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First time in 10-years Cisco's FY12 research and development expense sequentially declined

Meanwhile, Cisco's FY12 general and administrative expense sequentially soared by +21.69%

Sun, 8/19/12 - 8:00am    View comments

CiscoFor both your and my convenience, I've published a 13-year history of Cisco's fiscal year consolidated statements of operations.

Why?

Because I no longer wish to forage among the hundreds of Cisco forms and documents filed with the SEC, and I'm positive you don't either!

So here's what my history of Cisco's statements is revealing:

  • For the 1st time in 10-years, Cisco's FY12 research and development expense sequentially declined.

    Meanwhile, Cisco's FY12 general and administrative expense sequentially soared by +21.69%

  • Also for the 1st time in 10-years, Cisco's FY12 sales and marketing expense sequentially declined.
  • Cisco's operating income has grown by just a meager +6.5% over 4-years (i.e. since 2008), $10.065 billion vs. $9.442 billion.
  • Since FY07, Cisco's "interest and other income, net" has fallen by a staggering -88.8%, from $840 million to $94 million.
  • During FY12, Cisco earned less net income, $8.041 billion, than it did 4-years earlier in FY08, when net income was $8.052 billion.
  • Even though Cisco had $8.041 billion in FY12 net income, its FY12 adjusted stock price close was -15.78% less than 11-years earlier when Cisco reported a -$1.014 billion FY01 net loss!
  • Over the past 11-fiscal years, Cisco has repurchased $76.132 billion (an average of $6.921 billion per year) of Cisco stock for a combined total of 3.740 billion Cisco shares (an average of 340 million Cisco shares per year).

    However since FY01, Cisco's basic shares used in its per-share calculation has decreased by only -1.826 billion shares.

    That means 1.914 billion shares (i.e. 51.17%) of the total Cisco shares repurchased for a cash cost of $38.956 billion (i.e averaging $3.541 billion per year) went to support the dilutive management compensation practices of Cisco CEO John Chambers.

13-year history of Cisco's fiscal year consolidated statements of operations:

(View the spreadsheet without frames)

Source: U.S. Securities and Exchange Commission

View the 13-year history of Cisco's fiscal year consolidated statements of operations spreadsheet without frames

Related story:

Cisco's 2Q12 videoconferencing revenue dropped -23.7% year-over-year

12-quarter history of Cisco's product sales categories
 


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