Cisco Systems rapporteerde gisteravond de resultaten over het eerste kwartaal van boekjaar 2004, afgesloten op 25 oktober 2003. Het persbericht over de financiële resultaten en de toelichting hierop vindt u hieronder en via:
http://newsroom.cisco.com/dlls/fin_110503.html?CMP=ILC-001
De opname van de conference call over de eerste kwartaalcijfers is beschikbaar via telefoonnummer +1 402-220-2071, of op http://www.cisco.com/go/investors.
Perscontact:
Karin van Geelen
Cisco Systems
tel: 020-357 3412
mailto:kgeelen@cisco.com
http://www.cisco.nl
Flip Dötsch
Edelman
tel.: 023-554 20 30
mailto:flip.dotsch@edelman.com
http://www.edelman.com/nl
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Press Release
CISCO SYSTEMS REPORTS FIRST QUARTER EARNINGS
- Q1 Revenues: $5.1 Billion (5.3% increase year over year; 8.5% increase quarter over quarter)
- Q1 Earnings Per Share: $0.15 GAAP (87.5% increase year over year); $0.17 Pro Forma (21.4% increase year over year)
SAN JOSE, Calif., November 5, 2003 - Cisco Systems, Inc., the worldwide leader in networking for the Internet, today reported its first quarter results for the period ended October 25, 2003.
Net sales for the first quarter of fiscal 2004 were $5.1 billion, compared with $4.8 billion for the first quarter of fiscal 2003, an increase of 5.3 percent, and compared with $4.7 billion for the fourth quarter of fiscal 2003, an increase of 8.5 percent.
Net income for the first quarter of fiscal 2004, on a generally accepted accounting principles (GAAP) basis, was $1.1 billion or $0.15 per share, compared with $618 million or $0.08 per share for the first quarter of fiscal 2003, and compared with $982 million or $0.14 per share for the fourth quarter of fiscal 2003. Pro forma net income for the first quarter of fiscal 2004 was $1.2 billion or $0.17 per share, compared with pro forma net income of $1.0 billion or $0.14 per share for the first quarter of fiscal 2003, and compared with $1.1 billion or $0.15 per share for the fourth quarter of fiscal 2003. A reconciliation between net income on a GAAP basis and pro forma net income is provided in a table immediately following the Pro Forma Consolidated Statements of Operations.
"We've begun our fiscal year with a solid quarter of continued operational excellence and year-over-year growth," said John Chambers, president and CEO, Cisco Systems. "We saw strength across our core switching and routing businesses, as well as traction in our advanced technologies. The service provider and public sector segments in particular, continue to be solid markets for our products."
Chambers continued, "The business and technology strategies we put in place
18 to 36 months ago are showing tangible momentum. I am confident our strategies and strong execution throughout the downturn have positioned us well for future growth."
Cisco will discuss first quarter 2004 results and business outlook on a conference call and Webcast at 1:30 p.m. Pacific Time today. Call information and related charts are available at http://investor.cisco.com.
FINANCIAL HIGHLIGHTS
* Cash flows from operations were $1.0 billion for the first quarter of fiscal 2004, compared with $1.1 billion for the first quarter of fiscal 2003, and compared with $1.5 billion for the fourth quarter of fiscal 2003.
* Cash and cash equivalents and total investments were $19.7 billion at the end of the first quarter of fiscal 2004, compared with $21.2 billion at the end of the first quarter of fiscal 2003, and compared with $20.7 billion at the end of the fourth quarter of fiscal 2003.
* During the first quarter of fiscal 2004, Cisco repurchased 102 million shares of common stock for an aggregate purchase price of $2.0 billion.
* Days sales outstanding (DSO) in accounts receivable at the end of the first quarter of fiscal 2004 were 25 days, compared with 21 days at the end of the first quarter of fiscal 2003, and compared with 26 days at the end of the fourth quarter of fiscal 2003.
* Inventory turns were 7.3 in the first quarter of fiscal 2004, compared with 7.0 in the first quarter of fiscal 2003, and compared with 6.8 in the fourth quarter of fiscal 2003.
* During the first quarter of fiscal 2004, the Financial Accounting Standards Board (FASB) deferred the effective date of FASB Interpretation No. 46 (FIN 46) to the second quarter of fiscal 2004. As a result, Cisco has not adopted FIN 46 during the first quarter of fiscal 2004, and the non-cash charge previously disclosed relating to the investment in Andiamo Systems, Inc. has been deferred accordingly.
"Cisco is well positioned to capture profitable growth as the markets evolve," said Dennis Powell, chief financial officer, Cisco Systems. "This is a strong start to our fiscal year as we continue to focus on key long-term financial priorities. We reported pro forma profit margins above our goal of 20 percent, improved productivity, and maintained a healthy and conservative balance sheet."
