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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 75.26+1.2%3:59 PM EST
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From: Mick Mørmøny11/22/2004 5:31:35 PM
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Cisco Systems details options expensing impact
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 5:05 PM ET Nov. 22, 2004

SAN FRANCISCO (CBS.MW) - Cisco System's net income would have been cut by $276 million to $1.1 billion in its fiscal first quarter if it had expensed the value of its employee stock options, the world's largest networking company announced Monday in a regulatory filing.

Cisco Systems (CSCO) said its per-share earnings would have been 17 cents instead of the 21 cents it actually reported, the San Jose, Calif.-based company detailed in a regular quarterly filing with the Securities and Exchange Commission.

Corporations are not required to expense the value of stock options, which are important compensation tools for many technology corporations.

The rule-setting commission for U.S. accounting procedures, known as FASB, voted to make expensing mandatory by the end of this year, but postponed that decision in mid-October. See full story.

Cisco has been a vocal opponent of the push by regulators to require options expensing. Cisco maintains that the method proposed to value the options is not accurate.

Cisco shares ended Monday's regular session up 0.7 percent to $19.15

marketwatch.com
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