No. 1 networking gear maker posts fourth-quarter earnings, sales that met Wall Street estimates.
August 5, 2003: 4:31 PM EDT
NEW YORK (CNN/Money) - Cisco Systems, the leading manufacturer of computer networking gear, reported fiscal fourth-quarter earnings and sales that met Wall Street estimates.
The company reported net income of $982 million, or 14 cents a share, according to generally accepted accounting principles (GAAP), compared with earnings of $772 million, or 10 cents a share, a year ago.
On a pro forma basis, which excludes stock-based compensation expenses and amortization of assets due to acquisitions, the company posted earnings of 15 cents a share, compared with analysts' expectations of 15 cents, according to earnings tracking firm First Call. Cisco reported pro forma earnings of 14 cents a share in last year's fourth quarter.
Sales came in at $4.7 billion for the quarter ended last month, in line with expectations, and down slightly from revenue of $4.8 billion a year ago.
"We are pleased to report another solid quarter in a challenging market," Cisco CEO John Chambers said in a statement.
A conference call to discuss the results and the company's first-quarter outlook was scheduled for 4:30 p.m. ET.
Immediately after the earnings report, Cisco shares dropped to $18.05 in after-hours trading on the Instinet ECN from its closing price Tuesday of $18.86, according to Reuters.
Shares of Cisco (CSCO: Research, Estimates) have gained nearly 30 percent this year on hopes for a recovery in technology spending during the second half of the year. The stock lost 40 cents, or about 2 percent, in regular-session trading Tuesday.
Cisco said its net sales for full-year fiscal 2003 were $18.9 billion, compared with $18.9 billion for fiscal 2002.
Net income for fiscal 2003, on a GAAP basis, was $3.6 billion or 50 cents a share, compared with $1.9 billion, or 25 cents a share, in the prior year. Pro forma net income for fiscal 2003 was $4.3 billion, or 59 cents a share, compared with pro forma net income of $2.9 billion, or 39 cnts a share, for fiscal 2002.
Cisco said it ended the year with $20.7 billion in cash and assets on hand.
Operating cash flow in the fourth quarter was $1.55 billion, compared with $1.61 billion a year ago. Cash flow for the full year was $5.24 billion, compared with $6.59 billion for fiscal 2002.
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