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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 72.10+1.4%Nov 10 3:59 PM EST
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To: The Phoenix who wrote (41340)10/23/2000 2:33:16 PM
From: GVTucker  Read Replies (1) of 77397
 
Gary, RE: I have seen no documentation anywhere that suggests that CSCO prints the shares ... which if they did would be dilutive but not an expense.

Back to item 10 in the financials, Gary. The net balance of employee options at the end of Fiscal '99 was 889mm shares. Another 295mm were issued during the year. 176mm were exercised. Those shares were printed, diluting existing shareholders.

If you want another way of looking at it, look at the poolings of interest acquisitions, the other significant way that Cisco dilutes its shareholders. Material poolings warrant restating prior period financials. Thus, you look at non material poolings acquisitions. In fiscal 200, such acquisitions warranted the new issue of 20.4 million shares of stock. Shares outstanding rose by significantly more.

Gary, Cisco significantly dilutes its shareholders. To imply otherwise is being even more deceptive than Parish.
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