Cisco Hits It Out Of The Park
By: David Utter
Not only did the networking company go yard with its financials, Cisco also plans to sponsor the new stadium for the Oakland Athletics, to be called Cisco Field.
Cisco (CSCO) did to analyst estimates what Frank Thomas did to hanging curveballs in Oakland all season, and pounded them out of the park. The networking firm posted big league numbers for their first quarter of 2007.
"This quarter was once again another very strong and record quarter from a revenue, GAAP and non-GAAP net income and earnings per share perspective," CEO John Chambers said.
Cisco picked up net sales of $8.2 billion for the period, compared to $6.5 billion year over year for a nearly 25 percent increase. GAAP-adjusted earnings per share hit 26 cents, while GAAP net income reached $1.6 billion.
If Cisco wants to go on a buying spree, they can afford it. They reported cash, cash equivalents and investments were $19.5 billion at the end of the first quarter of fiscal 2007. The acquisitions of Arroyo Video Solutions and Meetinghouse Data Communications completed during the quarter.
If you're wondering why all the baseball references were in the start of the story, here's why. Oakland Athletics owner Lew Wolff told Fremont, CA, officials a new ballpark would be built on land owned by Cisco, with the new park to be called Cisco Field.
That information was supposed to stay quiet until November 14th, but it was promptly leaked to Mercury News, which noted 2011 would be the earliest the A's might move into that new facility.
It could mean the end of the Oakland name for the A's, which could be replaced with Fremont or even Silicon Valley instead.
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