Cray (CRAY) Prelim FY12 Revs Miss Views; Sees Stronger FY13
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Price: $35.01 --0%
Financial Fact:
Total operating expenses: 52.06M
Today's EPS Names:
SVBT, ZEO, OTLK, More
Financial Fact:
Total operating expenses: 52.06M
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Cray Inc. (Nasdaq: CRAY) announced selected preliminary 2012 financial results. The 2012 results presented in this release are based on preliminary financial data and are subject to change until the year-end financial reporting process is complete.
Based on preliminary results, total revenue for 2012 is expected to be about $420 million, of which less than $1 million is attributable to the acquisition of Appro International, Inc. For 2012, gross margins are expected to be approximately 36%, slightly higher than previously provided guidance, and total operating expenses are expected to be about $120 million, consistent with previously provided guidance. Total operating expenses for 2012 will depend on the final accounting treatment of the Appro acquisition and includes estimates of approximately $7 million in stock based compensation and acquisition related expenses. Based on these preliminary results, the Company expects to be solidly profitable for 2012, independent of the $139 million pre-tax gain on the development program divestiture completed during the second quarter.
*** The Street was modeling FY12 revs of $445.7 million.
As of Dec. 31, 2012, cash and investments are expected to total about $320 million.
While a wide range of results remains possible for 2013, the Company now expects 2013 revenue to be about $500 million. Revenue is expected to ramp during 2013 with about $60 million in the first quarter and roughly 45% of the annual revenue expected in the fourth quarter. Gross margins for 2013 are anticipated to be in the mid-30% range. Total operating expenses for the year are expected to be in the range of $160 million, which includes approximately $10 million in non-cash items including stock based compensation and the preliminary estimate of amortization of items related to the Appro acquisition. Based on this outlook, we expect to be profitable for 2013.
*** The Street is currently looking for FY13 revs of $458.8 million.
Based on preliminary results, total revenue for 2012 is expected to be about $420 million, of which less than $1 million is attributable to the acquisition of Appro International, Inc. For 2012, gross margins are expected to be approximately 36%, slightly higher than previously provided guidance, and total operating expenses are expected to be about $120 million, consistent with previously provided guidance. Total operating expenses for 2012 will depend on the final accounting treatment of the Appro acquisition and includes estimates of approximately $7 million in stock based compensation and acquisition related expenses. Based on these preliminary results, the Company expects to be solidly profitable for 2012, independent of the $139 million pre-tax gain on the development program divestiture completed during the second quarter.
*** The Street was modeling FY12 revs of $445.7 million.
As of Dec. 31, 2012, cash and investments are expected to total about $320 million.
While a wide range of results remains possible for 2013, the Company now expects 2013 revenue to be about $500 million. Revenue is expected to ramp during 2013 with about $60 million in the first quarter and roughly 45% of the annual revenue expected in the fourth quarter. Gross margins for 2013 are anticipated to be in the mid-30% range. Total operating expenses for the year are expected to be in the range of $160 million, which includes approximately $10 million in non-cash items including stock based compensation and the preliminary estimate of amortization of items related to the Appro acquisition. Based on this outlook, we expect to be profitable for 2013.
*** The Street is currently looking for FY13 revs of $458.8 million.
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