Cisco's Q4 profit and revenue grow

Networking equipment maker Cisco Systems Tuesday reported an increase in earnings and revenue for the fourth fiscal quarter of 2002, exceeding Wall Street profit, but not revenue, expectations.

Revenue for the fourth quarter of fiscal 2002, ended July 27, was US$4.82 billion, compared to $4.3 billion in revenue recorded in the fourth quarter of fiscal 2001, the company said in a statement.

Pro forma net income for the fourth quarter of fiscal 2002, which excluded certain charges, was $1 billion or $0.14 per share. The San Jose, California, company earned pro forma net income of $163 million, or $0.02 per share, for the fourth quarter of fiscal 2001.

Analysts surveyed by Thomson Financial/First Call expected Cisco to report fourth quarter pro forma earnings per share, excluding charges, of $0.12 on revenue of $4.89 billion.

Including special charges under GAAP (generally accepted accounting principles), Cisco reported net income of $772 million or $0.10 per share, compared with $7 million or $0 per share for the fourth quarter of fiscal 2001.

Charges recorded during the fourth fiscal quarter included approximately $260 million related to the closing of the acquisitions of Hammerhead Networks Inc. and Navarro Networks Inc. The company also took a one-time charge of $28 million, or less than $0.01 per share, as a write-off of in-process research and development.

For the full fiscal year 2002, revenue totaled $18.9 billion, compared to $22.3 billion for fiscal 2001. Not accounting for charges, pro forma net income for fiscal 2002 was $2.9 billion, or $0.39 per share, compared with pro forma net income of $3.1 billion, or $0.41 per share, for fiscal 2001.

Net income for the year based on GAAP was $1.9 billion, or $0.25 per share, compared with a net loss of $1 billion, or $0.14 per share, in fiscal 2001.

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