Boston, MA 02/14/2014 (wallstreetpr) – Global supercomputer Cray Inc. (NASDAQ:CRAY) has announced its fourth quarter and full year results for the period ending December 31, 2013. The full year results were solid and impressive, considering the company registered revenues of $525.7 million an increase of 25% compared to $421.1 million recorded in F2012. Cray Inc. net income for the full fiscal year of 2013 came in at $32.2 million or $0.81 per diluted share versus $61.2 million registered in 2012.
Fourth quarter outlook
Cray Inc. (NASDAQ:CRAY) registered fourth quarter revenues of $307.4 million compared to $188.8 million that was recorded in 2012 fiscal year. Strong growth in the supercomputing and big data segments contributed to the massive improvement of revenues for the fourth quarter. Net revenue for the fourth quarter was an improvement clocking $51 million against $14 million registered for the same quarter a year ago. Non GAAP net income for the quarter clocked in at $59.2 million versus $17.2 million registered in the fourth quarter of 2012.
Overall gross profit margin for the full year of 2013 stood at 35% compared to 36% registered in 2012, product margin for the year came in at 32% against the 35% registered in F2012. Cray Inc. registered operating expense for the full year of 162.7 million against $122.2 million in F2012 with Non GAAP operating expense for the year coming in at $155.5 million against $115.6 for F2012. GAAP and Non GAAP operating expense for the year were heavily impacted by increased investments in big data storage and analytics initiatives.
Cray Inc. (NASDAQ:CRAY) cash, investments and restricted cash for the year stood at $220.4 million with company’s capital growing by $51.6 million to come in at $334.9 million against $283.4 million recorded in F2012.
F2014 Outlook
Cray Inc. (NASDAQ:CRAY) management team is optimistic that 2014 fiscal year will be more fruitful and anticipates revenues to come in at the range of $600 million for the full year. The company estimates total revenue amounting to $50 million for the first quarter. The company also projects non-GAAP operating expenses for the full year to come in at $175 million at the back of non GAAP tax rate of about 10%
Based on the projected outlook Cray Inc. (NASDAQ:CRAY) expects nothing less than profits on both GAAP and non GAAP basis.
