Global supercomputer leader Cray Inc. today announced financial results for the second quarter ended June 30, 2009. Revenue for the quarter was $62.7 million compared to $46.7 million in the prior year period, an increase of 34 percent. The company reported net income for the quarter of $3.4 million or $0.10 per share compared to a net loss of ($6.4 million) or ($0.20) per share in the second quarter of 2008.
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Total gross profit margin for the second quarter of 2009 was 45 percent compared to 33 percent in the second quarter of 2008. Product margin was 47 percent, driven by product mix and favorable costs on large system upgrades and contract closeouts. Service margin was 42 percent in the second quarter of 2009.
Income from operations for the second quarter of 2009 was $4.6 million compared to a loss from operations of ($5.7 million) in the second quarter of 2008. Included in 2009 second quarter results were non-cash items of $2.3 million for gross depreciation and amortization and $1.0 million related to stock compensation expense. Additionally, second quarter net income was negatively impacted by $1.2 million of non-cash items resulting from the adoption of a new accounting principle in the first quarter of 2009 related to the company's convertible notes.
For the six-month period ended June 30, 2009, Cray reported total revenue of $137.2 million compared to $72.9 million in the prior year period, an 88% increase. For the first half of the year, total operating expenses were $45.4 million compared to $44.0 million in the prior year period. Net loss was ($1.5 million) or ($0.04) per share for the first half of 2009 compared to a net loss of ($18.4 million) or ($0.57) per share in the prior year period. The 2009 year-to-date net income results include $3.4 million of stock compensation and $1.7 million of non-cash items related to the new accounting for our convertible notes.
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