Cray ( CRAY) was whacked after hours Monday after the super-computer company reported a wider-than-expected loss, a major revenue shortfall and some product delays. After closing near a 52-week low at $5.05, the stock was recently down $1.15, or 23%, to $3.90 in after-hours trading. Seattle-based Cray lost $54.5 million, or 64 cents a share, in the three months to June 30, compared with earnings of $7.9 million, or 10 cents a share, a year earlier. Excluding an acquisition-related charge, the company lost a pro forma $11.7 million, or 14 cents a share, in the latest quareter. Revenue was $21.7 million in the latest quarter compared with $61.8 million a year ago. Analysts had been forecasting a pro forma loss of 4 cents a share on revenue of $45.6 million in the most recent quarter. The revenue miss reflected a contract delay on a major order and continuing weakness in the defense segment. Backlog rose $51 million from the previous quarter to $126 million at June 30. Cray guided 2004 revenue to below $200 million, citing engineering and fabrication delays in its Cray X1E and delays in part shipments for its Sandia Red Storm. As a result, Cray plans to cut 20% out of its cost structure and said it will enter 2005 with quarterly operating expenses no greater than $18 million. The company predicted it would be solidly profitable with revenue of about $300 million in 2005. Analysts had been expecting Cray to lose 1 cent a share on revenue of $257 million in 2004 and earn 28 cents a share on revenue of $369 million in 2005.