Menlo Park, California, May 13, 1992 - Cisco Systems, Inc., (NASDAQ: CSCO), today reported its third quarter results for the period ended April 26, 1992. Net sales for the third fiscal quarter were $91,374,000 and net income was $23,231,000, or $ .36 per share. This compares to net sales of $49,707,000 and net income of $11,646,000 or $ .18 per share in the same period last year, and are increases of 84%, 99%, and 100%, respectively.
Net sales for the nine months were $228,932,000 and net income was $57,146,000 or $ .90 per share. This compares to net sales of $126,417,000 and net income of $29,967,000, or $ .48 per share in the same period last year and are increases of 81%, 91%, and 88%, respectively.
Net income per share and number of shares used in per-share calculations for the periods ended April 28, 1991 reflect the two-for-one stock split which was effective March 6, 1992.
"Although it had no significant financial impact on the current quarter, the highlight of the last three months was our announcement of a worldwide OEM agreement with NEC in Japan," said John Morgridge, president and chief executive officer. "Under the terms of the agreement, NEC will begin to private label our complete line of multiprotocol routers and will focus their sales efforts on the Japanese marketplace, where they are a dominant computer and networking vendor. Japan was already a major market for Cisco before the announcement and we expect that this new relationship with NEC will solidify our position in Japan as the preeminant supplier of internetworking technology."
Cisco Systems, Inc., is the leading global supplier of high- performance, multimedia, and multiprotocol routers, bridges, and communication servers.
Cisco Systems, Inc.Net income per share and number of shares used in per-share calculations for the periods ended April 28, 1991 reflect the two- for-one stock split which was effective March 6, 1992.CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
April 26, July 28, 1992 1991 ----------- -----------
Assets (Unaudited)
Current Assets: Cash and equivalents $ 24,664 $ 40,323 Short-term investments 113,749 51,104 Accounts receivable, net 48,435 34,659 Inventories 7,292 6,078 Deferred income taxes 9,941 7,787 Other current assets 4,078 1,010 ----------- ----------- Total current assets 208,159 140,961
Investments 33,182 Property and equipment, net 23,656 12,665 Other assets 618 519 ----------- ----------- Total assets $ 265,615 $ 154,145 =========== ===========
Liabilities and Shareholders' Equity
Current Liabilities:
Notes payable $ 587
Accounts payable and other accrued expenses 52,755 $ 25,708
Income taxes payable 4,900 542 ----------- ----------- Total current liabilities 58,242 26,250
Other liabilities 404 436 ----------- ----------- Total liabilities 58,646 26,686
Shareholders' equity 206,969 127,459 ----------- ----------- Total liabilities and shareholders' equity $ 265,615 $ 154,145 =========== ===========
Cisco Systems, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per-share amounts)
Quarters Ended Nine Months Ended ------------------ ------------------- April 26, April 28, April 26, April 28, 1992 1991 1992 1991 --------- -------- --------- --------
(Unaudited)
Net sales $ 91,374 $ 49,707 $228,932 $126,417 Cost of sales 29,279 17,288 75,657 42,848 -------- -------- -------- --------
Gross margin 62,095 32,419 153,275 83,569
Operating expenses: Research and development 7,384 3,485 17,940 8,814 Sales and marketing 15,496 9,304 39,474 23,596 General and administrative 3,353 1,775 8,049 4,848 -------- -------- -------- --------
Total operating expenses 26,233 14,564 65,463 37,258 -------- -------- -------- -------- Operating income 35,862 17,855 87,812 46,311
Interest and other income, net 1,607 928 4,359 3,118 -------- -------- -------- -------- Income before provision for income taxes 37,469 18,783 92,171 49,429
Provision for income taxes 14,238 7,137 35,025 19,462 -------- -------- -------- -------- Net income $ 23,231 $ 11,646 $ 57,146 $ 29,967 ======== ======== ======== ========
Net income per share $ .36 $ .18 $ .90 $ .48 ======== ======== ======== ========
Number of shares used in per-share calculation 63,766 62,822 63,450 62,250 ======== ======== ======== ========
Posted: May 21 18:02:57 1992
