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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (48721)	2/9/2001 4:50:30 PM
From: GVTucker	Read Replies (2) \| Respond to of 77400

That is by far my biggest problem with Cisco. [edit: Well, it really isn't a problem with Cisco as much as it is with the buy and sell side analysts who continue to buy this pro forma stuff instead of what I consider to be earnings more reflective of the business. If the Street and the buy side didn't bite, it wouldn't make a difference.] Rather than conduct their own R&D, instead they acquire it to a large extent. But rather than expense this against normal earnings, they write off this in process R&D as extraordinary--every single quarter. To me, a write off that recurs every quarter is anything but extraordinary. It doesn't matter whether it is in house or acquired. R&D is a legitimate operational expense.