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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (39436)	2/8/2000 5:27:00 PM
From: Benkea	Read Replies (2) \| Respond to of 99985

Haim: Even if you leave out: " The above pro forma amounts for the quarter ended January 29, 2000 have been adjusted to eliminate the $43 million write-off of purchased in-process R&D, $47 million of amortization of goodwill and purchased intangible assets, $25 million of acquisition-related costs, and $31 million of net gain on the sale of certain minority investments, net of related tax benefits of $3 million. The above pro forma amounts for the six months ended January 29, 2000 have been adjusted to eliminate the $424 million write-off of purchased in-process R&D, $71 million of amortization of goodwill and purchased intangible assets, $25 million of acquisition-related costs, and $31 million of net gain on the sale of certain minority investments, net of related tax benefits of $9 million. The above pro forma amounts for the quarter and six months ended January 23, 1999 have been adjusted to eliminate the $349 and $390 million write-off of purchased in-process R&D, $12 and $23 million of amortization of goodwill and purchased intangible assets, net of related tax benefits of $34 and $37 million, respectively." You have to realize that CSCO's stock appreciated $31 in the quarter ended 1/29/2000 X 439,000,000 options less 35% tax deduction (for that compensation EXPENSE) = $8,845,850,000 or 2X SALES in the quarter and almost TEN TIMES reported earnings (even after the bullschit we are supposed to ignore!).