Cray Reports Second Quarter 2014 Financial Results

July 29, 2014

SEATTLE, Wash., July 29 — Global supercomputer leader Cray Inc. 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.

About Cray Inc.

Global supercomputing leader Cray Inc. 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.

Source: Cray Inc.

Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industy updates delivered to you every week!

Challenges Face Astroinformatics as It Sorts Through the Stars

June 15, 2018

You might have seen one of those YouTube videos: they begin on Earth, slowly zooming out to the Moon, the Solar System, the Milky Way, beyond – and suddenly, you’re looking at trillions of stars. It’s a lot to take Read more…

By Oliver Peckham

The Machine Learning Hype Cycle and HPC

June 14, 2018

Like many other HPC professionals I’m following the hype cycle around machine learning/deep learning with interest. I subscribe to the view that we’re probably approaching the ‘peak of inflated expectation’ but not quite yet starting the descent into the ‘trough of disillusionment. This still raises the probability that... Read more…

By Dairsie Latimer

SDSC Researchers Use Machine Learning to More Accurately Model Water

June 13, 2018

Water – H2O – is a simple but fascinating (and useful) compound. San Diego Supercomputing Center researchers used machine learning techniques to develop models for simulations of water with “unprecedented accuracy. Read more…

By Staff

HPE Extreme Performance Solutions

HPC and AI Convergence is Accelerating New Levels of Intelligence

Data analytics is the most valuable tool in the digital marketplace – so much so that organizations are employing high performance computing (HPC) capabilities to rapidly collect, share, and analyze endless streams of data. Read more…

IBM Accelerated Insights

Banks Boost Infrastructure to Tackle GDPR

As banks become more digital and data-driven, their IT managers are challenged with fast growing data volumes and lines-of-businesses’ (LoBs’) seemingly limitless appetite for analytics. Read more…

Xiaoxiang Zhu Receives the 2018 PRACE Ada Lovelace Award for HPC

June 13, 2018

Xiaoxiang Zhu, who works for the German Aerospace Center (DLR) and Technical University of Munich (TUM), was awarded the 2018 PRACE Ada Lovelace Award for HPC for her outstanding contributions in the field of high performance computing (HPC) in Europe. Read more…

By Elizabeth Leake

The Machine Learning Hype Cycle and HPC

June 14, 2018

Like many other HPC professionals I’m following the hype cycle around machine learning/deep learning with interest. I subscribe to the view that we’re probably approaching the ‘peak of inflated expectation’ but not quite yet starting the descent into the ‘trough of disillusionment. This still raises the probability that... Read more…

By Dairsie Latimer

Xiaoxiang Zhu Receives the 2018 PRACE Ada Lovelace Award for HPC

June 13, 2018

Xiaoxiang Zhu, who works for the German Aerospace Center (DLR) and Technical University of Munich (TUM), was awarded the 2018 PRACE Ada Lovelace Award for HPC for her outstanding contributions in the field of high performance computing (HPC) in Europe. Read more…

By Elizabeth Leake

U.S Considering Launch of National Quantum Initiative

June 11, 2018

Sometime this month the U.S. House Science Committee will introduce legislation to launch a 10-year National Quantum Initiative, according to a recent report by Read more…

By John Russell

ORNL Summit Supercomputer Is Officially Here

June 8, 2018

Oak Ridge National Laboratory (ORNL) together with IBM and Nvidia celebrated the official unveiling of the Department of Energy (DOE) Summit supercomputer toda Read more…

By Tiffany Trader

Exascale USA – Continuing to Move Forward

June 6, 2018

The end of May 2018, saw several important events that continue to advance the Department of Energy’s (DOE) Exascale Computing Initiative (ECI) for the United Read more…

By Alex R. Larzelere

Exascale for the Rest of Us: Exaflops Systems Capable for Industry

June 6, 2018

Enterprise advanced scale computing – or HPC in the enterprise – is an entity unto itself, situated between (and with characteristics of) conventional enter Read more…

By Doug Black

Fracas in Frankfurt: ISC18 Cluster Competition Teams Unveiled

June 6, 2018

The Student Cluster Competition season heats up with the seventh edition of the ISC Student Cluster Competition, slated to begin on June 25th in Frankfurt, Germ Read more…

By Dan Olds

Japan Starts Up 3-Petaflops ‘ATERUI II’ Cray Supercomputer

June 5, 2018

The world's most powerful supercomputer for astrophysical calculations has begun operations in Japan. The announcement comes from the National Astronomical Obse Read more…

By Tiffany Trader

MLPerf – Will New Machine Learning Benchmark Help Propel AI Forward?

