MENLO PARK, Calif., August 12, 1993 -- Cisco Systems, Inc., (NASDAQ:CSCO), a manufacturer of internetworking computer systems, today reportedits fourth quarter results for the period ending July 25, 1993. Net salesfor the fourth quarter were $205,223,000 and net income was $53,719,000 or$.41 per share. This compares with net sales of $110,691,000 and net incomeof $27,240,000, or $.21 per share in the same period last year, and areincreases of 85%, 97%, and 95%, respectively.
Net sales for the 1993 fiscal year were $649,035,000, and net income was$171,955,000 or $1.33 per share versus net sales of $339,623,000 and netincome of $84,386,000, or $.66 per share for fiscal 1992. The fiscal 1993numbers are increases of 91%, 104%, and 102%, respectively over the priorfiscal year.
The net income per share and number of shares used in per-sharecalculations for the periods ended July 26, 1992 reflect the two-for-onestock split which was effective March 5, 1993.
"From a results perspective, we are particularly pleased to report thatboth net sales and net income grew at a faster rate in fiscal year 1993than in fiscal year 1992," said John Morgridge, president and CEO of Cisco."For net sales we grew at a 91 percent increase from fiscal 1992 to 1993,compared to 85 percent from fiscal 1991 to 1992, and for net income we grewat a 104 percent increase from fiscal 1992 to 1993, versus 95 percentgrowth from fiscal 1991 to 1992.
"This was a pivotal year in the development of our marketplace, asrouter-based networks are now being perceived as strategic assets by ourcustomers," said Morgridge. "To help them deploy these networks to all oftheir employees, in June Cisco launched a number of new remote access routerproducts to make large-scale and effective network deployment bothfinancially and logistically attractive. We remain optimistic about thegrowth prospects for the internetworking systems industry."
Cisco Systems, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per-share amounts)Net income per share and shares used in per-shar calculations for theperiods ended July 26, 1992 reflect the two-for-one stock split which waseffective March 5, 1993.Quarters Ended Years Ended ------------------ ------------------- July 25, July 26, July 25, July 26, 1993 1992 1993 1992 --------- -------- --------- --------
(Unaudited)Net sales $205,223 $110,691 $649,035 $339,623Cost of sales 67,655 35,586 210,528 111,243 -------- -------- -------- -------- Gross margin 137,568 75,105 438,507 228,380
Operating expenses: Research and development 13,692 8,805 44,254 26,745 Sales and marketig 35,332 21,057 109,717 60,531 General and administrative 6,421 3,668 20,965 11,717 -------- -------- -------- -------- Total operating expenses 55,445 33,530 174,936 98,993 -------- -------- -------- --------Operating income 82,123 41,575 263,571 129,387
Interest and other income, net 3,827 2,360 11,557 6,719 -------- -------- -------- --------Income before provision for income taxes 85,950 43,935 275,128 136,106
Provision for income taxes 32,231 16,695 103,173 51,720 -------- -------- -------- --------Net income $ 53,719 $ 27,240 $171,955 $ 84,386 ======== ======== ======== ========
Net income per share $ .41 $ .21 $ 1.33 $ .66 ======== ======== ======== ========
Shares used in per- share calculation 129,853 127,448 129,067 127,037 ======== ======== ======== ========
Cisco Systems, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
July 25, July 26, 1993 1992 ----------- -----------AssetsCurrent assets: Cash and equivalents $ 27,247 $ 39,955 Short-term investments 61,738 116,477 Accounts receivable, net 129,109 61,258 Inventories 23,500 9,142 Deferred income taxes 19,721 15,268 Other current assets 6,981 4,976 ----------- ----------- Total current assets 268,296 247,076
Investments 235,360 46,866Restricted investments 38,900Property and equipment, net 48,672 28,017Other assets 3,985 1,974 ----------- ----------- Total assets $ 595,213 $ 323,933 =========== ===========
Liabilities and Shareholders' EquityCurrent liabilities: Accounts payable and other accrued expenses $ 102,236 $ 63,215 Income taxes payable 17,796 15,108 ----------- ----------- Total current liabilities 120,032 78,323
Shareholders' equity 475,181 245,610 ----------- ----------- Total liabilities and shareholders' equity $ 595,213 $ 323,933 =========== ===========
