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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (16505)	11/22/2002 1:19:56 AM
From: jtech	Respond to of 30712

11/21 16:22 Cisco Says Options Would Have Cut 1st-Qtr Profit 60% (Update1) By Scott Lanman San Jose, California, Nov. 21 (Bloomberg) -- Cisco Systems Inc., the world's largest maker of equipment to link computers, said accounting for stock options as an expense would have reduced fiscal first-quarter earnings 60 percent from what it reported. Net income in the period ended Oct. 26 would have been $250 million, or 3 cents a share, compared with the reported $618 million, or 8 cents, Cisco said in its quarterly report filed with the U.S. Securities and Exchange Commission. It's the first time the company gave such details for a given quarter. Cisco previously had disclosed the effect on annual profit. Chief Executive John Chambers said last week that Cisco and other technology companies will probably lose their fight against a proposed rule to require options to be treated as an expense. Cisco, Intel Corp. and other makers of computer-related gear contend the change would slash profit and hurt recruiting, since stock options are a major form of compensation. Shares of San Jose, California-based Cisco rose 86 cents to $15.24, the highest closing price since June, at 4 p.m. New York time on the Nasdaq Stock Market. They have declined 16 percent this year.