Washington | 0-26820 | 93-0962605 | ||
(State or other jurisdiction of | (Commission | (I.R.S. Employer | ||
incorporation or organization) | File Number) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition | |
On May 3, 2007, we issued a press release and held a conference call announcing our financial results for the quarter ended March 31, 2007. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K. | ||
Item 7.01 | Regulation FD Disclosure | |
In the conference call held on May 3, 2007, and in discussions with analysts after that call, our management stated the following beliefs: |
§ | if we recognized no product revenue from BlackWidow and quad-core Cray XT4 systems in 2007, our total revenue for 2007 would be less than $200 million; | ||
§ | they believed that the break-even point for profitability for 2007 is somewhat more than $200 million of total revenue; | ||
§ | we now anticipate that total gross margins in 2007 will be in the low 30% range; | ||
§ | they did not disagree with an estimate of second quarter 2007 total revenue in the range of $20 million to $25 million; | ||
§ | while we have not issued an outlook for 2008, management was targeting modest revenue growth in 2008 over 2007 with likely higher gross margins, and that a significant amount of new orders are required to achieve 2008 goals; | ||
§ | confirmed that we do not anticipate to recognize revenue from our Baker product until 2009. |
Item 9.01 | Financial Statements and Exhibits |
99.1 | Press Release of Cray Inc., dated May 3, 2007, relating to financial results for the first quarter of 2007. |
May 4, 2007 |
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Cray Inc. | ||||||
By: | /s/ Kenneth W. Johnson | |||||
Senior Vice President and General Counsel |