Cray said yesterday its first-quarter loss widened on lower revenue and a sharp increase in expenses. Separately, the Seattle company said...
Cray said yesterday its first-quarter loss widened on lower revenue and a sharp increase in expenses.
Separately, the Seattle company said it received a notice from the Nasdaq Stock Market that it faces delisting because it failed to include an auditor’s opinion of financial controls in its recent annual report. Cray will appeal.
In April, Deloitte & Touche said it would not stand for re-election as Cray’s independent auditor. Cray also is seeking a new chief financial officer.
The news, released after the close of regular trading yesterday, pushed Cray’s stock down 28 cents, or 13.5 percent, to $1.80 in after-hours trading.
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For the three months ended March 31, Cray’s loss widened to $21 million, or 24 cents a share, from a loss of $3.8 million, or 5 cents a share, a year ago.
Revenue sank 11 percent to $37.6 million from $42.1 million, though Cray said this mostly was due to a delay between shipments and pending customer acceptances that were not recorded as revenue.
Cray said it plans to recognize revenue from these sales in the second and third quarters.
Analysts had expected a loss of 8 cents a share on sales of $53 million.
Cray said manufacturing-related charges and unusually high research costs for its Sandia Red Storm program hurt results.