|By Marketwired .||
|February 14, 2013 04:05 PM EST||
SEATTLE, WA -- (Marketwire) -- 02/14/13 -- Global supercomputer leader Cray Inc. (NASDAQ: CRAY) today announced financial results for the year and fourth quarter ended December 31, 2012. For 2012, Cray reported total revenue of $421.1 million, which compares with $236.0 million for 2011. Net income for 2012 was $161.2 million, or $4.27 per share, compared to $14.3 million, or $0.40 per share, for 2011. Income from operations for 2012 was $168.1 million compared to $1.2 million for 2011.
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.
Non-GAAP net income, which adjusts for selected unusual and non-cash items (including the $139.1 million pre-tax gain from the Intel transaction), was $33.3 million, or $0.88 per share, for 2012, compared to non-GAAP net income of $4.7 million, or $0.13 per share, for 2011.
For the fourth quarter of 2012, revenue was $188.8 million compared to $91.6 million in the prior year period. The Company reported net income for the fourth quarter of $14.0 million, or $0.36 per share, compared to $31.0 million, or $0.85 per share, in the fourth quarter of 2011. Non-GAAP net income was $17.2 million, or $0.44 per share, for the fourth quarter of 2012, compared to non-GAAP net income of $17.1 million, or $0.47 per share for the same period last year.
Overall gross profit margin for 2012 was 36 percent compared to 40 percent in 2011. Product margin for 2012 was 35 percent, consistent with 2011 results; service margin for 2012 was 43 percent compared to 49 percent for 2011.
Operating expenses for 2012 were $122.2 million compared to $93.2 million in 2011. Compared to 2011, 2012 operating expenses were impacted by higher incentive based compensation, increased investments in our storage and big data initiatives, fewer R&D co-funding credits and additional expenses which resulted from our acquisition of Appro International.
As of December 31, 2012, cash and investments totaled $323 million.
"We had a great year across the board in 2012, highlighted by the completion of the largest supercomputer and storage system in our company's history," said Peter Ungaro, president and CEO of Cray. "We grew substantially in 2012, posting record revenue and operating profit for the year, and have put ourselves on a path to continue to grow faster than our overall market. With our new cluster solutions and XC30 supercomputer, we've expanded our offerings in the supercomputing market, while our storage and Big Data products continue to gain momentum with new customers. I'm excited about our prospects for 2013 and what we're building for the future."
While a wide range of results remains possible for 2013, we expect revenue to be approximately $500 million for the year. Revenue is expected to ramp quarterly during 2013 with roughly $70 million in the first quarter and about 45% of the annual revenue expected in the fourth quarter. For 2013, overall gross margins are anticipated to be in the mid-30% range. Total operating expenses for 2013 are expected to be in the range of $160 million, which includes approximately $8 million in stock-based compensation and amortization of purchased intangibles. Based on this outlook, we expect to be profitable for 2013.
The Company's 2013 effective income tax rate is currently projected to be about 40% but is dependent on a number of variables. Based on this outlook, due to the Company's substantial net operating loss carryforwards, annual income tax provision is expected to be largely non-cash and our effective cash-tax rate is expected to be 8-10%.
Actual results for any future period are subject to large fluctuations given the nature of Cray's business.
- In January, Cray announced a $23 million contract to provide two Cray XC30 supercomputers and Sonexion 1600 storage systems to Germany's National Meteorological Service -- the Deutscher Wetterdienst (DWD), one of the world's premier numerical weather prediction centers.
- In December, Cray announced it was awarded a $39 million contract from the North-German Supercomputing Alliance (HLRN) to deliver a distributed Cray XC30 supercomputing system, which will be operated at sites in Berlin and Hannover, Germany.
- In the first quarter of 2013, the Pittsburgh Supercomputing Center (PSC) launched its uRiKA graph-analytics appliance from YarcData for efficiently discovering unknown relationships in extremely large and complex bodies of information. Funded through the Strategic Technologies for Cyberinfrastructure program of the National Science Foundation, "Sherlock" features innovative hardware and software, as well as PSC-specific enhancements, designed to extend the range of applicability to scales not otherwise feasible.
