Author

Jae Jun | Old School Value

All spreadsheet related questions and support is now handled

only

through the forum.http://www.oldschoolvalue.com/forum/spreadsheet-installation/

Disclaimer

Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be arecommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as anendorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. Old SchoolValue holds no responsibility for any investment whatsoever.

Spreadsheet Installation Related

- Refer to the manual and ask for help on the forums to reduce repetitive questions and answers.The manual contains every possibleproblem related to the spreadsheet.- When requesting help, please try to find out whether it is a spreadsheet issue or excel issue.PDF: htt:www.oldschoolvalue.comintrinsic-value-sreadsheetsinstallation-troubleshootin-uide

Credits

SMF add in created by Randy Harmelink (rharmelink@gmail.com)http://finance.groups.yahoo.com/group/smf_addin

Company Name

CSCO

Cisco Systems Inc

Quarterly Statements

Line Item Check:Financial statement line items are Correct

Financial Statement figures in $Mil

quarter end date2010/012009/102009/072009/042009/012008/102008/072008/042008/012007/102007/072007/042007/012006/102006/072006/042006/032006/012005/10

date preliminary data loaded2010-02-052009-11-092009-08-102009-05-222009-02-052008-11-062008-08-062008-05-072008-02-072007-11-082007-08-082007-05-092007-02-062006-11-212006-08-092006-05-252006-05-152006-02-212005-11-23

Income Statement

Revenues

operating revenue9,815.00$ 9,021.00$ 8,535.00$ 8,162.00$ 9,089.00$ 10,331.00$ 10,364.00$ 9,791.00$ 9,831.00$ 9,554.00$ 9,433.00$ 8,866.00$ 8,439.00$ 8,184.00$ 7,984.00$ 7,322.00$ 7,322.00$ 6,628.00$ 6,550.00$

total revenue

9,815.00$ 9,021.00$ 8,535.00$ 8,162.00$ 9,089.00$ 10,331.00$ 10,364.00$ 9,791.00$ 9,831.00$ 9,554.00$ 9,433.00$ 8,866.00$ 8,439.00$ 8,184.00$ 7,984.00$ 7,322.00$ 7,322.00$ 6,628.00$ 6,550.00$

user correctedvalue

% change from last period

8.8%5.7%4.6%-10.2%-12.0%-0.3%5.9%-0.4%2.9%1.3%6.4%5.1%3.1%2.5%9.0%0.0%10.5%1.2%-0.5%adjustments to revenue-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ cost of sales3,108.00$ 2,809.00$ 2,714.00$ 2,628.00$ 3,077.00$ 3,369.00$ 3,417.00$ 3,167.00$ 3,150.00$ 3,077.00$ 3,100.00$ 2,967.00$ 2,805.00$ 2,708.00$ 2,581.00$ 2,409.70$ 2,695.00$ 1,964.00$ 1,941.00$ cost of sales with depreciation3,483.00$ 3,133.00$ 3,074.00$ 2,933.00$ 3,366.00$ 3,650.00$ 3,698.00$ 3,486.00$ 3,491.00$ 3,381.00$ 3,365.00$ 3,219.00$ 3,051.00$ 2,951.00$ 2,839.00$ 2,596.00$ 2,596.00$ 2,162.00$ 2,140.00$

COGS (%)35.5%34.7%36.0%35.9%37.0%35.3%35.7%35.6%35.5%35.4%35.7%36.3%36.2%36.1%35.6%35.5%35.5%32.6%32.7%

gross margin6,707.00$ 6,212.00$ 5,821.00$ 5,534.00$ 6,012.00$ 6,681.00$ 6,666.00$ 6,305.00$ 6,340.00$ 6,173.00$ 6,068.00$ 5,647.00$ 5,388.00$ 5,233.00$ 5,145.00$ 4,726.00$ 4,726.00$ 4,466.00$ 4,410.00$ gross operating profit6,707.00$ 6,212.00$ 5,821.00$ 5,534.00$ 6,012.00$ 6,962.00$ 6,947.00$ 6,624.00$ 6,681.00$ 6,477.00$ 6,333.00$ 5,899.00$ 5,634.00$ 5,476.00$ 5,403.00$ 4,912.30$ 4,627.00$ 4,664.00$ 4,609.00$

