Cisco 2003 Annual Report Download - page 37

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Years Ended July 26, 2003 July 27, 2002 July 28, 2001
NET SALES:
Product $15,565 $15,669 $19,559
Service 3,313 3,246 2,734
Total net sales 18,878 18,915 22,293
COST OF SALES:
Product 4,594 5,914 10,198
Service 1,051 988 1,023
Total cost of sales 5,645 6,902 11,221
GROSS MARGIN 13,233 12,013 11,072
OPERATING EXPENSES:
Research and development 3,135 3,448 3,922
Sales and marketing 4,116 4,264 5,296
General and administrative 702 618 778
Restructuring costs and other special charges ——1,170
Amortization of goodwill ——690
Amortization of purchased intangible assets 394 699 365
In-process research and development 465 855
Total operating expenses 8,351 9,094 13,076
OPERATING INCOME (LOSS) 4,882 2,919 (2,004)
Interest income 660 895 967
Other income (loss), net (529) (1,104) 163
Interest and other income (loss), net 131 (209) 1,130
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 5,013 2,710 (874)
Provision for income taxes 1,435 817 140
NET INCOME (LOSS) $3,578 $1,893 $ (1,014)
Net income (loss) per share—basic $0.50 $0.26 $ (0.14)
Net income (loss) per share—diluted $0.50 $0.25 $ (0.14)
Shares used in per-share calculation—basic 7,124 7,301 7,196
Shares used in per-share calculation—diluted 7,223 7,447 7,196
See Notes to Consolidated Financial Statements.
2003 ANNUAL REPORT 35
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per-share amounts)