Q4 Net Sales: $11.2 billion
Q4 Net Income: $1.2 billion GAAP; $2.2 billion non-GAAP
Q4 Earnings per Share: $0.22 GAAP; $0.40 non-GAAP
FY 2011 Net Sales: $43.2 billion
FY 2011 Net Income: $6.5 billion GAAP; $9.0 billion non-GAAP
FY 2011 Earnings per Share: $1.17 GAAP; $1.62 non-GAAP

Cisco (NASDAQ: CSCO), the worldwide leader in networking that transforms how people connect, communicate and collaborate, today reported its fourth quarter and fiscal year results for the period ended July 30, 2011. Cisco reported fourth quarter net sales of $11.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.2 billion or $0.22 per share, and non-GAAP net income of $2.2 billion or $0.40 per share.

"We've made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4," said John Chambers, chairman and CEO, Cisco. "As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company, that is laser focused on helping our customers use intelligent networks to transform their businesses."

GAAP net income for the fourth quarter and fiscal year 2011 included pretax charges of $772 million and $923 million, respectively, related to restructuring and other charges. A reconciliation between net income on a GAAP basis and non-GAAP net income is provided in the table on page 7.

Cisco will discuss fourth quarter and fiscal year 2011 results and business outlook on a conference call and webcast at 1:30 p.m. Pacific Time today. Call information and related charts are available at http://investor.cisco.com.

Other Financial Highlights

Cash flows from operations were $2.8 billion for the fourth quarter of fiscal 2011, compared with $3.0 billion for the third quarter of fiscal 2011, and compared with $3.2 billion for the fourth quarter of fiscal 2010. Cash flows from operations were $10.1 billion for fiscal 2011, compared with $10.2 billion for fiscal 2010.

Cash and cash equivalents and investments were $44.6 billion at the end of fiscal 2011, compared with $43.4 billion at the end of the third quarter of fiscal 2011, and compared with $39.9 billion at the end of fiscal 2010.

During the fourth quarter of fiscal 2011, Cisco repurchased 95 million shares of common stock under the stock repurchase program at an average price of $15.85 per share for an aggregate purchase price of $1.5 billion. During fiscal 2011, Cisco repurchased 351 million shares of common stock at an average price of $19.36 per share for an aggregate purchase price of $6.8 billion. As of July 30, 2011, Cisco had repurchased and retired 3.5 billion shares of Cisco common stock at an average price of $20.64 per share for an aggregate purchase price of approximately $71.8 billion since the inception of the stock repurchase program. The remaining authorized amount for stock repurchases under this program as of July 30, 2011 was approximately $10.2 billion with no termination date.

Days sales outstanding in accounts receivable (DSO) at the end of the fourth quarter of fiscal 2011 were 38 days, compared with 37 days at the end of the third quarter of fiscal 2011, and compared with 41 days at the end of the fourth quarter of fiscal 2010.

Inventory turns on a GAAP basis were 11.8 in the fourth quarter of fiscal 2011, compared with 11.1 in the third quarter of fiscal 2011, and compared with 12.6 in the fourth quarter of fiscal 2010. Non-GAAP inventory turns were 11.4 in the fourth quarter of fiscal 2011, compared with 10.3 in the third quarter of fiscal 2011, and compared with 12.1 in the fourth quarter of fiscal 2010.

For more information: http://newsroom.cisco.com/press-release-content?type=webcontent&articleId=456320

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