Nasdaq Confirms Cray in Compliance with Listing Requirements; Cray's Trading Symbol Reverts from 'CRAYE' to 'CRAY'; Cray Enters
June 01 2005 - 4:15PM
Business Wire
Global supercomputer leader Cray Inc. (Nasdaq NM:CRAYE) today
reported that it has received a letter from the Nasdaq Listing
Qualifications Department indicating that, effective with the open
of business on June 3, 2005, the Company will trade under its
original trading symbol "CRAY." Cray had previously received a
notice from Nasdaq regarding a potential delisting of Cray
securities due to non-compliance with Nasdaq Marketplace Rule
4310(c)(14). Specifically, Nasdaq cited delinquencies related to
Company's Form 10-K/A, filed on May 3, 2005. Upon further review,
the Nasdaq Listing Qualifications Department reversed its earlier
decision, and determined that Cray complied with all requirements
necessary for continued listing on the Nasdaq National Market. The
hearing with respect to the delisting procedure has been canceled
as being moot. Cray also announced that it had entered into a new
two-year $30,000,000 credit agreement with Wells Fargo Foothill,
part of Wells Fargo & Company (NYSE:WFC). The new line replaces
the Company's previous line of credit with Wells Fargo Bank, and
provides support for the Company's existing letters of credit while
permitting the Company use of its previously restricted $11.4
million of cash and permitting additional cash advances. "This line
of credit provides us the working capital flexibility we said we
would be looking for," said James Rottsolk, Chairman and Chief
Executive Officer. "We expect that our cash flow situation will
improve in the second half of the year, and this line allows us to
manage our resources until that occurs." Safe Harbor Statement This
press release contains forward-looking statements. There are
certain factors that could cause Cray's execution plans to differ
materially from those anticipated by the statements above. These
include the technical challenges of developing high performance
computing systems, fluctuating quarterly operating results, lower
margins and earnings due to significant pricing pressure and new
product introduction expenses, government support and timing of
supercomputer system purchases, the successful porting of
application programs to Cray computer systems, reliance on
third-party suppliers, Cray's ability to keep up with rapid
technological change, Cray's ability to compete against larger,
more established companies and innovative competitors, and general
economic and market conditions. For a discussion of these and other
risks, see "Factors That Could Affect Future Results" in Cray's
most recent Quarterly Report on Form 10-Q filed with the SEC. About
Cray Inc. As the global leader in high performance computing (HPC),
Cray provides innovative supercomputing systems that enable
scientists and engineers in government, industry and academia to
meet both existing and future computational challenges. Building on
years of experience in designing, developing, marketing and
servicing the world's most advanced supercomputers, Cray offers a
comprehensive portfolio of HPC systems that deliver unrivaled
sustained performance on a wide range of applications. Go to
www.cray.com for more information. Cray is a registered trademark
of Cray Inc. All other trademarks are the property of their
respective owners.
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