Menlo Park, Calif., Nov. 4, 1993 -- Cisco Systems, Inc., (NASDAQ:CSCO), a manufacturer of internetworking computer systems, today reportedits first quarter results for the period ended October 24, 1993. Net salesfor the first fiscal quarter were $248,457,000, and net income was$63,485,000, or $.48 per share.
This compares to net sales of $126,379,000 and net income of$33,243,000, or $.26 per share in the same period last year, and areincreases of 97 percent, 91 percent, and 85 percent, respectively.
"Cisco was pleased with the level of business for the quarter, whichwas highlighted by a number of new business partnerships, including thecompany's first acquisition," said John Morgridge, president and CEO ofCisco. "In September Cisco acquired Crescendo Communications, forming theCisco Workgroup Business Unit. The technology acquired from Crescendo willbe a key element in providing complete switching, hubbing, and routingsolutions to this part of our market."
"Two other items of significance during the quarter were Cisco'ssigning of an agreement with IBM to license IBM's APPN technology forintegration into our products, and the nomination of two new members to ourboard -- John Chambers, currently Cisco's senior vice president, and DavidRing, who recently stepped down from his long tenure as Cisco's vicepresident of manufacturing. Concurrently, I would like to acknowledge thesignificant role that Robert Sweifach and William O'Meara, our currentboard members who are stepping down this month, have played in our growthas a public company. Their advice and counsel has been invaluable and wewish them well in their new endeavors. We remain optimistic about Cisco'slong-term business opportunities."
* Share and per-share amounts have been adjusted to reflect thetwo-for-one stock split which was effective March 5, 1993.
Posted: Nov 4 15:15:27 1993
