vor cisco wird noch schnell verkauft

der nasdaq gibt am ende doch noch ab. sooo überzeugt scheinen die doch nicht von guten zahlen zu sein.  

Mit Spannung erwarten die Anleger, im Tagesverlauf Einblick in die Cisco-Quartalsbilanz nehmen zu können. Experten rechnen mit Gewinn- und Umsatzsteigerungen im vierten Quartal. Die von First Call/Thomson Financial befragten Analysten erwarten, dass der Gewinn je Aktie (EPS) im Vergleich zum entsprechenden Vorjahreszeitraum um 10 auf durchschnittlich 12 US-Cent gestiegen ist. Der Umsatz wird bei 4,889 Milliarden US-Dollar (Vorjahreszeitraum: 4,298 Milliarden Dollar) erwartet.  

da kommt das dann.

During the quarter, Cisco completed the acquisitions of Hammerhead Networks, Inc. and Navarro Networks, Inc. The total combined purchase price recorded during the quarter, including assumed liabilities, was approximately $260 million. In addition, Cisco took a one-time charge of $28 million, or less than $0.01 per share on an after-tax basis, as a write-off of in-process research and development.

Net sales for fiscal 2002 were $18.9 billion, compared to $22.3 billion for fiscal 2001, a decrease of 15%.

GAAP net income for fiscal 2002 was $1.9 billion or $0.25 per share, compared with a net loss of $1.0 billion or $0.14 per share for fiscal 2001. Pro forma net income for fiscal 2002 was $2.9 billion or $0.39 per share, compared with pro forma net income of $3.1 billion or $0.41 per share for fiscal 2001.

Cash and cash equivalents and total investments were $21.5 billion at fiscal year-end 2002. Cash flow from operations was $1.6 billion for the fourth quarter and $6.6 billion for the full fiscal year 2002.

"This was another solid quarter for Cisco, despite the ongoing challenges in the economy," said Cisco President and CEO John Chambers. "We continued to focus on what we can control, and the results speak for themselves. Our operational performance is on par with peak historical results, especially in the areas of gross margins and income as a percentage of revenue."

Further commenting on Cisco's performance, Chambers noted, "Throughout this challenging time, we have focused on four key areas: profits, cash generation, productivity, and profitable market-share gains. We have consistently improved quarter by quarter in each of these categories, with our fourth quarter bringing in more than $1 billion in pro forma net income, $1.6 billion in cash from operations, a 22 percent productivity increase over last year's fourth quarter and 12 percent year-over-year revenue growth compared to a 44 percent decline by our top ten competitors."

"We continue to see global leaders capturing the productivity benefits that result from Internet business solutions based on Cisco networks," said Chambers. "Cisco continues to innovate in core routing and switching technologies that serve as the foundation of our customers' productivity gains, as well as in emerging technology markets that we believe will drive the next wave of productivity, such as IP telephony, storage, security and mobility." Stock Repurchase Program Expanded

Cisco also today announced that its board of directors has increased the company's stock repurchase program to a total of up to $8 billion through September 12, 2003. This represents an increase of $5 billion from the original $3 billion authorized in September 2001. Of the $8 billion total, approximately $2 billion has been repurchased to date. Market Segment Update

   Enterprise


Enterprise customers continue to be cautious but steady in spending. Cisco's strategy is focused on providing market-leading technology solutions that help its customers extend their enterprises across traditional corporate boundaries.

Cisco continued its market-share leadership in enterprise routing, switching, security, and voice over IP, with new products introduced across all of these categories during the quarter. This momentum is a direct result of organizations seeking to maximize benefits of current IT investments while preparing for the future. Examples include the Bulgarian Ministry of Transportation and Communications, which is deploying Cisco's Internet Protocol (IP) telephony solution, and FINAMA Asset Management in France, which is implementing an IP storage area network with Cisco technology. In Canada, more than 20 schools, universities and educational boards have implemented Cisco voice solutions.

Cisco also introduced new enterprise IP storage, content switching, and network management solutions during the quarter, while reaching a major milestone by shipping its one-millionth IP telephone. The company continues to see acceptance of voice-over-IP technologies with more than eight million voice ports shipped worldwide.

   

      Total net sales      4,829      4,298      18,915      22,293
                         --------   --------   ---------   ---------
COST OF SALES:
   Product                 1,306      1,635       5,914      10,198
   Service                   240        227         988       1,023
                         --------   --------   ---------   ---------
      Total cost of
       sales               1,546      1,862       6,902      11,221
                         --------   --------   ---------   ---------

   GROSS MARGIN            3,283      2,436      12,013      11,072

OPERATING EXPENSES:
   Research and
    development              797        893       3,301       3,778
   Sales and
    marketing              1,028      1,138       4,235       5,240
   General and
    administrative           152        190         611         768
   Restructuring
    costs and other
    special charges           --         --          --       1,170
   Payroll tax on
    employee stock
    option exercises          --          5           7          55
   Amortization of
    deferred
    stock-based
    compensation              43         49         176         155
   Amortization of
    goodwill                  --        196          --         690
   Amortization of
    purchased
    intangible assets        288        102         699         365
   In-process
    research and
    development               28         --          65         855
                         --------   --------   ---------   ---------
         Total
          operating
          expenses         2,336      2,573       9,094      13,076
                         --------   --------   ---------   ---------

