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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.12

-0.4%

Dec 22 3:59 PM EST

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To: Eric who wrote (44794)	12/18/2000 2:55:31 PM
From: GVTucker	Read Replies (3) of 77400

Erice, a quarter ago was the end of the fiscal year. There was no "Provision for Losses" line item on the cash flow statement. The closest I could get was "Provision for Inventory Losses" which was $339mm for the entire year. No way to get a comparable. On the current quarter, that is where the $275mm comes from. the only number that can be used for comparison is last year's fiscal 1st quarter when the provision was $75mm. Exacerbating this problem is CSCO's lack of openness on this matter. The only clarity that CSCO will provide is that this reserve covers losses on inventories, investments, and accounts receivable. By lumping all these things into the same category, CSCO is breaking from past practices, and in the wrong direction.

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