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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 71.08

+0.1%

Nov 7 9:30 AM EST

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To: Dave who wrote (66602)	11/26/2004 4:02:29 PM
From: rkral	Read Replies (1) of 77397

Dave, re "[ed: repurchased shares] go into treasury stock which is listed under Shareholder Equity" No, Cisco retires repurchased stock instead. From the 2004 annual report ... "As of July 31, 2004, the Company has repurchased and retired 956 million shares of Cisco common stock for an average price of $17.70 per share for an aggregate purchase price of $16.9 billion since inception of the stock repurchase program" cisco.com pg 57 (of AR, not pdf) re "Pretty much whenever a company buys back their shares on the open market, book value per share tends to decline. There is one maybe two exceptions to this rule." AFAIK the only exception is a share repurchase when the price-to-book ratio is less than one. Ron

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