Cray Income, Revenue Jump in 2Q
The supercomputer maker started off the third quarter on a high note, with a $43.1 million co-contract from the federal Defense Advanced Research Projects Agency.Supercomputer maker Cray Inc. saw net income and revenue both jump in the second quarter, thanks in part to $6 million in revenue that was deferred from the first quarter. Cray on Thursday reported income of $7.9 million on $61.8 million in revenue for the three months ending June 30, significant increases over the $1.2 million the Seattle-based company earned on $38.6 million in revenue for the same period last year. But the deferred first-quarter revenue told only part of the story, according to company officials.
"Improved profitability in the second quarter indicates were getting closer to our target business model," Chairman and CEO Jim Rottsolk said in a prepared statement. "With the Cray X1 system now in full-production mode, we are focused on product delivery and successfully meeting increasingly challenging customer acceptance tests for the second half of the year."