Gross Profit (%)68.3%68.9%68.2%67.8%66.1%67.4%67.0%67.7%68.0%67.8%67.1%66.5%66.8%66.9%67.7%67.1%63.2%70.4%70.4%

Operating Expense

Research & Development (R&D) Expense1,247.00$ 1,224.00$ 1,280.00$ 1,243.00$ 1,279.00$ 1,406.00$ 1,306.00$ 1,439.00$ 1,216.00$ 1,192.00$ 1,178.00$ 1,144.00$ 1,094.00$ 1,083.00$ 1,064.00$ 1,041.00$ 1,129.00$ 966.00$ 996.00$

R&D (%)12.7%13.6%15.0%15.2%14.1%13.6%12.6%14.7%12.4%12.5%12.5%12.9%13.0%13.2%13.3%14.2%15.4%14.6%15.2%

Selling, General & Administrative (SG&A)Expense2,577.00$ 2,435.00$ 2,497.00$ 2,258.00$ 2,535.00$ 2,678.00$ 2,682.00$ 2,608.00$ 2,604.00$ 2,493.00$ 2,404.00$ 2,208.00$ 2,066.00$ 2,050.00$ 1,911.00$ 1,845.00$ 1,845.00$ 1,713.00$ 1,731.00$

SG&A (%)26.3%27.0%29.3%27.7%27.9%25.9%25.9%26.6%26.5%26.1%25.5%24.9%24.5%25.0%23.9%25.2%25.2%25.8%26.4%

advertising-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ operating income2,370.00$ 2,124.00$ 1,460.00$ 1,607.00$ 1,773.00$ 2,482.00$ 2,529.00$ 2,141.00$ 2,404.00$ 2,368.00$ 2,303.00$ 2,197.00$ 2,130.00$ 1,991.00$ 1,990.00$ 1,653.00$ 1,653.00$ 1,731.00$ 1,622.00$

Operating Income (%)76.3%75.6%53.8%61.1%57.6%73.7%74.0%67.6%76.3%77.0%74.3%74.0%75.9%73.5%77.1%68.6%61.3%88.1%83.6%

EBITDA2,883.00$ 2,553.00$ 2,044.00$ 2,033.00$ 2,198.00$ 2,878.00$ 2,959.00$ 2,577.00$ 2,861.00$ 2,792.00$ 2,751.00$ 2,547.00$ 2,474.00$ 2,343.00$ 2,428.00$ 2,026.30$ 1,653.00$ 1,985.00$ 1,882.00$ depreciation513.00$ 429.00$ 524.00$ 426.00$ 425.00$ 393.00$ 430.00$ 436.00$ 457.00$ 421.00$ 374.00$ 349.00$ 342.00$ 348.00$ 437.00$ 285.30$ -$ 254.00$ 258.00$ depreciation (unrecognized)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ amortization-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ amortization of intangibles138.00$ 105.00$ 164.00$ 121.00$ 136.00$ 112.00$ 149.00$ 117.00$ 116.00$ 117.00$ 109.00$ 97.00$ 96.00$ 105.00$ 179.00$ 99.00$ 99.00$ 56.00$ 59.00$ operating profit after depreciation2,370.00$ 2,124.00$ 1,520.00$ 1,607.00$ 1,773.00$ 2,485.00$ 2,529.00$ 2,141.00$ 2,404.00$ 2,371.00$ 2,377.00$ 2,198.00$ 2,132.00$ 1,995.00$ 1,991.00$ 1,741.00$ 1,653.00$ 1,731.00$ 1,624.00$

