Overall gross profit margin for the first quarter of 2016 was 38%, compared to 30% for the first quarter of 2015. Total non-GAAP gross profit margin percentage for the first quarter of 2016 was consistent with the GAAP result for the same period.
Operating expenses for the first quarter of 2016 were $49.2 million, compared to $40.9 million for the first quarter of 2015. Non-GAAP operating expenses for the first quarter of 2016 were $46.3 million, compared to $37.8 million for the first quarter of 2015.
As of March 31, 2016, cash, investments and restricted cash totaled $320 million. Working capital increased to $418 million compared to $415 million at the end of 2015.
"We are off to a good start to our year", stated Peter Ungaro, president and CEO of Cray. "We completed several large installations during the first quarter including at the Department of Energy's National Energy Research Scientific Computing Center. Our momentum in the global weather forecasting market also continued as we completed acceptances at Australia's Bureau of Meteorology, and the U.K.'s Met Office; and Germany's National Meteorological Service recently chose to substantially upgrade its Cray systems. With major refreshes in each of our product lines expected in 2016 and more contracts yet to secure in the coming quarters, we have a lot of work left to do in order to achieve our outlook for the year. That being said, I'm pleased with the progress we have made to date as we drive to continue to grow our business."
For 2016, a wide range of results remains possible for each remaining quarter and the year.
While the company continues to expect revenue to be in the range of $825 million for the year, there is an increased level of risk to achieving this target. This increased risk is driven by the company's reliance on key third-party components, some of which have already been delayed, and the level and timing of new orders. Revenue is expected to be in the range of $100 million for the second quarter and the fourth quarter is anticipated to be about 60% of total revenue for the year. Non-GAAP gross margin for the year is expected to be in the range of 33%. Non-GAAP operating expenses for the year are anticipated to be about $205 million. Based on this outlook, the company expects to improve its GAAP and non-GAAP operating profit margins for 2016 as compared to 2015.
Cray's 2016 effective non-GAAP tax rate is expected to be about 10%.
Actual results for any future periods are subject to large fluctuations given the nature of Cray's business.
Recent highlights include the following: