Last Tera results

Seattle 18 May 00 Former Tera has announced the last financial results that do not include the Cray acquisition. For the first quarter ended March 31, 2000, Cray Inc. reported a net loss of $8.0 million, on revenues of $43,000, compared to a net loss of $6.8 million, on revenues of $661,000 for the first quarter of 1999.

The company's cash position increased from $10.0 million at December 31, 1999, to $35.2 million at March 31, 2000, including $5.0 million held as a deposit for the $15 million cash component of the Cray Research acquisition. The increase reflected a successful private placement of common stock in the first quarter that raised $24.3 million after expenses and approximately $9.0 million received from warrant exercises.

"The results for the first quarter 2000 close the chapter for the company as a development stage entity," said Jim Rottsolk, president and chief executive officer.

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