Cisco: Results of Q3, Fiscal 2009
Cisco reported its third quarter results for the period ended April 25, 2009. Cisco’s net sales amounted to USD8.2 billion, net income on a generally accepted accounting principle (GAAP) basis – USD1.3 billion or USD0.23 per share, and non-GAAP net income – USD1.8 billion or USD0.30 per share.
"Cisco delivered solid financial performance despite a challenging global economy and period of evolving market dynamics," said John Chambers, chairman and chief executive officer, Cisco. "These results demonstrate our ability to drive operational excellence and manage profitability across varying economic cycles. We will use this period of market transition to align and optimize resources, make strategic investments, move into market adjacencies and enhance relationships with our customers. As we exit the quarter with a compelling financial position and an innovation engine from both a products and business model perspective, we believe we are well positioned for the eventual economic recovery."
Net sales for the first nine months of fiscal 2009 were USD27.6 billion, compared with USD29.2 billion for the first nine months of fiscal 2008. Net income for the first nine months of fiscal 2009, on a GAAP basis, was USD5.1 billion or USD0.86 per share, compared with USD6.0 billion or USD0.97 per share for the first nine months of fiscal 2008. Non-GAAP net income for the first nine months of fiscal 2009 was USD6.1 billion or USD1.04 per share, compared with USD7.2 billion or USD1.16 per share for the first nine months of fiscal 2008.
Cisco’s cash and cash equivalents and investments reached USD33.6 billion at the end of the third quarter of fiscal 2009, compared with USD26.2 billion at the end of fiscal 2008, and compared with USD29.5 billion at the end of the second quarter of fiscal 2009.
During the third quarter of fiscal 2009, Cisco repurchased 77 million shares of common stock at an average price of USD15.57 per share for an aggregate purchase price of USD1.2 billion. As of April 25, 2009, Cisco had repurchased and retired 2.8 billion shares of Cisco common stock at an average price of USD20.43 per share for an aggregate purchase price of approximately USD56.4 billion since the inception of the stock repurchase program. The remaining authorized repurchase amount as of April 25, 2009 was USD5.6 billion with no termination date.