Company Has Requested a Hearing and Common Stock Listing Continues Pending Hearing Outcome
SEATTLE, WA, Apr 10, 2006 (MARKET WIRE via COMTEX News Network) -- Cray Inc. (NASDAQ: CRAY) today announced that it received a notice
from the Listing Qualifications Department of The Nasdaq Stock Market
on April 7, 2006 stating that the Company was not in compliance with
the requirements of Nasdaq Marketplace Rule 4310(c)(14), due to
Cray's failure to file its annual report on Form 10-K for the fiscal
year ended December 31, 2005, on a timely basis.
Cray has requested a hearing before a NASDAQ Listing Qualifications
Panel to seek continued listing on The Nasdaq National Market until
the Company files its Form 10-K for the fiscal year 2005.
On March 31, 2006, Cray announced that it would delay the filing of
its 2005 Form 10-K pending the completion of a review of a non-cash
item in 2004 of $3.3 million that could result in an adjustment to
its 2004 financial statements. The Company currently does not have an
anticipated date of filing for the annual report, but continues to
work as expeditiously as possible with the external auditors to
complete the review.
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.
Safe Harbor Statement
This press release contains forward-looking statements. There are
certain factors that could cause Cray's execution to differ materially
from those anticipated by the statements above, including the timing
and results of the ongoing review of the potential adjustment to the
2004 financial statements and the results of the requested Nasdaq
hearing and Cray's ability to comply with applicable Nasdaq
requirements. For a discussion of other risks, see "Factors That
Could Affect Future Results" in Cray's most recent Quarterly Report
on Form 10-Q filed with the SEC.
Cray is a registered trademark of Cray Inc.
SOURCE: Cray Inc.