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Cisco reports second quarter earnings |
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Networking company Cisco has reported its second quarter results for the period ended January 23, 2010. Cisco reported net sales of $9.8 billion, GAAP net income of $1.9 billion or $0.32 per share.  Cash flows from operations were $2.5 billion for the second quarter of fiscal 2010, compared with $1.5 billion for the previous quarter, and $3.2 billion for the second quarter of fiscal 2009. Cash and cash equivalents and investments were $39.6 billion as compared with $35 billion at the end of fiscal 2009, and $35.4 billion at the end of the first quarter of fiscal 2010. Cisco said that during the second quarter of fiscal 2010, it repurchased 63 million shares of common stock at an average price of $23.96 per share for an aggregate purchase price of $1.5 billion. As of January 23, 2010, the company repurchased and retired 2.9 billion shares of Cisco common stock at an average price of $20.55 per share for an aggregate purchase price of approximately $60.4 billion since the inception of the stock repurchase program. The remaining authorized repurchase amount as of January 23, 2010 was $11.6 billion with no termination date. Days sales outstanding in accounts receivable (DSO) at the end of the second quarter of fiscal 2010 were 39 days, as compared with 32 days at the end of the previous quarter and 29 days as compared to the second quarter of fiscal 2009. Inventory turns on a GAAP basis were 12.1 in the second quarter of fiscal 2010, compared to 11.6 in both the first quarter of fiscal 2010 and the second quarter of fiscal 2009. For its mid-year results, it said net sales for the first six months of fiscal 2010 were $18.8 billion, compared with $19.4 billion for the corresponding period during fiscal 2009. Net income was $3.6 billion or $0.62 per share as compared to $3.7 billion or $0.63 per share during the first six months of fiscal 2009. John Chambers, chairman and chief executive officer, Cisco said "Our outstanding Q2 results exceeded our expectations and we believe they provide a clear indication that we are entering the second phase of the economic recovery. During the quarter we saw dramatic across the board acceleration and sequential improvement in our business in almost all areas." |
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