OPERATING INCOME (LOSS)       947       (137)      2,919      (2,004)

Net gains (losses) on
investments                   --         --        (858)        190
Interest and other
income, net                  150        199         649         940
                         --------   --------   ---------   ---------
INCOME (LOSS) BEFORE
PROVISION
FOR INCOME TAXES           1,097         62       2,710        (874)
Provision for income
taxes                        325         55         817         140
                         --------   --------   ---------   ---------

   NET INCOME (LOSS)       $ 772        $ 7     $ 1,893    $ (1,014)
                         ========   ========   =========   =========
Net income (loss) per
share--basic              $ 0.11     $ 0.00      $ 0.26     $ (0.14)
                         ========   ========   =========   =========
Net income (loss) per
share--diluted (1)        $ 0.10     $ 0.00      $ 0.25     $ (0.14)
                         ========   ========   =========   =========
Shares used in per-
share calculation--
basic                      7,292      7,294       7,301       7,196
                         ========   ========   =========   =========
Shares used in per-
share calculation--
diluted (1)                7,410      7,484       7,447       7,196
                         ========   ========   =========   =========


   Note 1: Diluted net loss per share for the twelve months ended
July 28, 2001 is computed using the weighted-average number of common
shares outstanding during the period and excludes common-equivalent
shares, as their effect is anti-dilutive. The dilutive potential
common shares that were antidilutive for fiscal 2001 amounted to 348
million shares.


                        Cisco Systems, Inc.
          Pro Forma Consolidated Statements of Operations
         (See Pro Forma Adjustments Listed in Table Below)
              (in Millions, Except Per-share Amounts)
                            (Unaudited)


                          Three Months Ended    Twelve Months Ended
                         --------------------- ---------------------
                          July 27,   July 28,   July 27,    July 28,
                             2002      2001       2002        2001
                         ---------- ---------- ----------- ----------
NET SALES:
   Product                $ 3,998    $ 3,577    $ 15,669    $ 19,559
   Service                    831        721       3,246       2,734
                          --------   --------   ---------   ---------
       Total net sales      4,829      4,298      18,915      22,293
                          --------   --------   ---------   ---------
COST OF SALES:
   Product                  1,319      1,822       6,439       8,136
   Service                    240        227         988       1,023
                          --------   --------   ---------   ---------
       Total cost of
        sales               1,559      2,049       7,427       9,159
                          --------   --------   ---------   ---------

   GROSS MARGIN             3,270      2,249      11,488      13,134

OPERATING EXPENSES:
   Research and
    development               797        893       3,301       3,778
   Sales and marketing      1,028      1,138       4,235       5,240
   General and
    administrative            152        190         611         768
                          --------   --------   ---------   ---------
            Total
             operating
             expenses       1,977      2,221       8,147       9,786
                          --------   --------   ---------   ---------

OPERATING INCOME             1,293         28       3,341       3,348

Interest and other
income, net                   150        199         649         940
                          --------   --------   ---------   ---------

INCOME BEFORE PROVISION
  FOR INCOME TAXES          1,443        227       3,990       4,288
Provision for income
taxes                         404         64       1,117       1,202
                          --------   --------   ---------   ---------

   NET INCOME             $ 1,039      $ 163     $ 2,873     $ 3,086
                          ========   ========   =========   =========
Net income per share--
basic                      $ 0.14     $ 0.02      $ 0.39      $ 0.43
                          ========   ========   =========   =========
Net income per share--
diluted                    $ 0.14     $ 0.02      $ 0.39      $ 0.41
                          ========   ========   =========   =========
Shares used in per-share
calculation--basic          7,292      7,294       7,301       7,196
                          ========   ========   =========   =========
Shares used in per-share
calculation--diluted        7,410      7,484       7,447       7,544
                          ========   ========   =========   =========

The above pro forma amounts have been adjusted to exclude
the following items:
In-process research and
development                 $  28      $  --       $  65      $  855
Payroll tax on employee
stock option exercises         --          5           7          55
Amortization of
deferred stock-based
compensation                   43         49         176         155
Amortization of
goodwill                       --        196          --         690
Amortization of purchased
intangible assets             288        102         699         365
Net (gains) losses on
investments                    --         --         858        (190)
Restructuring costs and
other special charges          --         --          --       1,170
Excess inventory
(benefit) charge              (13)      (187)       (525)      2,062
Income tax effect              (79)        (9)       (300)     (1,062)
                          --------   --------   ---------   ---------
                            $ 267      $ 156       $ 980     $ 4,100
                          ========   ========   =========   =========


                        Cisco Systems, Inc.
                    Consolidated Balance Sheets
                           (in Millions)
                            (Unaudited)