Other Income and Expense

interest income155.00$ 168.00$ 170.00$ 194.00$ 222.00$ 195.00$ 252.00$ 269.00$ 303.00$ 319.00$ 291.00$ 283.00$ 267.00$ 251.00$ 143.00$ 142.00$ 142.00$ 168.00$ 154.00$ other income net(12.00)$ 61.00$ 17.00$ (9.00)$ (64.00)$ (72.00)$ (31.00)$ (33.00)$ 27.00$ 34.00$ 17.00$ 33.00$ 43.00$ 28.00$ 13.00$ 17.00$ 17.00$ 17.00$ (17.00)$ other special charges-$ -$ -$ -$ -$ -$ -$ -$ (5.00)$ (3.00)$ 14.00$ -$ (10.00)$ -$ -$ -$ -$ -$ -$ special income charges-$ -$ (60.00)$ -$ -$ (3.00)$ -$ -$ (5.00)$ (6.00)$ (60.00)$ (1.00)$ (12.00)$ (4.00)$ (1.00)$ (88.00)$ -$ -$ (2.00)$

EBIT

2,513.00$ 2,353.00$ 1,647.00$ 1,792.00$ 1,931.00$ 2,605.00$ 2,750.00$ 2,377.00$ 2,729.00$ 2,718.00$ 2,625.00$ 2,513.00$ 2,430.00$ 2,270.00$ 2,146.00$ 1,812.00$ 1,812.00$ 1,916.00$ 1,759.00$ interest expense158.00$ 114.00$ 114.00$ 105.00$ 63.00$ -$ 64.00$ 68.00$ 91.00$ 96.00$ 94.00$ 94.00$ 95.00$ 94.00$ -$ -$ -$ -$ -$ income taxes502.00$ 452.00$ 452.00$ 339.00$ 364.00$ 404.00$ 672.00$ 536.00$ 578.00$ 417.00$ 601.00$ 545.00$ 414.00$ 568.00$ 602.00$ 412.00$ 412.00$ 541.00$ 498.00$ minority interest-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ income before income taxes2,355.00$ 2,239.00$ 1,533.00$ 1,687.00$ 1,868.00$ 2,605.00$ 2,686.00$ 2,309.00$ 2,638.00$ 2,622.00$ 2,531.00$ 2,419.00$ 2,335.00$ 2,176.00$ 2,146.00$ 1,812.00$ 1,812.00$ 1,916.00$ 1,759.00$

net income (continuing operations)

1,853.00$ 1,787.00$ 1,081.00$ 1,348.00$ 1,504.00$ 2,201.00$ 2,014.00$ 1,773.00$ 2,060.00$ 2,205.00$ 1,930.00$ 1,874.00$ 1,921.00$ 1,608.00$ 1,544.00$ 1,400.00$ 1,400.00$ 1,375.00$ 1,261.00$ net income (discontinued operations)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ other gains/losses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ total net income1,853.00$ 1,787.00$ 1,081.00$ 1,348.00$ 1,504.00$ 2,201.00$ 2,014.00$ 1,773.00$ 2,060.00$ 2,205.00$ 1,930.00$ 1,874.00$ 1,921.00$ 1,608.00$ 1,544.00$ 1,400.00$ 1,400.00$ 1,375.00$ 1,261.00$

Total Net Income (%)18.9%19.8%12.7%16.5%16.5%21.3%19.4%18.1%21.0%23.1%20.5%21.1%22.8%19.6%19.3%19.1%19.1%20.7%19.3%Dividends & EPS

preferred dividends-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Basic EPS - Total0.32$ 0.31$ 0.19$ 0.23$ 0.26$ 0.37$ 0.35$ 0.30$ 0.34$ 0.36$ 0.32$ 0.31$ 0.32$ 0.27$ 0.26$ 0.23$ 0.23$ 0.22$ 0.20$

Diluted EPS - Total0.32$ 0.30$ 0.19$ 0.23$ 0.26$ 0.37$ 0.34$ 0.29$ 0.33$ 0.35$ 0.31$ 0.30$ 0.31$ 0.26$ 0.25$ 0.22$ 0.22$ 0.22$ 0.20$

