Cisco Systems reports fourth quarter earnings.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 17, 1995--Cisco Systems, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), the leading global supplier of internetworking solutions, today reported its fourth quarter and annual results for the period ending July 30, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter were $621,184,000, an increase of 72% compared to last year's results for the same period of $361,159,000. Net income was $143,723,000, or $.51 per share, an increase of 60% and 50% respectively, versus $89,566,000 or $.34 per share during the fourth quarter last year. Net sales for the 1995 fiscal year were $1,978,916,000, an increase of 59% compared to fiscal 1994 revenues of $1,242,975,000. Net income was $421,008,000, or $1.52 per share, an increase of 34% and 28% respectively, compared to the previous year's $314,867,000 or $1.19 per share. The fiscal 1995 results include a one-time pre tax charge of $95,760,000, or $.21 per share, incurred by the company upon acquisition of the assets of LightStream Corporation in the second quarter. Cisco Systems' fiscal year is a 52 or 53 week year ending on the last Sunday of July. The 53rd week in fiscal 1994 was included in the second quarter ended January 30, 1994. Fiscal 1995 was a 52 week year. "We are pleased to report that in addition to a strong financial performance, Cisco continues to grow faster than our traditional competitors," said John Chambers John Chambers could be any of the following people:
As the internetworking industry and its link to the Internet and business applications evolve, customers increasingly seek end-to-end network solutions from a single vendor. To address these needs, Cisco broadened its product set to offer complete enterprise solutions, with Cisco Internetwork (1) To go between one network and another. (2) A large network made up of a number of smaller networks. Same as "internet" (lower case "i"), not the "Internet" (upper case "I"). See internet. Operating System operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. (Cisco IOS Cisco IOS (originally Internetwork Operating System) is the software used on the vast majority of Cisco Systems routers and all current Cisco network switches. IOS is a package of routing, switching, internetworking and telecommunications functions tightly integrated with a ) software as the consistent fabric of the network. Rapid industry change continues to create opportunities for small aggressive players. To remain competitive against these, Cisco reorganized into five distinct business units -- Core, Access, Workgroup, ATM (Asynchronous Transfer Mode See ATM. (communications) Asynchronous Transfer Mode - (ATM, or "fast packet") A method for the dynamic allocation of bandwidth using a fixed-size packet (called a cell). See also ATM Forum, Wideband ATM. ATM acronyms. Indiana acronyms. ), and the IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Market. "Focused business units provide the balance between the resources of a large organization, and the spirit and agility of a smaller entrepreneurial one," said Chambers. "While leveraging economies of scale in areas like manufacturing, sales and support, the business units can move quickly in product development and expedite time to market." Acquisitions and strategic alliances continue to play a key role in Cisco's growth. Acquisitions this year include Kalpana Inc., now a part of the Workgroup business unit, which enables Cisco to offer a more complete family of LAN switching
LAN switching is a form of packet switching used in local area networks. Switching technologies are crucial to network design, or to that minority of LANs that are used outside the home. products. In the ATM switching arena, the company purchased the assets of LightStream Corp., which now forms Cisco's ATM business unit. Newport Systems Solutions, which provides PC-based internetworking technologies, has become a part of the Access business unit. And most recently, Cisco announced their intent to acquire Combinet Inc, a leader in ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. networking products, also to become a part of the Access business unit. Cisco IOS continues to extend its reach as an integrated component in the products of partners like Compaq, Hewlett-Packard, UB Networks, Cabletron, and U.S. Robotics (U.S. Robotics, Inc., Schaumburg, IL, www.usr.com) A modem manufacturer highly regarded for its quality products. The company manufactures its own chipsets (data pumps) and often leads with innovations. Its HST protocol was a high-speed, reliable protocol before V. . To bridge the gap between today's public and private networks, Cisco continues to expand and strengthen its relationships with carriers and telephone companies including AT&T, America Online See AOL. , British Telecom The telephone and communications carrier that provides services in Great Britain and Northern Ireland. It used to be a division of the British Post Office, but was privatized in 1984 under Margaret Thatcher's administration. , CompuServe, MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. , and Sprint. "I am proud of the outstanding accomplishments of our employees and partners in fiscal 1995. As we enter fiscal 1996, we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the growth and potential of the internetworking industry," said Chambers. Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc. is the leading global supplier of enterprise networks, including routers, LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. and ATM switches, dial-up access hot Dial-up access is a form of Internet access via telephone line. The client uses a modem connected to a computer and a telephone line to dial into an Internet service provider's (ISP) node to establish a modem-to-modem link, which is then routed to the Internet. servers and network management software. -0-
Cisco Systems, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 30, July 31,
1995 1994
--------- ---------
Assets Current assets: Cash and equivalents $ 204,846 $ 53,567 Short-term investments 234,681 129,219 Accounts receivable, net 384,242 237,570 Inventories 71,160 27,896 Deferred income taxes 75,297 46,739 Other current assets 25,743 12,686
---------- ----------
Total current assets 995,969 507,677
Investments 403,855 371,494
Restricted investments 173,073 85,900
Property and equipment, net 136,635 77,449
Other assets 47,747 11,174
---------- ----------
Total assets $1,757,279 $1,053,694
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and other
accrued expenses $ 266,173 $ 162,554
Income taxes payable 71,583 42,958
---------- ----------
Total current
liabilities 337,756 205,512
Minority interest 40,792
Shareholders' equity 1,378,731 848,182
---------- ----------
Total liabilities and
shareholders' equity $1,757,279 $1,053,694
========== ==========
Cisco Systems, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per-share amounts)
Quarters Ended Years Ended
-------------------- --------------------
July 30, July 31, July 30, July 31,
1995 1994 1995 1994
--------- --------- --------- ---------
(Unaudited)
Net sales $ 621,184 $361,159 $1,978,916 $1,242,975
Cost of sales 202,457 118,404 644,152 412,824
--------- --------- --------- ---------
Gross margin 418,727 242,755 1,334,764 830,151
Operating expenses:
Research and
development 52,661 25,837 164,819 88,753
Sales and marketing 119,078 64,380 354,722 205,797
General and
administrative 24,912 13,820 76,524 47,485
Purchased R&D 0 0 95,760 0
--------- --------- --------- ---------
Total operating
expenses 196,651 104,037 691,825 342,035
--------- --------- --------- ---------
Operating income 222,076 138,718 642,939 488,116
Interest and other
income, net 9,736 6,211 36,107 21,377
--------- --------- --------- ---------
Income before provision
for income taxes 231,812 144,929 679,046 509,493
Provision for
income taxes 88,089 55,363 258,038 194,626
--------- --------- --------- ---------
Net income $ 143,723 $ 89,566 $421,008 $314,867
========= ========= ========= =========
Net income per share $ .51 $ .34 $ 1.52 $ 1.19
========= ========= ========= =========
Shares used in per-
share calculation 281,119 265,144 277,298 265,051
========= ========= ========= =========-0-
The net income per share and number of shares used in per-share calculations for all periods presented reflect the two-for-one stock split which was effective March 4, 1994. Cisco Systems' fiscal year is a 52 or 53 week year ending on the last Sunday of July. The 53rd week in fiscal 1994 was included in the second quarter ended January 30, 1994. Fiscal 1995 was a 52 week year. CONTACT: Cisco Systems, Inc. Larry Carter, 408/526-8211 |
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