minutes prior to the beginning of the call at (866) 362-9806. International callers should dial (765) 889-6838. To listen to the audio webcast, go to the Investors section of the Cray website at http://investors.cray.com.

If you are unable to attend the live conference call, an audio webcast replay will be available in the Investors section of the Cray website for 180 days. A telephonic replay of the call will also be available by dialing (855) 859-2056, international callers dial (404) 537-3406, and entering the access code 78154099. The conference call replay will be available for 72 hours, beginning at 4:30 p.m. PDT on Tuesday, July 29, 2014.

Use of Non-GAAP Financial Measures
This press release contains "non-GAAP financial measures" under the rules of the U.S. Securities and Exchange Commission. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release. Management believes that the non-GAAP financial measures that we have set forth provide additional insight for analysts and investors and facilitate an evaluation of Cray's financial and operational performance that is consistent with the manner in which management evaluates Cray's financial performance. However, these non-GAAP financial measures have limitations as an analytical tool, as they exclude the financial impact of transactions necessary or advisable for the conduct of Cray's business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Hence, to compensate for these limitations, management does not review these non-GAAP financial metrics in isolation from its GAAP results, nor should investors. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, or disclosures required by, generally accepted accounting principles, or GAAP. These measures are adjusted as described in the reconciliation of GAAP to non-GAAP numbers at the end of this release, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review and consider this non-GAAP information as well as the GAAP financial results that are disclosed in Cray's SEC filings.

Additionally, we have not quantitatively reconciled the non-GAAP guidance measures disclosed under "Outlook" to their corresponding GAAP measures because we do not provide specific guidance for the various reconciling items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles, costs related to acquisitions, purchase accounting adjustments, and gain on significant asset sales, as certain items that impact these measures have not occurred, are out of our control or cannot be reasonably predicted. Accordingly, reconciliations to the non-GAAP guidance measures are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact our financial results.

About Cray Inc.
Global supercomputing leader Cray Inc. (NASDAQ: CRAY) provides innovative systems and solutions enabling scientists and engineers in industry, academia and government to meet existing and future simulation and analytics challenges. Leveraging more than 40 years of experience in developing and servicing the world's most advanced supercomputers, Cray offers a comprehensive portfolio of supercomputers and big data storage and analytics solutions delivering unrivaled performance, efficiency and scalability. Cray's Adaptive Supercomputing vision is focused on delivering innovative next-generation products that integrate diverse processing technologies into a unified architecture, allowing customers to meet the market's continued demand for realized performance. Go to www.cray.com for more information.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements related to Cray's financial guidance and expected future operating results and its product sales and delivery plans. These statements involve current expectations, forecasts of future events and other statements that are not historical facts. Inaccurate assumptions as well as known and unknown risks and uncertainties can affect the accuracy of forward-looking statements and cause actual results to differ materially from those anticipated by these forward-looking statements. Factors that could affect actual future events or results include, but are not limited to, the risk that Cray does not achieve the operational or financial results that it expects, the risk that the systems ordered by customers are not delivered when expected, do not perform as expected once delivered or have technical issues that must be corrected before acceptance, the risk that the acceptance process for delivered systems is not completed, or customer acceptances are not received, when expected or at all, the risk that Cray will not be able to secure orders for Cray systems to be delivered and accepted in 2014 when or at the levels expected, the risk that Cray's big data products, including storage, are not as successful as expected, the risk that Cray is not able to successfully complete its planned product development efforts in a timely fashion or at all, the risk that planned future third-party processors are not available with the performance expected or when expected, the risk that Cray is not able to achieve anticipated gross margin or expense levels, and such other risks as identified in Cray's quarterly report on Form 10-Q for the period ended June 30, 2014, and from time to time in other reports filed by Cray with the U.S. Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. Cray undertakes no duty to publicly announce or report revisions to these statements as new information becomes available that may change Cray's expectations.

Cray is a federally registered trademark of Cray Inc. in the United States and other countries, and XC30 and Sonexion are trademarks of Cray Inc. Other product and service names mentioned herein are the trademarks of their respective owners.