May 2, 2018

Let the AI benchmarking wars begin. Today, a diverse group from academia and industry – Google, Baidu, Intel, AMD, Harvard, and Stanford among them – releas Read more…

By John Russell

How the Cloud Is Falling Short for HPC

March 15, 2018

The last couple of years have seen cloud computing gradually build some legitimacy within the HPC world, but still the HPC industry lies far behind enterprise I Read more…

By Chris Downing

US Plans $1.8 Billion Spend on DOE Exascale Supercomputing

April 11, 2018

On Monday, the United States Department of Energy announced its intention to procure up to three exascale supercomputers at a cost of up to $1.8 billion with th Read more…

By Tiffany Trader

Deep Learning at 15 PFlops Enables Training for Extreme Weather Identification at Scale

March 19, 2018

Petaflop per second deep learning training performance on the NERSC (National Energy Research Scientific Computing Center) Cori supercomputer has given climate Read more…

By Rob Farber

Lenovo Unveils Warm Water Cooled ThinkSystem SD650 in Rampup to LRZ Install

February 22, 2018

This week Lenovo took the wraps off the ThinkSystem SD650 high-density server with third-generation direct water cooling technology developed in tandem with par Read more…

By Tiffany Trader

Nvidia Responds to Google TPU Benchmarking

April 10, 2017

Nvidia highlights strengths of its newest GPU silicon in response to Google's report on the performance and energy advantages of its custom tensor processor. Read more…

By Tiffany Trader

ORNL Summit Supercomputer Is Officially Here

June 8, 2018

Oak Ridge National Laboratory (ORNL) together with IBM and Nvidia celebrated the official unveiling of the Department of Energy (DOE) Summit supercomputer toda Read more…

By Tiffany Trader

HPE Wins $57 Million DoD Supercomputing Contract

February 20, 2018

Hewlett Packard Enterprise (HPE) today revealed details of its massive $57 million HPC contract with the U.S. Department of Defense (DoD). The deal calls for HP Read more…

By Tiffany Trader

Leading Solution Providers

SC17 Booth Video Tours Playlist

Altair @ SC17

Altair

AMD @ SC17

AMD

ASRock Rack @ SC17

ASRock Rack

CEJN @ SC17

CEJN

DDN Storage @ SC17

DDN Storage

Huawei @ SC17

Huawei

IBM @ SC17

IBM

IBM Power Systems @ SC17

IBM Power Systems

Intel @ SC17

Intel

Lenovo @ SC17

Lenovo

Mellanox Technologies @ SC17

Mellanox Technologies

Microsoft @ SC17

Microsoft

Penguin Computing @ SC17

Penguin Computing

Pure Storage @ SC17

Pure Storage

Supericro @ SC17

Supericro

Tyan @ SC17

Tyan

Univa @ SC17

Univa

Hennessy & Patterson: A New Golden Age for Computer Architecture

April 17, 2018

On Monday June 4, 2018, 2017 A.M. Turing Award Winners John L. Hennessy and David A. Patterson will deliver the Turing Lecture at the 45th International Sympo Read more…

By Staff

Google Chases Quantum Supremacy with 72-Qubit Processor

March 7, 2018

Google pulled ahead of the pack this week in the race toward "quantum supremacy," with the introduction of a new 72-qubit quantum processor called Bristlecone. Read more…

By Tiffany Trader

Google I/O 2018: AI Everywhere; TPU 3.0 Delivers 100+ Petaflops but Requires Liquid Cooling

May 9, 2018

All things AI dominated discussion at yesterday’s opening of Google’s I/O 2018 developers meeting covering much of Google's near-term product roadmap. The e Read more…

By John Russell

Nvidia Ups Hardware Game with 16-GPU DGX-2 Server and 18-Port NVSwitch

March 27, 2018

Nvidia unveiled a raft of new products from its annual technology conference in San Jose today, and despite not offering up a new chip architecture, there were still a few surprises in store for HPC hardware aficionados. Read more…

By Tiffany Trader

Pattern Computer – Startup Claims Breakthrough in ‘Pattern Discovery’ Technology

May 23, 2018

If it weren’t for the heavy-hitter technology team behind start-up Pattern Computer, which emerged from stealth today in a live-streamed event from San Franci Read more…

By John Russell

Part One: Deep Dive into 2018 Trends in Life Sciences HPC

March 1, 2018

Life sciences is an interesting lens through which to see HPC. It is perhaps not an obvious choice, given life sciences’ relative newness as a heavy user of H Read more…

By John Russell

Intel Pledges First Commercial Nervana Product ‘Spring Crest’ in 2019

May 24, 2018

At its AI developer conference in San Francisco yesterday, Intel embraced a holistic approach to AI and showed off a broad AI portfolio that includes Xeon processors, Movidius technologies, FPGAs and Intel’s Nervana Neural Network Processors (NNPs), based on the technology it acquired in 2016. Read more…

By Tiffany Trader

Google Charts Two-Dimensional Quantum Course

April 26, 2018

Quantum error correction, essential for achieving universal fault-tolerant quantum computation, is one of the main challenges of the quantum computing field and it’s top of mind for Google’s John Martinis. At a presentation last week at the HPC User Forum in Tucson, Martinis, one of the world's foremost experts in quantum computing, emphasized... Read more…

By Tiffany Trader

  • arrow
  • Click Here for More Headlines
  • arrow
Do NOT follow this link or you will be banned from the site!
Share This