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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 71.20

-1.3%

10:56 AM EST

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To: yard_man who wrote (21910)	2/3/1999 8:03:00 PM
From: JC Reddy	Read Replies (2) of 77397

I have been wondering about it myself, especially in the case of CSCO since CSCO beats estimates exactly by a cent or so very consistently. May be they are very good at directing analysts, or may be they tweak their financials to meet the whisper numbers - I don't know. I don't know much about accounting. I have a few questions: (1) Do companies use "write-offs" to meet the expectations? How does one determine how much to write-off? Are there precise rules or can companies do whatever they wish? (2) I also noticed that the media is inconsistent in reporting the financial results. Sometimes, they report "before-the-write-off" results and sometimes "after-the-write-off" results. CSCO is always the latter. Why is that? In the case of CSCO, the difference is huge! 19 cents out of 36 cents of EPS! (3) Not related to accounting... How much is the organic growth of CSCO excluding acquisitions (both revenue and earnings)? Thanks for your input.

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