Cisco's earnings climb
Computer networking company to split stock amid 30 percent jump in sales
November 4, 1997: 7:20 p.m. ET
Cisco Systems, Inc.
NEW YORK (CNNfn) - Computer networking company Cisco Systems Inc. Tuesday reported higher earnings for its first fiscal quarter amid a 30 percent increase in sales.
For the quarter ended Oct. 25, the San Jose, Calif.-based company earned $337 million, or 48 cents a share, compared with $181 million, or 26 cents a share, one year ago.
Both periods included one-time items. Excluding the one time adjustments, Cisco reported a proforma profit of 59 cents a share in the fiscal first quarter, up from 47 cents a year ago. Net sales for the quarter were nearly $1.9 billion, up from 1.4 billion last year.
"We believe our growth rate indicates that Cisco continues to gain market share against our traditional competitors in most product sectors," said Cisco President and CEO John Chambers.
The company also announced a three-for-two stock split, which will take effect Dec. 16, 1997. It is the sixth time Cisco's common stock has been split since the company's initial public offering.
Cisco shares fell 1-1/2 to 83-1/4 on the Nasdaq Tuesday.
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