Cisco Systems Reports Third Quarter Earnings

Cisco Systems Reports Third Quarter Earnings

Post by Monty Solomo » Wed, 07 May 2003 13:20:33



-- Q3 Revenues: $4.6 Billion
    -- Q3 Operating Cash Flow: $1.26 Billion
    -- Q3 Earnings Per Share: $0.14 GAAP; $0.15 Pro Forma

Cisco Systems, Inc., the worldwide leader in networking for the
Internet, today reported its third quarter results for the period
ended April 26, 2003.

Net sales for the third quarter of fiscal 2003 were $4.6 billion,
compared with $4.8 billion for the third quarter of fiscal 2002, a
decrease of 4.2 percent, and compared with $4.7 billion for the second
quarter of fiscal 2003.

Net income for the third quarter of fiscal 2003, on a generally
accepted accounting principles (GAAP) basis, was $987 million or $0.14
per share, compared with $729 million or $0.10 per share for the third
quarter of fiscal 2002, and compared with $991 million or $0.14 per
share for the second quarter of fiscal 2003. Pro forma net income for
the third quarter of fiscal 2003 was $1.1 billion or $0.15 per share,
compared with pro forma net income of $838 million or $0.11 per share
for the third quarter of fiscal 2002, and compared with $1.1 billion
or $0.15 per share for the second quarter of fiscal 2003. A
reconciliation between net income on a GAAP basis and pro forma net
income is provided in a table immediately following the Pro Forma
Consolidated Statements of Operations.

Net sales for the first nine months of fiscal 2003 were $14.2 billion,
compared with $14.1 billion for the first nine months of fiscal 2002,
an increase of 0.6 percent.

Net income for the first nine months of fiscal 2003, on a GAAP basis,
was $2.6 billion or $0.36 per share, compared with $1.1 billion or
$0.15 per share for the first nine months of fiscal 2002. Pro forma
net income for the first nine months of fiscal 2003 was $3.2 billion
or $0.44 per share, compared with pro forma net income of $1.8 billion
or $0.25 per share for the first nine months of fiscal 2002.

During the third quarter of fiscal 2003, Cisco completed the
acquisition of Okena, Inc. The purchase price, including assumed
liabilities, was approximately $160 million.

     - http://finance.lycos.com/home/news/story.asp?story=34097401

 
 
 

1. Agere Systems Reports Results for the Third Quarter of Fiscal 2003

- Company Reports Sequential Improvements in Financial Performance,
  With a 3 Percent Increase in Revenue, 38 Percent Reduction in
  Reported Net Loss and $4 Million Increase in Cash

ALLENTOWN, Pa., July 23 /PRNewswire-FirstCall/ -- Agere Systems
(NYSE:AGR.A, AGR.B) today reported that revenues for its third quarter
of fiscal 2003, ended June 30, 2003, were $456 million, up 3 percent
from revenues in the March quarter.  Revenues in the year-ago quarter
from the company's continuing operations were $498 million.

Net loss on a reported or GAAP basis for the June quarter was $78
million or $0.05 per share, an improvement of $47 million, or 38
percent, over the March quarter, and an improvement of $254 million,
or 77 percent, from the year-ago quarter.

Pro forma net loss was $74 million, or $0.04 per share in the June
quarter. This was an improvement of $31 million, or 30 percent, from
the March quarter, and an improvement of $34 million, or 31 percent,
from the year-ago quarter. Pro forma net loss excludes gain or loss
from the sale of, and income or loss from, discontinued operations;
net restructuring and other charges; amortization of goodwill and
other acquired intangibles; net gain or loss from the sale of
operating assets and cumulative effect of an accounting change.

Cash and cash in trust at the end of the June quarter increased by $4
million sequentially to $749 million, with $566 million in excess of
short-term debt, and $101 million in excess of total debt.  Cash used
in operating activities and capital expenditures was $39 million,
which included $33 million used for restructuring and related
activities and $7 million used in discontinued operations.  The
company's ongoing operations generated a positive cash flow of $1
million in the June quarter.

     - http://finance.lycos.com/home/news/story.asp?story=34956035

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