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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.16

+0.2%

Dec 26 9:30 AM EST

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To: rkral who wrote (65476)	5/14/2004 11:37:37 AM
From: Stock Farmer	Read Replies (3) of 77400

Ron - that is a surprisingly naive stance. If you have ever spent any time in a real company with any visibility to the quarterly numbers, you will know that all kinds of tricks are played towards the close. Ask folks who work in the shipping and receiving department whether they've ever had an all-night label-pasting party. Or shipped a partially completed assembly to site. Or loaded one copy of software on one system in order to trigger recognition of revenue for an entire suite of upgrades.... and then swallowed the cost for completing (or even un-doing) the rush-job in the next quarter. Salaries (a cost), for example, are often accrued as work is undertaken, completely irrespective of when the revenue is recognized - which might be on shipment of a box with software installed. Or the software might be given away "free" while the hardware bears all the markup. When you ask an accountant what the numbers are, the very good ones ask "what do you want them to be"?

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