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Steve Conway (612) 683-7133
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CRAY RESEARCH REPORTS SECOND QUARTER RESULTS; 
MAINTAINS EXPECTATIONS FOR A SIGNIFICANTLY IMPROVED YEAR

EAGAN, Minn., July 26, 1993 -- Cray Research, Inc. (NYSE: CYR) today reported revenue of $187,670,000, and net earnings of $6,241,000 or $ .24 per share, for the second quarter ended June 30, 1993.  This compares with revenue of $184,997,000, net earnings of $1,253,000, or $ .05 per share, for the same period in 1992.

Revenue for the first six months of 1993 was $390,267,000, compared with $350,091,000 for the first half of 1992.  Net earnings were $21,265,000, or $ .82 per share for the first half of 1993, compared with $5,138,000, or $ .19 per share, for the same period a year ago.

John Carlson, chairman and chief executive officer, said, "The contract value of orders signed this quarter was approximately $188 million compared with $75 million for the same period in 1992.  Our backlog at the end of the quarter was approximately $429 million  --a new company record -- compared with $381 million at the end of first quarter, and $301 million at the end of second quarter a year ago.  We now have orders covering about 90% of projected high-end installations for this year."

Carlson added, Òwith our very strong backlog going into the second half of 1993, I am confident that we can show a strong return to profitability this year.  Demand for our C90 product family remains strong and our low-end systems continue to penetrate new markets and bring in new customers.  We also have several orders for our new, soon-to-be-announced massively parallel (MPP) system, which indicates the confidence our customers have in our new technology and emerging products.Ó   

Cray Research creates the most powerful, highest-quality computational tools for solving the worldÕs most challenging scientific and industrial problems.
 
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