Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Mick Mørmøny who wrote (59336)	5/7/2002 6:08:18 PM
From: Mick Mørmøny	Respond to of 77400

NEW YORK (Dow Jones)Cisco Systems Inc. (CSCO) posted improved sales and profits for its fiscal third quarter Tuesday but issued a cautious outlook for the fourth quarter. After reporting results for the quarter ended April 27, Cisco Chief Financial Larry Carter said the company expects fourth quarter sales to be either flat with the third quarter's $4.82 billion, or rising at a low single digit rate. But the San Jose network equipment maker didn't provide a forecast for fiscal 2003, which begins in late July. Chief Executive John Chambers said the company's ability to predict results accurately "remains limited." Chambers said one of the company's biggest source of revenue sales of gear used in U.S. corporate networks was flat in the third quarter, compared with the second quarter. While that was a positive sign, Chambers said it was "too early to call a turnaround" in that market. Cisco said it had net income of $729 million, or 10 cents a share, in the quarter ended April 27, reversing a year earlier loss of $2.69 billion, or 37 cents a share. The latest quarter includes a charge of $129 million on the amortization of purchased intangible assets, a $31 million income tax benefit and other items. Excluding these items, Cisco said it earned 11 cents a share, two cents ahead of the Thomson Financial/First Call consensus estimate. The year earlier quarter included a charge of $2.25 billion to cover excess inventory, plus goodwill amortization of $181 million, and other items. Cisco no longer amortizes goodwill in compliance with a new accounting rule. Excluding these items, Cisco had pro forma earnings of 3 cents a share in the year earlier quarter. Sales rose 2% to $4.82 billion in the third quarter from $4.72 billion a year earlier. The sales figure missed the First Call consensus of $4.86 billion, but were at the low end of the forecast range Cisco had provided in February. Product sales fell slightly to $3.99 billion from $4.01 billion, but service sales rose to $829 million from $721 million last year. By Peter Loftus Of DOW JONES NEWSWIRES (MORE) DOW JONES NEWS 050702 06:01 PM