CSCO's earnign are waning....... actual earning growth are negative.
CSCO operating income this quarter is $822 and lower that 1999 quarter of $853.
The whole earning growth came from gains realized from investments and "other income"
which amounted to $541 million out of $1,363 pretax earnings.
Actual CSCO earnings are only $485 million or 6.4 cent/share at same tax rate
Cisco Systems, Inc.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
(In millions, except per-share amounts)
Quarters Ended Fiscal Years Ended
July 29, July 31, July 29, July 31,
2000 1999 2000 1999
(Unaudited)(Unaudited)
------- ------- ------- -------
Net sales $ 5,720 $ 3,558 $18,928 $12,173
Cost of sales 2,058 1,261 6,746 4,259
------- ------- ------- -------
Gross margin 3,662 2,297 12,182 7,914
Operating expenses:
Research and
development 825 509 2,685 1,663
Sales and marketing 1,142 709 3,917 2,465
General and
administrative 217 126 630 381
Payroll tax
on stock option
exercises 26 -- 51 --
Amortization of
goodwill and
purchased intangible
assets 169 19 291 61
Purchased in-process R&D 461 81 1,373 471
------- ------- ------- -------
Total operating
expenses 2,840 1,444 8,947 5,041
------- ------- ------- -------
Operating income 822 853 3,235 2,873
Net gains realized
on minority
investments 344 -- 531 --
Interest and other
income, net 197 93 577 330
------- ------- ------- -------
Income before
provision
for income taxes 1,363 946 4,343 3,203
Provision for
income taxes 567 341 1,675 1,180
------- ------- ------- -------
Net income $ 796 $ 605 $ 2,668 $ 2,023
======= ======= ======= =======
Net income per
share--basic $ .11 $ .09 $ .39 $ .30
======= ======= ======= =======
Net income
per share--diluted $ .11 $ .08 $ .36 $ .29
======= ======= ======= =======
Shares used in
per-share
calculation--basic 7,042 6,765 6,917 6,646
======= ======= ======= =======
Shares used in
per-share
calculation--diluted 7,556 7,201 7,438 7,062
======= ======= ======= ======= |