Dividends Paid Per Share (DPS)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Shares Outstanding

shares out (common class only)5,734.05,751.05,785.05,767.95,837.05,864.05,893.05,912.05,975.06,082.06,100.06,054.06,048.06,062.06,059.06,164.06,150.66,152.06,154.0preferred shares0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0basic weighted shares5,741.05,767.05,828.05,805.05,848.05,881.05,986.05,942.06,010.06,087.06,055.06,034.06,057.06,061.06,158.06,160.06,160.06,146.06,245.0

diluted weighted shares

5,862.05,871.05,857.05,818.05,864.05,972.06,163.06,069.06,202.06,330.06,265.06,244.06,291.06,199.06,272.06,289.06,289.06,248.06,340.0

Balance Sheet

Assets

cash & equivalents

4,710.00$ 4,774.00$ 5,718.00$ 7,359.00$ 4,175.00$ 4,197.00$ 5,191.00$ 6,154.00$ 5,202.00$ 4,413.00$ 3,728.00$ 5,457.00$ 2,434.00$ 4,313.00$ 3,297.00$ 4,237.00$ 4,237.00$ 5,151.00$ 1,704.00$ restricted cash-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ marketable securities34,928.00$ 30,591.00$ 29,283.00$ 26,192.00$ 25,356.00$ 22,566.00$ 21,044.00$ 18,279.00$ 17,491.00$ 20,266.00$ 18,538.00$ 16,879.00$ 18,247.00$ 15,207.00$ 14,517.00$ 13,946.00$ 13,946.00$ 9,838.00$ 11,786.00$ accounts receivable4,237.00$ 3,159.00$ 3,177.00$ 2,392.00$ 2,893.00$ 3,278.00$ 3,821.00$ 4,183.00$ 4,165.00$ 3,418.00$ 3,989.00$ 3,238.00$ 2,908.00$ 3,091.00$ 3,303.00$ 2,980.00$ 2,980.00$ 2,537.00$ 2,342.00$

% change from last period

34.1%-0.6%32.8%-17.3%-11.7%-14.2%-8.7%0.4%21.9%-14.3%23.2%11.3%-5.9%-6.4%10.8%0.0%17.5%8.3%5.7%other receivable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

receivables

4,237.00$ 3,159.00$ 3,177.00$ 2,392.00$ 2,893.00$ 3,278.00$ 3,821.00$ 4,183.00$ 4,165.00$ 3,418.00$ 3,989.00$ 3,238.00$ 2,908.00$ 3,091.00$ 3,303.00$ 2,980.00$ 2,980.00$ 2,537.00$ 2,342.00$

inventories, raw materials

248.00$ 167.00$ 165.00$ 159.00$ 142.00$ 144.00$ 111.00$ 122.00$ 146.00$ 130.00$ 173.00$ 175.00$ 178.00$ 155.00$ 131.00$ 164.00$ -$ 96.00$ 98.00$

% change from last period

48.5%1.2%3.8%12.0%-1.4%29.7%-9.0%-16.4%12.3%-24.9%-1.1%-1.7%14.8%18.3%-20.1%0.0%-100.0%-2.0%19.5%

inventories, work in progress

36.00$ 33.00$ 33.00$ 39.00$ 50.00$ 65.00$ 53.00$ 48.00$ 58.00$ 45.00$ 45.00$ 117.00$ 440.00$ 402.00$ 377.00$ 336.00$ -$ 477.00$ 426.00$

% change from last period

9.1%0.0%-15.4%-22.0%-23.1%22.6%10.4%-17.2%28.9%0.0%-61.5%-73.4%9.5%6.6%12.2%0.0%-100.0%12.0%-1.2%

inventories, purchased components

146.00$ 147.00$ -$ -$ 207.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 564.00$ -$

% change from last period

-0.7%0.0%0.0%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-100.0%0.0%0.0%

inventories, finished goods

745.00$ 710.00$ 692.00$ 634.00$ 708.00$ 776.00$ 833.00$ 870.00$ 820.00$ 894.00$ 858.00$ 752.00$ 795.00$ 696.00$ 659.00$ 619.00$ -$ 208.00$ 582.00$

