Tera's 1999 financial results

Seattle 28 Mar 00 Tera Computer Company reported results for the fourth quarter and fiscal year ended December 31, 1999. For the fiscal year ended December 31, 1999, Tera reported a net loss of $34.5 million, on revenues of $2.1 million compared to a net loss of $19.8 million for fiscal 1998 on revenues of $2.0 million.

As of December 31, 1999, the company had approximately $11.2 million in cash and equivalents, and no long-term debt. Including the proceeds of the February 2000 financing, and the exercise of warrants, the company had cash and equivalents of approximately $35.9 million as of February 29, 2000.

Over the past year, Tera has achieved a number of important milestones in moving the company forward and its MTA technology toward full commercialization, including:

Successfully migrated from the MTA-2 to the MTA-4 and the MTA-8 at the San Diego Supercomputing Center. Raised over $30 million in financing and restructured. Received its first purchase order for an MTA-16, with funding provided by the National Security Agency. A study of the Tera MTA was awarded Best Paper of SC' 99, favorably comparing its programmability and performance against that of a Cray T3E and SGI Origin 2000. Added Stephen C. Kiely and Dean D. Thornton to the Board of Directors. Taped out and received CMOS silicon for processor and memory components of the MTA. Completed a new round of private equity financing in February 2000, raising an additional $26 million at the company's lowest cost of capital to date. Announced a definitive agreement to buy Cray from SGI.

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