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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.42

+4.6%

3:59 PM EST

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To: Stock Farmer who wrote (51437)	4/16/2001 9:39:06 AM
From: Dave	Read Replies (1) of 77398

John, While I pretty much agree with your numbers, Cisco might try to pull an "Intel", meaning that they will say investment gains are "recurring", thus that could push up their pro-forma net income. With respect to the deduction for less payroll (~300M), perhaps that will occur next Q. They are starting the layoffs this Q. GAAP EBIT: 2.6 B$ GM - 2.38 B$ Opex + 0.3 B$ IG = 0.82 ($0.11/share) ProF EBIT: 2.6 B$ GM - 1.98 B$ Opex = 0.62 B$ ($0.09/share) For GAAP, I get .52B. If Cisco starts to say that their "portfolio of investments" are in fact, recurring, on could get pro-forma NI of .92B

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