- In November, Cray completed the acquisition of Appro International, Inc.
- In November, Cray expanded its Sonexion storage product line with the launch of the Cray Sonexion 1600 system. This next generation of Cray's integrated storage appliance offers substantial improvements in performance, density, installation time and ease of use.
- In November, Cray announced the completion of the final milestone of its Defense Advanced Research Projects Agency (DARPA) contract related to the development of its next generation "Cascade" supercomputer. Cray began shipping this system as the Cray XC30 supercomputer late in 2012.
Conference Call Information
Cray will host a conference call today, Thursday, Feb. 14, 2013 at 1:30 p.m. PST (4:30 p.m. EST) to discuss its full year and fourth quarter 2012 financial results. To access the call, please dial into the conference at least 10 minutes prior to the beginning of the call at (855) 894-4205 and enter access code 97433832. International callers may dial (832) 900-4685 and enter the access code 97433832. 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 replay of the call will be available by dialing (855) 859-2056, and entering the access code 97433832. The conference call replay will be available for 72 hours, beginning at 4:30 p.m. PST (7:30 p.m. EST) on Thursday, February 14.
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 provide additional insight for analysts and investors in evaluating Cray's financial and operational performance in the same way that the management evaluates the company'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.
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 40 years of experience in developing and servicing the world's most advanced supercomputers, Cray offers a comprehensive portfolio of high performance computing (HPC) systems, storage, and Big Data 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 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 future operating results and its product 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 Cray is not able to successfully complete its planned product development efforts in a timely fashion or at all, the risk that Cray is not able to realize the expected benefits of the acquisition of Appro, the risk that Cray's Big Data and storage growth initiatives are not successful, the risk that Cray will not be able to secure orders for Cray systems to be delivered and accepted in 2013 when or at the levels expected, the risk that the systems ordered by customers are not delivered when expected or do not perform as expected once delivered, the risk that customer acceptances are not received when expected or at all, the risk that Cray is not able to achieve anticipated gross margin or expense levels, and such other risks as identified in the company's quarterly report on Form 10-Q for the period ended September 30, 2012, 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 XC, Sonexion, uRiKA and YarcData 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 Twelve Months Ended December 31, December 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- REVENUE: Product $ 170,961 $ 75,223 $ 353,767 $ 155,561 Service 17,868 16,331 67,291 80,485 --------- --------- --------- --------- Total revenue 188,829 91,554 421,058 236,046 --------- --------- --------- --------- COST OF REVENUE: Cost of product revenue 123,692 46,894 231,237 101,000 Cost of service revenue 10,942 9,532 38,643 40,680 --------- --------- --------- --------- Total cost of revenue 134,634 56,426 269,880 141,680 --------- --------- --------- --------- Gross profit 54,195 35,128 151,178 94,366 --------- --------- --------- --------- OPERATING EXPENSES: Research and development, net 18,177 6,583 64,303 49,452 Sales and marketing 12,579 7,172 37,180 26,134 General and administrative 7,282 4,233 20,707 15,840 Restructuring 0 (80) 0 1,783 --------- --------- --------- --------- Total operating expenses 38,038 17,908 122,190 93,209 Net gain on sale of interconnect hardware development program 0 0 139,068 0 --------- --------- --------- --------- Income (Loss) from operations 16,157 17,220 168,056 1,157 Other income (expense), net (101) (652) 472 (989) Interest income (expense), net 60 (93) 204 (33) --------- --------- --------- --------- Income (Loss) before income taxes 16,116 16,475 168,732 135 Income tax (expense) benefit (2,110) 14,529 (7,491) 14,194 --------- --------- --------- --------- Net Income (Loss) $ 14,006 $ 31,004 $ 161,241 $ 14,329 ========= ========= ========= ========= Basic net income (loss) per common share $ 0.38 $ 0.88 $ 4.42 $ 0.41 --------- --------- --------- --------- Diluted net income (loss) per common share $ 0.36 $ 0.85 $ 4.27 $ 0.40 ========= ========= ========= ========= Basic weighted average shares 37,130 35,380 36,509 35,122 Diluted weighted average shares 38,917 36,432 37,789 36,072 CRAY INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands) December 31, December 31, 2012 2011 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 253,065 $ 50,411 Restricted cash - 3,776 Short-term investments 52,563 - Accounts and other receivables, net 13,440 72,381 Inventory 89,796 97,881 Prepaid expenses and other current assets 11,823 12,932 ------------ ------------ Total current assets 420,687 237,381 Long-term investments 17,577 - Property and equipment, net 25,543 16,462 Service inventory, net 1,490 1,611 Goodwill 14,182 - Purchased intangible assets, net 7,981 - Deferred tax assets 10,041 13,352 Other non-current assets 12,813 14,293 ------------ ------------ TOTAL ASSETS $ 510,314 $ 283,099 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 34,732 $ 38,328 Accrued payroll and related expenses 25,927 11,270 Other accrued liabilities 8,616 5,414 Deferred revenue 68,060 44,636 ------------ ------------ Total current liabilities 137,335 99,648 Long-term deferred revenue 29,254 14,184 Other non-current liabilities 3,179 2,453 ------------ ------------ TOTAL LIABILITIES 169,768 116,285 Shareholders' equity: Preferred stock - - Common stock and additional paid-in capital 577,938 564,148 Accumulated other comprehensive income 5,181 6,480 Accumulated deficit (242,573) (403,814) ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 340,546 166,814 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 510,314 $ 283,099 ------------ ------------ CRAY INC. AND SUBSIDIARIES Reconciliation of Selected U.S. GAAP Measures to non-GAAP Measures GAAP to non-GAAP Net Income (Unaudited; in millions except per share amounts) Three months ended Twelve months ended December 31, December 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- GAAP Net Income $ 14.0 $ 31.0 $ 161.2 $ 14.3 Non-GAAP adjustments impacting gross profit Share-based compensation (1) $ 0.1 $ 0.1 $ 0.3 $ 0.5 Amortization of acquired intangibles (3) $ 0.2 $ - $ 0.2 $ - --------- --------- --------- --------- Total adjustments impacting gross profit $ 0.3 $ 0.1 $ 0.5 $ 0.5 Non-GAAP adjustments impacting operating expenses Share-based compensation (1) $ 1.6 $ 0.8 $ 5.6 $ 3.1 Restructuring charges (2) $ - $ (0.1) $ - $ 1.8 Amortization of acquired intangibles (3) $ 0.1 $ - $ 0.1 $ - Acquisition costs (3) $ 0.9 $ - $ 0.9 $ - --------- --------- --------- --------- Total adjustments impacting operating expenses $ 2.6 $ 0.7 $ 6.6 $ 4.9 Gain on sale to Intel (4) $ - $ - $ (139.1) $ - Non-GAAP adjustments impacting tax provision Income tax on reconciling items (5) $ (0.1) $ - $ 4.4 $ (0.3) Other items impacting tax provision (6) $ 0.4 $ (14.7) $ (0.3) $ (14.7) --------- --------- --------- --------- Total adjustments impacting tax provision $ 0.3 $ (14.7) $ 4.1 $ (15.0) Non-GAAP Net Income $ 17.2 $ 17.1 $ 33.3 $ 4.7 ========= ========= ========= ========= Non-GAAP Net Income per common share $ 0.44 $ 0.47 $ 0.88 $ 0.13 ========= ========= ========= ========= Diluted weighted average shares 38.9 36.4 37.8 36.1 ---------------------------------------------------------------------------- Notes (1) Adjustments to exclude non-cash expenses related to share-based compensation (2) Restructuring charges consisted primarily of severance expense (3) Adjustments to exclude amortization of acquired intangible assets and other acquisition-related charges related to recent Appro acquisition. (4) Adjustment to exclude gain on divestiture of interconnect hardware development program in Q2 2012 (5) Tax impact associated with reconciling items at non-GAAP tax rate (6) Adjustments to reflect cash tax impact considering benefits principally related to Company's net operating loss carryforwards and changes in Company's valuation allowance held against deferred tax assets ----------------------------------------------------------------------------
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