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

To: Lizzie Tudor who wrote (63719)	4/22/2003 4:26:07 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 77400

fyi ebay Revenues rose to $476.5 million from $245.1 million, on strong U.S. and international growth and transaction revenues from its recently acquired PayPal unit. The results blew past eBay's forecast for net earnings of 26 cents per diluted share on revenue of $440 million. Analysts polled by Wall Street tracking firm Thomson First Call (News - Websites) had seen revenues in the range of $418.7 million to $477.8 million. biz.yahoo.com

To: Lizzie Tudor who wrote (63719)	4/22/2003 4:37:49 PM
From: RetiredNow	Respond to of 77400

Lizzie, what you might be missing is that a great big chunk of the cash sitting on Cisco's books was a TRANSFER of wealth from shareholders to employees. That's what ultimately happens when stock options are granted and then exercised. So instead of the company paying for the services of the employees, the shareholders pay. In addition, the company gets a benefit in tax deductions. So that's how the company can come out of this deal looking so good. But I think we'll all agree that many shareholders would feel differently in the last few years.

To: Lizzie Tudor who wrote (63719)	4/22/2003 5:05:29 PM
From: GVTucker	Respond to of 77400

Lizzie, RE: I still don't quite get that. Since the most recent employee badges have #40,000 on them, lets assume 40K employees or thereabouts over Cisco's lifetime. This is a gross, gross overestimation because contractors are also given badges, and in general are not eligible for options. These include the restaurant workers, fitness services... oh, all kinds of things. No, it isn't a gross overestimation. In fact, it is a gross UNDERestimation. If you took the time to read the most recent 10-K, you'll notice that at the end of the last fiscal year, Cisco had 36,000 employees. That one snapshot is close to your guess as to the number of employees in Cisco's history.

To: Lizzie Tudor who wrote (63719)	4/23/2003 12:05:31 AM
From: Stock Farmer	Respond to of 77400

I am still missing how Cisco cooked up 21 billion in liquid assets after operating at a loss since day one. Lizzie, what if you wore jeans with two pockets on them. In your left pocket you have $36. In your right pocket you have nothing. Every day you take $3 from the left pocket, give $1 to me, and put the other $2 into the right pocket. Every 4 days you take $1 out of the right pocket and burn it. After 12 days you will have $21 in your right pocket. Now, if you were to hire a bunch of accountants to sit in your right pocket and count the money flowing in and out, in those 12 days they would tell you that you had a positive cash flow of $21. But if you bothered to ask me I'd tell you that you are spending $1 per day on me and burning $1 every four days, and that despite what the accountants in your right pocket are saying, you are getting poorer at the rate of $5 every 4 days. These two points of view can be simultaneously true. And once you see this, then you will see how Cisco cooked up 21 Billion in liquid assets after operating at a loss (to shareholders) since day one. It is a matter of putting the whole picture together. John