                         CRAY INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            (Unaudited and in thousands, except per share data)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------  ---------
Revenue:
  Product                        $  61,748  $  62,353  $  91,763  $ 122,221
  Service                           23,399     22,114     48,494     41,793
                                 ---------  ---------  ---------  ---------
    Total revenue                   85,147     84,467    140,257    164,014
                                 ---------  ---------  ---------  ---------
Cost of revenue:
  Cost of product revenue           43,967     47,477     67,939     93,047
  Cost of service revenue           12,176     10,189     25,377     20,017
                                 ---------  ---------  ---------  ---------
    Total cost of revenue           56,143     57,666     93,316    113,064
                                 ---------  ---------  ---------  ---------
      Gross profit                  29,004     26,801     46,941     50,950
                                 ---------  ---------  ---------  ---------
Operating expenses:
  Research and development, net     24,189     19,968     46,810     40,194
  Sales and marketing               13,259     11,550     25,035     22,693
  General and administrative         5,316      5,085     10,729     10,570
                                 ---------  ---------  ---------  ---------
    Total operating expenses        42,764     36,603     82,574     73,457
                                 ---------  ---------  ---------  ---------
      Loss from operations         (13,760)    (9,802)   (35,633)   (22,507)

Other income (expense), net           (337)       145       (983)      (190)
Interest income, net                    84        204        145        580
                                 ---------  ---------  ---------  ---------
      Loss before income taxes     (14,013)    (9,453)   (36,471)   (22,117)
Income tax benefit                   7,265      9,303     16,785     14,357
                                 ---------  ---------  ---------  ---------
      Net loss                   $  (6,748) $    (150) $ (19,686) $  (7,760)
                                 =========  =========  =========  =========

    Basic net loss per common
     share                       $   (0.18) $      --  $   (0.51) $   (0.21)
                                 =========  =========  =========  =========
    Diluted net loss per common
     share                       $   (0.18) $      --  $   (0.51) $   (0.21)
                                 =========  =========  =========  =========
    Basic weighted average
     shares outstanding             38,509     37,658     38,414     37,497
                                 =========  =========  =========  =========
    Diluted weighted average
     shares outstanding             38,509     37,658     38,414     37,497
                                 =========  =========  =========  =========



                         CRAY INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEETS
             (Unaudited and in thousands, except share amounts)

                                                  June 30,     December 31,
                                                    2014           2013
                                               -------------  -------------
ASSETS
Current assets:
  Cash and cash equivalents                    $     120,512  $     192,633
  Restricted cash                                     20,015             --
  Short-term investments                              48,194         14,048
  Accounts and other receivables, net                 77,366        182,527
  Inventory                                          191,657         95,129
  Prepaid expenses and other current assets           35,380         20,999
                                               -------------  -------------
    Total current assets                             493,124        505,336

Long-term restricted cash                             15,100         13,768
Long-term investments                                  7,813             --
Property and equipment, net                           30,718         30,278
Service inventory, net                                 1,798          1,828
Goodwill                                              14,182         14,182
Intangible assets other than goodwill, net             5,103          6,362
Deferred tax assets                                   27,690         19,206
Other non-current assets                              10,668         12,406
                                               -------------  -------------
    TOTAL ASSETS                               $     606,196  $     603,366
                                               =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable                             $      75,514  $      34,225
  Accrued payroll and related expenses                 6,816         22,470
  Other accrued liabilities                            8,259         22,225
  Deferred revenue                                   102,048         91,488
                                               -------------  -------------
    Total current liabilities                        192,637        170,408

Long-term deferred revenue                            47,917         50,477
Other non-current liabilities                          7,014          6,894
                                               -------------  -------------
    TOTAL LIABILITIES                                247,568        227,779