                                                 July 27,    July 28,
                                                   2002        2001
                                               ----------- ----------
ASSETS
Current assets:
     Cash and cash equivalents                   $ 9,484     $ 4,873
     Short-term investments                        3,172       2,034
     Accounts receivable, net of allowance
      for doubtful accounts
      of $335 at July 27, 2002 and $288
      at July 28, 2001                             1,105       1,466
     Inventories, net                                880       1,684
     Deferred tax assets                           2,030       1,809
     Lease receivables, net                          239         405
     Prepaid expenses and other current assets       523         564
                                                ---------   ---------
               Total current assets                17,433      12,835

Investments                                         8,800      10,346
Restricted investments                                 --       1,264
Property and equipment, net                         4,102       2,591
Goodwill                                            3,565       3,189
Purchased intangible assets, net                      797       1,470
Lease receivables, net                                 39         253
Other assets                                        3,059       3,290
                                                ---------   ---------
              TOTAL ASSETS                      $ 37,795    $ 35,238
                                                =========   =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Accounts payable                              $ 470       $ 644
     Income taxes payable                            579         241
     Accrued compensation                          1,365       1,058
     Deferred revenue                              3,143       2,470
     Other accrued liabilities                     2,496       2,553
     Restructuring liabilities                       322         386
                                                ---------   ---------
              Total current liabilities            8,375       7,352

Deferred revenue                                      749         744
                                                ---------   ---------
              Total liabilities                    9,124       8,096

Minority interest                                      15          22

Shareholders' equity                               28,656      27,120
                                                ---------   ---------
              TOTAL LIABILITIES AND
               SHAREHOLDERS' EQUITY             $ 37,795    $ 35,238
                                                =========   =========


                        Cisco Systems, Inc.
               Consolidated Statements of Cash Flows
                           (in Millions)
                            (Unaudited)

                                                 Twelve Months Ended
                                                ---------------------
                                                 July 27,   July 28,
                                                  2002        2001
                                                ---------- ----------
Cash flows from operating activities:
   Net income (loss)                             $ 1,893    $ (1,014)
   Adjustments to reconcile net income (loss)
    to net cash
    provided by operating activities:
          Depreciation and amortization            1,957       2,236
          Provision for doubtful accounts             91         268
          Provision for inventory                    149       2,775
          Deferred income taxes                     (573)       (924)
          Tax benefits from employee stock
           option plans                               61       1,397
          In-process research and development         53         739
          Net (gains) losses on investments
           and provision for losses                1,127          43
          Restructuring costs and other
           special charges                            --         501
          Change in operating assets and
           liabilities:
                  Accounts receivable                270         569
                  Inventories                        673      (1,644)
                  Prepaid expenses and other
                   current assets                    (28)        (25)
                  Accounts payable                  (174)       (105)
                  Income taxes payable               389        (434)
                  Accrued compensation               307        (256)
                  Deferred revenue                   678       1,629
                  Other accrued liabilities         (222)        251
                  Restructuring liabilities          (64)        386
                                                 --------   ---------
                     Net cash provided by
                      operating activities         6,587       6,392
                                                 --------   ---------
Cash flows from investing activities:
   Purchases of short-term investments            (5,473)     (4,594)
   Proceeds from sales and maturities of
    short-term investments                         5,868       4,370
   Purchases of investments                      (15,760)    (18,306)
   Proceeds from sales and maturities of
    investments                                   15,317      15,579
   Purchases of restricted investments              (291)       (941)
   Proceeds from sales and maturities of
    restricted investments                         1,471       1,082
   Acquisition of property and equipment          (2,641)     (2,271)
   Acquisition of businesses, net of cash and
    cash equivalents                                  16         (13)
   Change in lease receivables, net                  380         457
   Purchases of investments in privately held
    companies                                        (58)     (1,161)
   Lease deposits                                    320        (320)
   Purchase of minority interest of Cisco
    Systems, K.K. (Japan)                           (115)       (365)
   Other                                             159        (520)
                                                 --------   ---------
                     Net cash used in
                      investing activities          (807)     (7,003)
                                                 --------   ---------
Cash flows from financing activities:
   Issuance of common stock                          655       1,262
   Repurchase of common stock                     (1,854)         --
   Other                                              30         (12)
                                                 --------   ---------
                     Net cash (used in)
                      provided by financing
                      activities                  (1,169)      1,250
                                                 --------   ---------
Net increase in cash and cash equivalents           4,611         639
Cash and cash equivalents, beginning of fiscal
year                                               4,873       4,234
                                                 --------   ---------
Cash and cash equivalents, end of fiscal year     $ 9,484     $ 4,873
                                                 ========   =========

   Stock Repurchase Program Expanded

   Cisco also today announced that its board of directors has increased the
   company's stock repurchase program to a total of up to $8 billion through
   September 12, 2003. This represents an increase of $5 billion from the original $3
   billion authorized in September 2001. Of the $8 billion total, approximately $2 billion
   has been repurchased to date.

   

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