Cisco Systems Inc. - San Jose
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
Cisco Systems Inc. - San Jose
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
Cisco Systems Inc. - San Jose
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
SAN JOSE, Calif. -- Cisco Systems Inc. eked out a profit in the fiscal fourth quarter, as acquisition-related expenses and a sales drop cut into profits.
In a later conference call, the company announced that fiscal first-quarter revenue should be flat to down by as much 5% from the fourth quarter.
For the fourth quarter ended July 28, the world's largest maker of Internet-switching gear reported net income of $7 million, compared with $796 million, or 11 cents a share, a year earlier.
Excluding items -- mainly $347 million in acquisition-related expenses and a $187 million gain from a previous excess-inventory charge in the latest quarter -- Cisco (CSCO) said it would have earned $163 million, or two cents a share, matching the mean estimate of analysts surveyed by Thomson Financial/First Call. Year-earlier earnings from operations were $1.2 billion, or 16 cents a share.
Revenue slumped 25% to $4.3 billion.
When the company released its fiscal third-quarter results in May, Cisco warned that fourth-quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
"In many ways, fiscal 2001 was like two different years, starting out even more positive than we anticipated through December with year-over-year growth in the 60%+ range and then turning into an extremely challenging second half of the year," said Chief Executive John Chambers in a prepared statement.
He went on to say, "Cisco is starting to develop early business momentum in key markets and we believe we are very well positioned from a financial and market share perspective to lead as our customers standardize on a few strategic partners as the market recovers."
Cisco has been hurt by a downturn in capital spending by telecommunications-services providers and corporate customers. The company has responded by trimming costs, including the elimination of 8,500 jobs.
Mr. Chambers said in a later conference call that he still believes Cisco can achieve long-term annual revenue growth of 30% to 50%, even though some analysts say a more likely growth rate is 15% to 20%.
Chief Financial Officer Larry Carter added that first-quarter gross profit margin should be in the low- to mid-50s, compared with the fourth quarter's 52.3%.
He declined to provide a bottom-line forecast for the first quarter. The Thomson Financial/First Call estimate is for earnings of four cents a share.
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
Cisco Systems Inc. - San Jose
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
Cisco Systems Inc. - San Jose
4th Quar July 28:
2001 2000 Sales $4,298,000,000 $5,720,000,000 Net income a 7,000,000 b 796,000,000 Avg shrs (basic) 7,294,000,000 7,042,000,000 Avg shrs (diluted) 7,484,000,000 7,556,000,000 Shr earns (basic)
Net income a .... b .11 Shr earns (diluted)
Net income a .... b .11
Figures in parentheses are losses.
a. Includes a charge of $5 million for payroll on stock option exercises and a gain of $187 million for excess inventory.
b. Includes a charge of $461 million for in-process research and development, a $26 million charge for payroll tax on stock option exercises, $37 million in acquisition-related charges and $344 million in gains realized on minority investments.
Cisco Systems Inc. (CSCO) posted fourth quarter pro forma earnings of $163 million, or 2 cents a share, compared with pro forma earnings of $1.2 billion, or 16 cents a share, last year.
As expected, Cisco, which reported lower earnings and sales for a second straight quarter, met a Thomson Financial/First Call consensus estimate of 2 cents a share. Revenue also was in line with analysts' projection of $4.3 billion.
In May, the networking giant warned that fourth quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
Pro forma results exclude the effects of acquisition charges, payroll tax on stock option exercises, restructuring costs and other special charges, excess inventory charge, and net gains realized on minority investments.
SAN JOSE, Calif. -- Cisco Systems Inc. eked out a profit in the fiscal fourth quarter, as acquisition-related expenses and a sales drop cut into profits.
In a later conference call, the company announced that fiscal first-quarter revenue should be flat to down by as much 5% from the fourth quarter.
For the fourth quarter ended July 28, the world's largest maker of Internet-switching gear reported net income of $7 million, compared with $796 million, or 11 cents a share, a year earlier.
Excluding items -- mainly $347 million in acquisition-related expenses and a $187 million gain from a previous excess-inventory charge in the latest quarter -- Cisco (CSCO) said it would have earned $163 million, or two cents a share, matching the mean estimate of analysts surveyed by Thomson Financial/First Call. Year-earlier earnings from operations were $1.2 billion, or 16 cents a share.
Revenue slumped 25% to $4.3 billion.
When the company released its fiscal third-quarter results in May, Cisco warned that fourth-quarter revenue would be flat to as much as 10% lower than the third quarter's $4.73 billion.
"In many ways, fiscal 2001 was like two different years, starting out even more positive than we anticipated through December with year-over-year growth in the 60%+ range and then turning into an extremely challenging second half of the year," said Chief Executive John Chambers in a prepared statement.
He went on to say, "Cisco is starting to develop early business momentum in key markets and we believe we are very well positioned from a financial and market share perspective to lead as our customers standardize on a few strategic partners as the market recovers."
Cisco has been hurt by a downturn in capital spending by telecommunications-services providers and corporate customers. The company has responded by trimming costs, including the elimination of 8,500 jobs.
Mr. Chambers said in a later conference call that he still believes Cisco can achieve long-term annual revenue growth of 30% to 50%, even though some analysts say a more likely growth rate is 15% to 20%.
Chief Financial Officer Larry Carter added that first-quarter gross profit margin should be in the low- to mid-50s, compared with the fourth quarter's 52.3%.
He declined to provide a bottom-line forecast for the first quarter. The Thomson Financial/First Call estimate is for earnings of four cents a share.