Shareholders' equity:
  Preferred stock -- Authorized and
   undesignated, 5,000,000 shares; no shares
   issued or outstanding                                  --             --
  Common stock and additional paid-in capital,
   par value $.01 per share -- Authorized,
   75,000,000 shares; issued and outstanding
   40,902,285 and 40,469,854 shares,
   respectively                                      592,106        586,243
  Accumulated other comprehensive income              (1,283)           853
  Accumulated deficit                               (232,195)      (211,509)
                                               -------------  -------------
    TOTAL SHAREHOLDERS' EQUITY                       358,628        375,587
                                               -------------  -------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $     606,196  $     603,366
                                               =============  =============



                         CRAY INC. AND SUBSIDIARIES
     Reconciliation of Selected U.S. GAAP Measures to non-GAAP Measures
                    (Unaudited; in millions, except EPS)

                                     Three Months Ended June 30, 2014
                             -----------------------------------------------
                               Net   Operating   Diluted   Gross   Operating
                              Loss      Loss       EPS     Profit  Expenses
                             ------  ---------  --------  ------- ----------
GAAP                         $ (6.7) $   (13.8) $  (0.18) $  29.0 $     42.8

Share-based
 compensation            (1)    2.9        2.9      0.08      0.1        2.8
Purchase accounting
 adjustments             (2)    0.2        0.2      0.01      0.2
Amortization of
 acquired intangibles    (2)    0.6        0.6      0.02      0.5        0.1
Income tax on
 reconciling items       (3)    0.4                 0.01
Other items impacting
 tax provision           (4)   (6.0)               (0.16)
                             ------  ---------  --------  ------- ----------
Total reconciling items      $ (1.9) $     3.7  $  (0.04) $   0.8 $      2.9

Non-GAAP                     $ (8.6) $   (10.1) $  (0.22) $  29.8 $     39.9
                             ======  =========  ========  ======= ==========


                                     Three Months Ended June 30, 2013
                             -----------------------------------------------
                               Net   Operating   Diluted   Gross   Operating
                              Loss      Loss       EPS     Profit  Expenses
                             ------  ---------  --------  ------- ----------
GAAP                         $ (0.2) $    (9.8) $     --  $  26.8 $     36.6

Share-based
 compensation            (1)    1.6        1.6      0.04      0.1        1.5
Purchase accounting
 adjustments             (2)    0.1        0.1        --      0.1

Amortization of
 acquired intangibles    (2)    0.6        0.6      0.02      0.5        0.1
Income tax on
 reconciling items       (3)    0.2                 0.01

Other items impacting
 tax provision           (4)   (9.3)               (0.26)
                             ------  ---------  --------  ------- ----------
Total reconciling items      $ (6.8) $     2.3  $  (0.19) $   0.7 $      1.6

Non-GAAP                     $ (7.0) $    (7.5) $  (0.19) $  27.5 $     35.0
                             ======  =========  ========  ======= ==========

Notes
-----------------------
(1) Adjustments to exclude non-cash expenses related to share-based
 compensation
(2) Adjustments to exclude amortization of acquired intangible and other
 intangible assets and other acquisition-related charges related to the
 acquisition of Appro International, Inc.
(3) Tax impact associated with reconciling items at non-GAAP tax rate
(4) Adjustments to reflect cash tax impact considering benefits principally
 related to Cray's net operating loss carryforwards and changes in Cray's
 valuation allowance held against deferred tax assets



                         CRAY INC. AND SUBSIDIARIES
     Reconciliation of Selected U.S. GAAP Measures to non-GAAP Measures
                (Unaudited; in millions, except percentages)

                                  Three Months Ended June 30, 2014
                         --------------------------------------------------
                             Product           Service           Total
                         ---------------  ----------------  ---------------
                          Gross   Gross     Gross   Gross    Gross   Gross
                          Profit  Margin   Profit   Margin   Profit  Margin
                         ------- -------  -------- -------  ------- -------
GAAP                     $  17.8      29% $   11.2      48% $  29.0      34%

