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Cisco Reports Second Quarter Earnings
- Q2 Net Sales: $9.8 billion (increase of 16.5% year over year)
- Q2 Net Income: $2.1 billion GAAP; $2.4 billion non-GAAP
- Q2 Earnings per Share: $0.33 GAAP (increase of 6% year over year); $0.38 non-GAAP (increase of 15% year over year)
Cisco® (NASDAQ: CSCO), the worldwide leader in networking that transforms how people connect, communicate and collaborate, today reported its second quarter results for the period ended January 26, 2008. Cisco reported second quarter net sales of $9.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.1 billion or $0.33 per share, and non-GAAP net income of $2.4 billion or $0.38 per share.
"Cisco delivered another solid quarter with strong revenue and order growth driven by a broad base of geographies, products, services and customer markets," said John Chambers, chairman and CEO, Cisco. "Cisco´s ability to understand market transitions, whether technology or business model-based, continues to be a key contributing factor to our long-term success."
Chambers continued, "As we enter the second half of the fiscal year, our innovation pipeline is in excellent shape, our balanced product momentum across core and advanced technologies continues to be solid, and execution against our long-term strategy remains unwavering. This constant evolution of moving into new markets and product adjacencies, alongside our core operational and financial strength, is the hallmark of Cisco´s ability to act upon key market transitions."
GAAP Results and Non-GAAP Results http://www.directnewsroom.de/servlets/LoadBinaryServlet/2257154/GAAP_Second_Quarter.pdf
Net sales for the first six months of fiscal 2008 were $19.4 billion, compared with $16.6 billion for the first six months of fiscal 2007. Net income for the first six months of fiscal 2008, on a GAAP basis, was $4.3 billion or $0.68 per share, compared with $3.5 billion or $0.56 per share for the first six months of fiscal 2007. Non-GAAP net income for the first six months of fiscal 2008 was $4.9 billion or $0.78 per share, compared with $4.0 billion or $0.64 per share for the first six months of fiscal 2007.
A reconciliation between GAAP net income and non-GAAP net income is provided in the table on page 6.
Cisco will discuss second quarter 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.
Other Financial Highlights
- Cash flows from operations were $2.4 billion for the second quarter of fiscal 2008, compared with $2.7 billion for the second quarter of fiscal 2007, and compared with $3.1 billion for the first quarter of fiscal 2008.
- Cash and cash equivalents and investments were $22.7 billion at the end of the second quarter of fiscal 2008, compared with $22.3 billion at the end of the fourth quarter of fiscal 2007, and compared with $24.7 billion at the end of the first quarter of fiscal 2008.
- During the second quarter of fiscal 2008, Cisco repurchased 139 million shares of common stock at an average price of $28.67 per share for an aggregate purchase price of $4.0 billion. As of January 26, 2008, Cisco had repurchased and retired 2.5 billion shares of Cisco common stock at an average price of $20.39 per share for an aggregate purchase price of approximately $50.2 billion since the inception of the stock repurchase program. The remaining authorized repurchase amount as of January 26, 2008 was $11.8 billion with no termination date.
- Days sales outstanding in accounts receivable (DSO) at the end of the second quarter of fiscal 2008 were 39 days, compared with 38 days at the end of the fourth quarter of fiscal 2007, and compared with 33 days at the end of the first quarter of fiscal 2008.
- Inventory turns on a GAAP basis were 10.8 in the second quarter of fiscal 2008, compared with 10.3 in the fourth quarter of fiscal 2007, and compared with 10.3 in the first quarter of fiscal 2008. Non-GAAP inventory turns were 10.5 in the second quarter of fiscal 2008, compared with 10.1 in the fourth quarter of fiscal 2007, and compared with 10.0 in the first quarter of fiscal 2008.
"We are pleased with Cisco´s solid financial performance and strong top-line growth during the quarter," said Dennis Powell, chief financial officer, Cisco. "We believe our solid financials, strong balance sheet and continuing investment in a diversified technology portfolio across new and adjacent markets will maintain our ability to drive long-term shareholder value."
Acquisitions and Investments
- Cisco completed the acquisition of Navini Networks, Inc., a provider in the mobile WiMAX broadband wireless industry. Navini has developed an innovative WiMAX solution that provides compelling value propositions for service providers, designed to enable the delivery of last-mile wireless broadband access to consumers and businesses worldwide.
- Cisco completed the acquisition of Securent Inc., a leading provider of policy management software for enterprises.
- Cisco plans to invest up to $1.59 billion (AED 5.8 billion) on information and communications technology in the United Arab Emirates (UAE) over the next five years, in support of the 2015 vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum to fuel the nation´s growth and development.
- Cisco introduced new capabilities for WebEx® MeetMeNow, adding personal video conferencing capabilities and one-click Web meetings from within the Microsoft Office productivity suite.
- Cisco introduced the Internet Protocol (IP) Services Gateway (Model DRG2800), designed to expand consumers´ entertainment and personal content choices and bring network-based and home-based applications together in one device.
- Cisco introduced the Cisco ASA 5580 Adaptive Security Appliance, designed to deliver data center-class performance with firewall and SSL/IPsec VPN capabilities in a single platform.
- Cisco introduced and demonstrated intercompany capabilities for Cisco TelePresence with BT. This will provide businesses with the flexibility and security to have "in person" meetings with customers, partners and suppliers with the ease of a simple phone call.
- Linksys® announced the Wireless-G Business Internet Video Camera with Audio (WVC2300), a surveillance product offering many features in a standard camera design, for small-business owners and the channels that cater to them.
- Cisco announced a suite of new solutions for the small and medium-sized business (SMB), including technical services, the tripling of unified communications capabilities up to 48 users, and the addition of four new Ethernet switches. Cisco also announced that its SMB channel initiative, Select Certification, has grown to nearly 1,000 channel partners worldwide.
- Cisco announced the Cisco Managed Services Channel Program, designed to extend and accelerate the global development and delivery of innovative managed services based on advanced networking technologies as well as IP Next-Generation Networks. The program will help allow regional channel partners, service providers and systems integrators to more easily meet our customers´ demand for managed services in established and emerging markets.
Major Customer Announcements
- AT&T deployed the Cisco CRS-1 Carrier Routing System to support advanced residential and business services.
- TELUS became the first Canadian telecommunications provider to deploy and support Cisco TelePresence.
- Cisco reached the milestone of 100 Cisco TelePresence customers, deploying units in over 40 countries.
- In conjunction with the Central European University Business School, the Cisco Entrepreneur Institute opened in Hungary to build entrepreneurial capacity by teaching the skills needed for running a small or medium-sized business successfully.
- Cisco and IBM announced an agreement under which they plan to transform the retail banking experience by enhancing customer interaction and collaboration across all types of delivery channels. New, modular solutions integrate front- and back-office systems with collaboration technologies such as voice over IP (VoIP), streaming video, Web conferencing, and instant messaging.
- Cisco was named as a global strategic technology provider for the Middle East and North Africa (MENA) region´s newly launched youth employment initiative - ´Silatech´ - to support the creation of new jobs needed in the Middle East and North Africa region.
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