SAN JOSE, Calif. – March 28, 2013 – Cisco (NASDAQ: CSCO) announced that earlier today its board of directors declared a quarterly dividend of $0.17 per common share. The dividend is a three-cent increase over the previous quarter's dividend and will be paid on April 24, 2013, to all shareholders of record as of the close of business on April 8, 2013.
"We are increasing our dividend as part of our strategy to deliver a consistent return to our shareholders, in line with our capital allocation commitment," said Frank Calderoni, executive vice president and chief financial officer, Cisco. "Cisco's continued execution and strong financial position enable us to provide a higher dividend directly to our shareholders."
Cisco's previous quarterly dividend of $0.14 per common share was paid on December 19, 2012. Future dividends will be subject to board approval.
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This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as Cisco's strategy to deliver a consistent return to its shareholders, Cisco's capital allocation commitment, and Cisco's continued execution and strong financial position) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain priorities, including our foundational priorities, and in certain geographical locations; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets, including the data center; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; natural catastrophic events; a pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco's most recent reports on Forms 10-Q and 10-K filed on February 19, 2013 and September 12, 2012, respectively. Any projections in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information. Such information speaks only as of the date of this release.