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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.76

+1.0%

3:54 PM EST

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To: Stock Farmer who wrote (63038)	2/10/2003 11:35:11 AM
From: rkral	Read Replies (1) of 77400

OT ... John, I'll post the raw data .. but let me first say ... I didn't make any adjustment for "Tax Benefit from Stock Option Exercise". My number is simply the sum of the differences between "GAAP" and "pro-forma" net incomes reported in the SFAS 123 footnotes .. for the last 29 quarters .. using 10-Ks and one 10-Q. Not knowing the entire details of the SFAS 123 reported number, I'm assuming the SFAS 123 pro-forma reported number already considers the tax benefit. If it doesn't, the actual difference in net income between expensing vs. not-expensing is HUGE. Discontinuing an options program would be like a dope addict going cold turkey, especially considering the "liability" of unvested options which have yet to be expensed. Regards, Ron

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