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

To: Uncle Frank who wrote (57063)	2/6/2002 10:47:31 AM
From: Eric	Respond to of 77398

UF I read my wsj this morning and got a kick out of that story. I wonder what JC will say about it in the CC this afternoon. <gg> Eric

To: Uncle Frank who wrote (57063)	2/6/2002 10:53:30 AM
From: Zoltan!	Read Replies (2) \| Respond to of 77398

Article: Cisco Systems Says Sales, Earnings Will Beat Wall Street Estimates A WALL STREET JOURNAL ONLINE NEWS ROUNDUP SAN JOSE, Calif. -- Cisco Systems Inc. gave investors an early peek at its fiscal second-quarter results, as the company moved to disclose publicly what was hinted at it an internal memo sent prematurely to company employees. Cisco said early Wednesday that fiscal second-quarter results will exceed current estimates, and said it still plans to release the earnings report after the close of trading Wednesday. According to the company, "so as to minimize any potential confusion, the results we announce this afternoon will exceed the current consensus estimate of earning per share and revenues for the second quarter." Cisco said an internal memo from a Cisco executive characterizing Cisco's second quarter-financial results in positive terms was "prematurely and inadvertently distributed to a large number of Cisco employees after close of market on [Tuesday] Feb. 5." The internal memo indicated that the company's booked orders, for products only, were $3.9 billion, beating an internal goal of $3.75 billion for the quarter. The memo didn't include specific information about revenue or earnings for the quarter. Analysts surveyed by Thomson Financial/First Call put the company's second-quarter earnings at five cents a share. Analysts expected the networking giant to post a small sequential increase in revenue from the first quarter, though down from the prior year. Cisco's earnings are closely watched because their business is seen by many as an indicator of business climate for its technology, communications and high-tech customers. The company said it was offering the good news in advance to Wednesday's release because the company "felt it was necessary to disclose this information publicly, given the broad internal distribution of the communication." -------------------------------------------------------------------------------- Text of Cisco Statement SAN JOSE, Calif.--Feb. 6, 2002--Cisco Systems, Inc. today announced that an internal communication from a Cisco executive characterizing Cisco's Q2 FY 2002 financial results in positive terms was prematurely and inadvertently distributed to a large number of Cisco employees after close of market on February 5. The communication also said that Cisco's booked orders, for products only, were $3.9 billion versus an internal goal of $3.75 billion for the quarter. The memo did not include specific information about revenues or earnings for the quarter. "As previously scheduled, we will release financial results for the quarter after the close of the market today. So as to minimize any potential confusion, the results we announce this afternoon will exceed the current consensus estimates of earnings per share and revenues for the second quarter of our fiscal year," said Cisco Chief Financial Officer Larry Carter. "We felt it was necessary to disclose this information publicly, given the broad internal distribution of the communication. Investors are urged to listen to our conference call scheduled for 1:45 PM (PST) today for further detail on this quarter's performance." Cisco will proceed with its regularly scheduled release of financial results over First Call, Full National Business Wire, Analyst wire as well as the European Business and Technical Wire after close of the market today. The press release will also be posted on our World Wide Web page at www.cisco.com. Updated February 6, 2002 10:12 a.m. EST online.wsj.com