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Cray reports Q1, posts loss

Supercomputing stalwart Cray Inc. reported results today for the first fiscal quarter of 2009. From the release

Cray logoCray Inc. today announced financial results for the first quarter ended March 31, 2009. Revenue for the quarter was $74.5 million compared to $26.1 million in the prior year period. The company reported a net loss for the quarter of ($4.9 million) or ($0.15) per share compared to a net loss of ($12.0 million) or ($0.37) per share in the first quarter of 2008.

Revenue was way up over Q1-Q3 last year, which ran from $26M to $54M, but remember that Cray’s income is pretty lumpy as it is significantly driven by large deals. The Oak Ridge installation in Q4 last year, for example, put revenue for the quarter over $155M. Op Ex was down over the same period last year, which is a good thing. The company strengthened its cash position, something that it has used recently to buy down debt at a discount

As of March 31, 2009, cash and short-term investments totaled $131.8 million and net cash was a record $104.1 million (cash and short-term investments less the face value of outstanding convertible notes of $27.7 million). Net cash at Dec. 31, 2008 was $52.7 million.

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