MENLO PARK, Calif., May 6, 1993 -- Cisco Systems, Inc. (NASDAQ: CSCO), today reported its third quarter results forthe period ended April 25, 1993. Net sales for the thirdfiscal quarter were $172,362,000 and net income was$46,299,000, or $.36 per share. This compares to net sales of$91,374,000 and net income of $23,231,000, or $.18 per sharein the same period last year, and are increases of 89 percent,99 percent, and 100 percent, respectively.
Net sales for the nine months were $443,812,000 and netincome was $118,236,000, or $.92 per share. This compares tonet sales of $228,932,000 and net income of $57,146,000, or$.45 per share in the same period last year, and are increasesof 94 percent, 107 percent, and 104 percent, respectively.
The net income per share and number of shares used inper-share calculations for the periods ended April 26, 1992reflect the two-for-one stock split that was effective March5, 1993.
"Once again, Cisco's financial results this quarterreflect the continued growth of the market for our products aswell as excellent execution by our employees and partners,"said John Morgridge, Cisco's president and CEO.
"During the quarter we augmented the capabilities andavailability of our two newest access routers -- the Cisco4000 and Cisco 3103 -- which serve the purpose of economicallyfeeding data from remote sites to more powerful Cisco routers,such as the Cisco 7000 that we introduced in the secondquarter of the year. The new Cisco 4000 with FDDI will allowour customers to lower their cost of networking remote siteswith this 100-Mbps fiberoptic media, and the ISDN-capableCisco 3103 has now been certified for sale in the NorthAmerican, German, and French markets. Previously the 3103 wasonly available for customers in Japan.
"In terms of partnerships, Cisco continues to expand itsrelationships with market leaders. During the quarter weannounced a worldwide OEM agreement with Ericsson in Sweden.Cisco also opened new subsidiaries in Hong Kong and Mexico tosupport our distribution partners in those markets."
Cisco Systems, Inc., is the leading global supplier ofhigh-performance, multimedia, and multiprotocol routers,bridges, and communication servers.
Cisco Systems, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per-share amounts)
Quarters Ended Nine Months Ended ------------------ ------------------- Apr. 25, Apr. 26, Apr. 25, Apr. 26, 1993 1992 1993 1992 --------- -------- --------- ---------
(Unaudited)
Net sales $172,362 $ 91,374 $443,812 $228,932Cost of sales 56,054 29,279 142,873 75,657 -------- -------- -------- -------- Gross margin 116,308 62,095 300,939 153,275
Operating expenses: Research and development 11,727 7,384 30,562 17,940 Sales and marketing 27,880 15,496 74,385 39,474 General and administrative 5,417 3,353 14,544 8,049 -------- -------- -------- --------Total operating expenses 45,024 26,233 119,491 65,463 -------- -------- -------- --------Operating income 71,284 35,862 181,448 87,812
Interest and other income, net 2,794 1,607 7,730 4,359 -------- -------- -------- --------Income before provision for income taxes 74,078 37,469 189,178 92,171
Provision for income taxes 27,779 14,238 70,942 35,025 -------- -------- -------- --------Net income $ 46,299 $ 23,231 $118,236 $ 57,146 ======== ======== ======== ========
Net income per share $ .36 $ .18 $ .92 $ .45 ======== ======== ======== ========
Number of shares used in per-share calculation 129,400 127,533 128,805 126,900 ======== ======== ======== ========
The net income per share and number of shares used in per-share calculations for the periods ended April 26,1992 reflect the two-for-onestock split which was effective March 5, 1993.
Cisco Systems, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
April 25, July 26, 1993 1992 ----------- -----------
Assets (Unaudited)
Current assets: Cash and equivalents $ 44,716 $ 39,955 Short-term investments 99,495 116,477 Accounts receivable, net 111,784 61,258 Inventories 21,597 9,142 Deferred income taxes 21,655 15,268 Other current assets 7,685 4,976 --------- --------- Total current assets 306,932 247,076
Investments 125,892 46,866Restricted Investments 31,900Property and equipment, net 40,735 28,017Other assets 3,452 1,974 --------- --------- Total assets $ 508,911 $ 323,933 ========= =========
Liabilities and Shareholders' Equity
Current liabilities: Accounts payable and other accrued expenses $ 86,703 $ 63,215 Income taxes payable 23,742 15,108 --------- --------- Total current liabilities 110,445 78,323
Shareholders' equity 398,466 245,610 --------- --------- Total liabilities and shareholders' equity $ 508,911 $ 323,933 ========= =========
Posted: May 27 09:40:29 1993
