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This brief provides improved conditions for the existence of a unique equilibrium point and its global asymptotic stability of cellular neural networks with time delay. Both delay-dependent and delay-independent conditions are obtained by using more general Lyapunov-Krasovskii functionals. These conditions are expressed in terms of linear matrix inequalities, which can be checked easily by recently developed standard algorithms. Examples are provided to demonstrate the reduced conservatism of the proposed criteria by numerically comparing with those reported recently in the literature.