Share-based
 compensation        (1)      --               0.1              0.1
Purchase accounting
 adjustments         (2)     0.2                --              0.2
Amortization of
 acquired
 intangibles         (2)     0.5                --              0.5
                         ------- -------  -------- -------  ------- -------
Total reconciling
 items                   $   0.7       1% $    0.1      --% $   0.8       1%

Non-GAAP                 $  18.5      30% $   11.3      48% $  29.8      35%
                         ======= =======  ======== =======  ======= =======


                                  Three Months Ended June 30, 2013
                         --------------------------------------------------
                             Product           Service           Total
                         ---------------  ----------------  ---------------
                          Gross   Gross     Gross   Gross    Gross   Gross
                          Profit  Margin   Profit   Margin   Profit  Margin
                         ------- -------  -------- -------  ------- -------
GAAP                     $  14.9      24% $   11.9      54% $  26.8      32%

Share-based
 compensation        (1)      --               0.1              0.1
Purchase accounting
 adjustments         (2)     0.1                --              0.1
Amortization of
 acquired
 intangibles         (2)     0.5                --              0.5
                         ------- -------  -------- -------  ------- -------
Total reconciling
 items                   $   0.6       1% $    0.1      --% $   0.7       1%

Non-GAAP                 $  15.5      25% $   12.0      54% $  27.5      33%
                         ======= =======  ======== =======  ======= =======

Notes
-------------------
(1) Adjustments to exclude non-cash expenses related to share-based
 compensation
(2) Adjustments to exclude amortization of acquired intangible and other
 intangible assets and other acquisition-related charges related to the
 acquisition of Appro International, Inc.



                         CRAY INC. AND SUBSIDIARIES
               Reconciliation of GAAP to non-GAAP Net Income
     (Unaudited; in millions except per share amounts and percentages)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------  ---------
GAAP Net Loss                    $    (6.7) $    (0.2) $   (19.7) $    (7.8)

Non-GAAP adjustments
 impacting gross profit:
  Share-based compensation   (1)       0.1        0.1        0.2        0.2
  Purchase accounting
   adjustments               (2)       0.2        0.1        0.3        1.1
  Amortization of acquired
   and other intangibles     (2)       0.5        0.5        1.0        1.0
                                 ---------  ---------  ---------  ---------
Total adjustments impacting
 gross profit                          0.8        0.7        1.5        2.3

Non-GAAP gross margin
 percentage                             35%        33%        35%        32%

Non-GAAP adjustments
 impacting operating
 expenses:
  Share-based compensation   (1)       2.8        1.5        5.2        3.1
  Amortization of acquired
   intangibles               (2)       0.1        0.1        0.2        0.2
                                 ---------  ---------  ---------  ---------
Total adjustments impacting
 operating expenses                    2.9        1.6        5.4        3.3

Non-GAAP adjustments
 impacting tax provision:
  Income tax on reconciling
   items                     (3)       0.4        0.2        0.7        0.5
  Other items impacting tax
   provision                 (4)      (6.0)      (9.3)     (14.2)     (13.7)
                                 ---------  ---------  ---------  ---------
Total adjustments impacting
 tax provision                        (5.6)      (9.1)     (13.5)     (13.2)

Non-GAAP Net Loss                $    (8.6) $    (7.0) $   (26.3) $   (15.4)
                                 =========  =========  =========  =========

Non-GAAP Diluted Net Loss
 per common share                $   (0.22) $   (0.19) $   (0.69) $   (0.41)
                                 =========  =========  =========  =========

Diluted weighted average
 shares                               38.5       37.7       38.4       37.5

Notes
---------------------------
(1) Adjustments to exclude non-cash expenses related to share-based
 compensation
(2) Adjustments to exclude amortization of acquired intangible assets and
 other acquisition-related charges related to the acquisition of Appro
 International, Inc.
(3) Tax impact associated with reconciling items at non-GAAP tax rate
(4) Adjustments to reflect cash tax impact considering benefits principally
 related to Cray's net operating loss carryforwards and changes in Cray's
 valuation allowance held against deferred tax assets

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