MENLO PARK, Calif., February 4, 1993 -- Cisco Systems, Inc. (NASDAQ: CSCO), today reported its second quarterresults for the period ended January 24, 1993. Net salesfor the second fiscal quarter were $145,071,000 and netincome was $38,694,000, or $.60 per share. This comparesto net sales of $73,970,000 and net income of $18,443,000,or $.29 per share in the same period last year, and areincreases of 96 percent, 110 percent, and 107 percent,respectively.
Net sales for the six months were $271,450,000 and netincome was $71,937,000, or $1.12 per share. This comparesto net sales of $137,558,000 and net income of $33,915,000,or $.54 per share in the same period last year, and areincreases of 97 percent, 112 percent, and 107 percent,respectively.
The net income per share and number of shares used inper-share calculations for the periods ended January 26,1992 reflect the two-for-one stock split which waseffective March 6, 1992."Cisco's financial results this quarter reflect thecontinued growth of the market for our products as well asexcellent execution by our employees and partners," said JohnMorgridge, Cisco's president and CEO.
"On January 19, Cisco introduced its next-generation,high-end Cisco 7000 router family, the fastest ever tested atHarvard University's Network Device Test Lab. Our newestlow-end routers, the cost effective Cisco 3000 and 4000families, shipped throughout the second quarter at a volumethat increased by 75 percent per month.
In terms of partnerships, Cisco continues to expandrelationships with market leaders. For example, we now havea worldwide value-added reseller agreement with Olivetti inItaly."
Cisco Systems, Inc., is the leading global supplier ofhigh-performance, multimedia, and multiprotocol routers,bridges, and communication servers.
###The net income per share and number of shares used in per-share calculations for the periods ended January 26,1992 reflect thetwo-for-one stock split which was effective March 6,1992.Cisco Systems, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per-share amounts)
Quarters Ended Six Months Ended ------------------ ------------------- Jan. 24, Jan. 26, Jan. 24, Jan. 26, 1993 1992 1993 1992 --------- -------- --------- ---------
(Unaudited)
Net sales $145,071 $ 73,970 $271,450 $137,558Cost of sales 46,372 24,527 86,819 46,378 -------- -------- -------- -------- Gross margin 98,699 49,443 184,631 91,180
Operating expenses: Research and development 9,577 5,861 18,835 10,556 Sales and marketing 24,760 12,667 46,505 23,978 General and administrative 4,664 2,430 9,127 4,696 -------- -------- -------- --------Total operating expenses 39,001 20,958 74,467 39,230 -------- -------- -------- --------Operating income 59,698 28,485 110,164 51,950
Interest and other income, net 2,213 1,257 4,936 2,752 -------- -------- -------- --------Income before provision for income taxes 61,911 29,742 115,100 54,702
Provision for income taxes 23,217 11,299 43,163 20,787 -------- -------- -------- --------Net income $ 38,694 $ 18,443 $ 71,937 $ 33,915 ======== ======== ======== ========
Net income per share $ .60 $ .29 $ 1.12 $ .54 ======== ======== ======== ========
Number of shares used in per-share calculation 64,467 63,478 64,254 63,292 ======== ======== ======== ========
Cisco Systems, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
Jan. 24, July 26, 1993 1992 ----------- -----------
Assets (Unaudited)
Current assets: Cash and equivalents $ 60,636 $ 39,955 Short-term investments 112,374 116,477 Accounts receivable, net 97,725 61,258 Inventories 15,947 9,142 Deferred income taxes 19,145 15,268 Other current assets 6,364 4,976 --------- --------- Total current assets 312,191 247,076
Investments 76,279 46,866Property and equipment, net 33,841 28,017Other assets 2,585 1,974 --------- --------- Total assets $ 424,896 $ 323,933 ========= =========
Liabilities and Shareholders' Equity
Current liabilities: Accounts payable and other accrued expenses 77,013 $ 63,215 Income taxes payable 3,456 15,108 --------- --------- Total current liabilities 80,469 78,323
Shareholders' equity 344,427 245,610 --------- --------- Total liabilities and shareholders' equity $ 424,896 $ 323,933 ========= =========
Posted: Feb 9 12:57:14 1993
