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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.94

-1.1%

Jan 8 3:59 PM EST

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To: uu who wrote (53534)	6/3/2001 5:09:08 PM
From: Stock Farmer	Read Replies (1) of 77400

ALERT: Cisco's Pro-Forma EPS is $0.02/share, not $0.03/share as reported in the press release. Based on the official numbers published in the 10Q. Someone please check my math, because the likelihood of seeing the company press release on this one is low! Read the 10Q published June 1, here (http://www.siliconinvestor.com/research/sec.gsp?s=CSCO). A few things were DIFFERENT between the statement of operations in the press release several weeks ago (http://biz.yahoo.com/bw/010508/0659.html) and the 10Q. These would have a material impact on the pro-forma results published. In the press release, under operating costs, Cisco quoted the following figures: R&D was 970 M$. In 10Q it is 1028 M$. S&M was 1351 M$. In 10Q it is 1333 M$. G&A was 191 M$. In 10Q it is 195 M$ Amm GW is 346 M$, in 10Q it is 276 M$ * Payroll Tx 10 M$, in 10Q it is not broken out * What does this mean? GAAP results are not changed by this re-allocation. But the items marked "*" are excluded from costs in Pro-Forma. Perhaps we could say that the missing 10 M$ payroll tax is buried in the R&D or S&M or G&A lines. Fine. But considering only the change in goodwill, the net effect on pro-forma earnings is a change of +70 M$ to pro-forma operating costs, reducing pro-forma operating earnings from $230 to $160 = $0.02 / share or 50%! Yet they report "pro-forma" earnings of $0.03/share? What's up with this??? Lawsuit fodder? I'd love to see this one explained. John.

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