SOURCE: Cray Inc.

Cray Inc.

January 12, 2011 16:35 ET

Cray Announces Selected Preliminary 2010 Financial Results

Company Anticipates Profitability and Record Revenue for 2010

SEATTLE, WA--(Marketwire - January 12, 2011) -  Global supercomputer leader Cray Inc. (NASDAQ: CRAY) today announced selected preliminary 2010 financial results. The 2010 results presented in this release are based on preliminary financial data and are subject to change until the year-end financial close process is complete. 

During the fourth quarter of 2010, the company completed acceptances on all of the large systems necessary to achieve its 2010 outlook. Based on preliminary results, total revenue for 2010 is expected to be within the previously provided guidance range of $305 to $325 million and the company expects to be profitable for the year. 

While a wide range of results remains possible, the company continues to expect its revenue to grow and to be profitable for 2011. Total revenue for 2011 is likely to be heavily weighted to late in the year as a result of the expected timing of two significant upgrades to the Cray XE6 supercomputer.

Upcoming Event
Cray will be attending the 13th Annual Needham Growth Conference at the New York Palace Hotel in New York City. The Cray presentation will be held on Thursday, January 13, at 10:40 a.m. EST.

The Cray presentation will be available to the public via live audio webcast. To listen to the webcast, go to the Investors section of the Cray website at http://investors.cray.com. An archived version of the webcast will be available on the Cray website for 90 days.

About Cray Inc.
As a global leader in supercomputing, Cray provides highly advanced supercomputers and world-class services and support to government, industry and academia. Cray technology is designed to enable scientists and engineers to achieve remarkable breakthroughs by accelerating performance, improving efficiency and extending the capabilities of their most demanding applications. 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 surpass today's limitations and meeting 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 operating results and its product development 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 changes to these preliminary results will be required as a result of completing the financial reporting closing process and financial audit, the risk that Cray is not able to successfully complete its planned product development efforts in a timely fashion or at all and such other risks as identified in the Company's quarterly report on Form 10-Q for the period ended September 30, 2010, 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 the Company's expectations.

Cray is a registered trademark of Cray Inc. in the United States and other countries and Cray XE6 is a trademark of Cray Inc.

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