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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 1998
CISCO SYSTEMS, INC.
(Exact name of registrant as specified in charter)
California 0-18225 77-0059951
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
170 West Tasman Drive, San Jose, California 95134
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (408) 526-4000
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
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The Company has adopted Statement of Financial Accounting Standards(SFAS) No.
128. This Statement requires the presentation of basic and diluted net income
per share. Basic net income per common share is computed using the weighted
average number of common shares outstanding during the period. Diluted net
income per share is computed using the weighted average number of common and
dilutive common equivalent shares outstanding during the period. Dilutive common
equivalent shares consist of stock options. The Company has restated all prior
period per share data presented as required by SFAS No. 128. Restated numbers as
computed using the diluted method under SFAS No. 128 approximate those computed
using the primary method as defined in Accounting Principals Board Opinion No.
15.
Share and per share data presented reflect a three-for-two split, which was
effective on December 16, 1997.
The following table presents the restated annual EPS (in thousands, except per
share amounts):
<TABLE>
<CAPTION>
1997 1996 1995 1994
---------- ---------- ---------- ----------
UNAUDITED
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Net income $1,048,679 $ 913,324 $ 456,489 $ 322,981
---------- ---------- ---------- ----------
Weighted-average shares--basic 990,657 958,020 911,635 864,016
---------- ---------- ---------- ----------
Effect of dilutive securities:
Employee stock options 43,369 35,365 38,529 30,793
---------- ---------- ---------- ----------
Weighted-average shares--diluted 1,034,026 993,385 950,164 894,809
========== ========== ========== ==========
Net income per share--Basic $ 1.06 $ 0.95 $ 0.50 $ 0.37
========== ========== ========== ==========
Net income per share--Diluted $ 1.01 $ 0.92 $ 0.48 $ 0.36
========== ========== ========== ==========
</TABLE>
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The following tables summarize the quarterly data for the first quarter of
fiscal 1998, and for fiscal years 1997 and 1996 (in thousands, except per share
amounts):
<TABLE>
<CAPTION>
Oct. 25, Jul. 26, Apr. 26 Jan. 25, Oct. 26, Jul. 28, Apr. 28 Jan. 28, Oct. 29,
1997 1997 1997 1997 1996 1996 1996 1996 1995
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(Unaudited)
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net income $ 336,535 $ 150,957 $ 378,321 $ 338,459 $ 180,942 $ 276,551 $ 245,649 $ 209,737 $ 181,387
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Weighted-average
shares--basic 1,009,192 999,943 996,017 988,109 978,180 971,451 971,966 966,018 945,777
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Effect of dilutive
securities:
Employee stock options 47,394 43,271 36,660 47,347 46,198 42,756 32,974 33,248 32,484
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Weighted-average
shares--diluted 1,056,586 1,043,214 1,032,677 1,035,456 1,024,378 1,014,207 1,004,940 999,266 978,261
========== ========== ========== ========== ========== ========== ========== ========== ==========
Net income per share
--Basic $ .33 $ 0.15 $ 0.38 $ 0.34 $ 0.18 $ 0.28 $ 0.25 $ 0.22 $ 0.19
========== ========== ========== ========== ========== ========== ========== ========== ==========
Net income per share
--Diluted $ .32 $ 0.14 $ 0.37 $ 0.33 $ 0.18 $ 0.27 $ 0.24 $ 0.21 $ 0.19
========== ========== ========== ========== ========== ========== ========== ========== ==========
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CISCO SYSTEMS, INC.
Dated: April 27, 1998 By: /s/ Larry R. Carter
-------------------------------------
Larry R. Carter, Vice President,
Finance and Administration, Chief
Financial Officer and Secretary