BUSINESS HIGHLIGHTS
* Cisco announced deployments of its high-end routing products, including the Cisco 12000 and 7000 series routers, by U.S.-based Verizon Communications, Inc., China Netcom Group, U's Communications Corporation in Japan, and Australia's Hutchinson and Telstra.
* Cisco introduced an Internet Protocol (IP) telephone, the Cisco IP Phone 7970G, with a high-resolution, color touch screen.
* Cisco saw several deployments of its wireless local area network (WLAN) technology to provide hot-spot access, including service station operator Statoil Detaljhandel AS in Norway; the City of Hasselt in Belgium; Kasetsart University in Thailand, which has built one of the largest academic WiFi networks in Southeast Asia; and "citilan," Australia's largest public wireless local area network.
* Cisco launched Cisco CallManager Express, a Cisco IOS® Software-based product providing call-processing services, and Cisco UnityTM Express, a voice-mail and automated-attendant offering for IP telephony.
* IBM and Cisco announced collaboration on open software technologies and proposed standards designed to increase the end-to-end intelligence and responsiveness of the global IT infrastructure. The companies also separately announced collaboration on network-hosted storage virtualization.
* Cisco introduced the Cisco MDS 9100 Multilayer Intelligent Fabric Switch series.
* Cisco announced a new interface for the Cisco ONS 15454 Multiservice Provisioning Platform (MSPP) enabling delivery of Fibre Channel-based storage area network (SAN) extension services over SONET/SDH networks.
* In the Cisco Catalyst® family, Cisco announced several fixed configuration solutions for Gigabit Ethernet as well as new line cards and features on the Cisco Catalyst 6500. Cisco also added Metro Ethernet capabilities on the Catalyst 4000 family.
* C&M Communications Co., Ltd, one of the largest cable operators in Korea, plans to deploy Cisco ONS 15454 10G ML Series cards and Cisco Catalyst family switches to support multimedia services such as Internet access, digital video broadcasting and video on demand.
* International Telecommunication Union and Cisco announced plans to set up 20 Internet education and training centers to provide greater access to information technology throughout the developing world.
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EDITORS NOTE:
* Q1 FY'04 conference call to discuss Cisco results along with its outlook for Q2 FY'04 to be held at 1:30 p.m. PT on Wednesday, November 5, 2003.
Conference call number is 888-989-9826 (United States); 210-234-8593 (international).
* Conference call replay available from 4:30 p.m. PT on November 5, 2003 to 4:30 p.m. PT on November 12, 2003 at 800-778-9712 (United States);
402-220-2071 (international).
* Additional information regarding Cisco's financials and corresponding Webcast with visuals designed to guide participants through the call is also available at 1:30 p.m. PT. Prepared remarks will be available approximately
24 hours after completion of the call. The Webcast will include both the prepared remarks, as well as the question-and-answer session. This information, along with GAAP reconciliation information, will be available at http://www.cisco.com under "About Cisco" in the Investor Relations section.
* Additional information regarding Cisco's Q1FY'04 results will be available at http://newsroom.cisco.com
About Cisco Systems
Cisco Systems, Inc., (NASDAQ: CSCO) is the worldwide leader in networking for the Internet. News and information are available at www.cisco.com.
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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 Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Cisco 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. Readers are urged to read the documents filed by Cisco with the SEC, specifically the most recent reports on Form 10-K, 10-Q and 8-K, each as it may be amended from time to time, which identify risk factors that could cause actual results to differ materially from the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: business and economic conditions and growth trends in the networking industry and in various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth 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; the timing of orders and manufacturing lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; increased price competition; variations in sales channels, product costs or mix of products sold; the ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; increased competition in the networking industry; 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, stockholder and other matters; the ability to recruit and retain key personnel; financial risk management; currency fluctuations and other international factors; and potential volatility in operating results. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco's most recent reports on Form 10-K and Form 10-Q, each as it may be amended from time to time. Cisco's results of operations for the three months ended October 25, 2003 are not necessarily indicative of Cisco's operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change.
Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.
Cisco provides pro forma net income and pro forma net income per share data as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from pro forma measures used by other companies. Cisco believes that this presentation of pro forma net income and pro forma net income per share provides useful information to management and investors regarding certain additional financial and business trends relating to its financial condition and results of operations. In addition, Cisco's management uses these measures for reviewing the financial results of Cisco and for budget planning purposes.
Copyright© 2003 Cisco Systems, Inc. All rights reserved. Cisco, Cisco Systems, the Cisco Systems logo, Catalyst, Cisco IOS, and Cisco Unity are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the U.S. and certain other countries. All other trademarks mentioned in this document or Website are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.