Cisco Systems, a leader in networking for the internet, last night reported its fourth quarter and fiscal year results for the period ended July 27th.
Net sales for the fourth quarter of 2002 were $4.8 billion (€5 billion), compared to $4.3 billion for the fourth quarter of 2001, an increase of 12 per cent and compared to $4.8 billion for the third quarter of 2002.
Net income for the fourth quarter was $772 million, compared with net income of $7 million for the fourth quarter of 2001, and $729 million for the third quarter of fiscal 2002.
Pro forma net income was $1 billion compared with pro forma net income of $163 million or $0.02 per share for the fourth quarter of fiscal 2001, and $838 million for the third quarter of fiscal 2002.
Net sales for fiscal 2002 were $18.9 billion, compared to $22.3 billion for 2001, a decrease of 15 per cent.
"This was another solid quarter for Cisco, despite the ongoing challenges in the economy," said Cisco president and chief executive Mr John Chambers. "We continued to focus on what we can control, and the results speak for themselves. Our operational performance is on par with peak historical results, especially in gross margins and income as a percentage of revenue."
Cisco also said it had increased the firm's stock repurchase programme to $8 billion up to September 12th next year.
