8-KOther Events

CISCO SYSTEMS, INC. 8-K Report (Feb 4, 2003)

Filed February 4, 2003For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K report on February 4, 2003, to disclose its second-quarter financial results for the period ending January 25, 2003. The core of this filing is a press release (Exhibit 99.1) containing these results and additional pro forma financial information. Cisco is furnishing this information under Regulation FD disclosure rules, which were set to become more stringent regarding Non-GAAP measures shortly after this filing. Investors should note that while Cisco provides pro forma net income and earnings per share, these are not GAAP-compliant and may differ from measures used by other companies. The company states its management believes these pro forma figures offer valuable insights into financial and business trends by excluding certain items like acquisition charges, payroll taxes on stock options, gains/losses on investments, and restructuring charges. The filing serves as a notification of these results and the accompanying detailed press release.

Key Highlights

  • 1Cisco Systems, Inc. reported its second-quarter financial results for the period ending January 25, 2003, via an 8-K filing on February 4, 2003.
  • 2The primary disclosure is a press release (Exhibit 99.1) containing the company's quarterly financial performance.
  • 3The company is furnishing the information under Regulation FD, in anticipation of new SEC requirements for Non-GAAP financial measures.
  • 4Cisco is presenting pro forma net income and pro forma earnings per share as additional metrics.
  • 5These pro forma measures exclude specific items such as acquisition charges, payroll taxes on stock options, equity investment gains/losses, and restructuring charges.
  • 6Management believes the pro forma presentation provides useful insights into financial and business trends.
  • 7The information provided is furnished and not filed, meaning it is not subject to certain liabilities under the Securities Exchange Act of 1934 or Securities Act of 1933.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly disclose Cisco Systems, Inc.'s financial results for its second fiscal quarter, which ended on January 25, 2003. This disclosure is made through an accompanying press release.

Pro forma financial information, as presented by Cisco, adjusts reported GAAP (Generally Accepted Accounting Principles) numbers to exclude certain items like acquisition costs, payroll taxes on stock options, investment gains/losses, and restructuring charges. Cisco's management believes this pro forma view offers investors a clearer understanding of underlying business trends and financial performance, separate from these specific, often non-recurring, items.

No, the pro forma net income and earnings per share provided by Cisco are explicitly stated as not being in accordance with, or an alternative for, Generally Accepted Accounting Principles (GAAP). They may also differ from pro forma measures used by other companies. Investors should review both the GAAP and pro forma figures, understanding the adjustments made.

Furnishing the information under Regulation FD means that while the data is being made public, it is not considered 'filed' for purposes of certain legal liabilities under the Securities Exchange Act of 1934 or the Securities Act of 1933. This is a procedural distinction that also preempts the more stringent SEC requirements on Non-GAAP disclosures that were coming into effect shortly after this filing date.