% change from last period

4.9%2.6%9.1%-10.5%-8.8%-6.8%-4.3%6.1%-8.3%4.2%14.1%-5.4%14.2%5.6%6.5%0.0%-100.0%-64.3%2.3%

inventories, other

40.00$ 32.00$ 184.00$ 191.00$ -$ 224.00$ 238.00$ 239.00$ 243.00$ 246.00$ 246.00$ 245.00$ 229.00$ 224.00$ 204.00$ 194.00$ -$ -$ 212.00$

inventories1,215.00$ 1,089.00$ 1,074.00$ 1,023.00$ 1,107.00$ 1,209.00$ 1,235.00$ 1,279.00$ 1,267.00$ 1,315.00$ 1,322.00$ 1,289.00$ 1,642.00$ 1,477.00$ 1,371.00$ 1,313.00$ 1,313.00$ 1,345.00$ 1,318.00$

HelpEnter TickerClear Input

% change from last period

11.6%1.4%5.0%-7.6%-8.4%-2.1%-3.4%0.9%-3.7%-0.5%2.6%-21.5%11.2%7.7%4.4%0.0%-2.4%2.0%1.6%prepaid expenses-$ -$ 2,605.00$ 2,320.00$ 2,330.00$ 2,341.00$ 2,333.00$ 2,172.00$ 2,269.00$ 1,916.00$ 2,044.00$ 1,922.00$ 1,612.00$ 1,581.00$ 1,584.00$ 1,527.00$ 1,527.00$ 1,264.00$ 1,193.00$ current defered income taxes2,233.00$ 2,205.00$ 2,320.00$ 2,050.00$ 2,134.00$ 2,071.00$ 2,075.00$ 2,078.00$ 2,048.00$ 2,127.00$ 1,953.00$ 1,755.00$ 1,673.00$ 1,582.00$ 1,604.00$ 1,484.00$ 1,484.00$ 1,476.00$ 1,410.00$ other current assets2,816.00$ 2,879.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

total current assets50,139.00$ 44,697.00$ 44,177.00$ 41,336.00$ 37,995.00$ 35,662.00$ 35,699.00$ 34,145.00$ 32,442.00$ 33,455.00$ 31,574.00$ 30,540.00$ 28,516.00$ 27,251.00$ 25,676.00$ 25,487.00$ 25,487.00$ 21,611.00$ 19,753.00$

land and improvements4,505.00$ 4,501.00$ 4,618.00$ 4,534.00$ 4,499.00$ 4,438.00$ 4,445.00$ 4,282.00$ 4,159.00$ 4,095.00$ 4,022.00$ 3,852.00$ 3,736.00$ 3,674.00$ 3,647.00$ 3,625.00$ -$ 3,538.00$ 3,524.00$ building and improvements251.00$ 242.00$ -$ -$ 217.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ machinery, furniture & equipment7,051.00$ 7,313.00$ 7,363.00$ 7,367.00$ 7,211.00$ 7,105.00$ 7,048.00$ 6,881.00$ 6,695.00$ 2,091.00$ 6,263.00$ 6,105.00$ 5,811.00$ 5,563.00$ 5,393.00$ 5,285.00$ -$ 5,043.00$ 4,887.00$ construction in progress-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ other fixed assets-$ -$ 227.00$ 224.00$ -$ 205.00$ 209.00$ 200.00$ 190.00$ 4,604.00$ 181.00$ 160.00$ 158.00$ 155.00$ 153.00$ 143.00$ -$ 139.00$ 127.00$

total fixed assets

11,807.00$ 12,056.00$ 12,208.00$ 12,125.00$ 11,927.00$ 11,748.00$ 11,702.00$ 11,363.00$ 11,044.00$ 10,790.00$ 10,466.00$ 10,117.00$ 9,705.00$ 9,392.00$ 9,193.00$ 9,053.00$ -$ 8,720.00$ 8,538.00$ gross fixed assets11,807.00$ 12,056.00$ 12,208.00$ 12,125.00$ 11,927.00$ 11,748.00$ 11,702.00$ 11,363.00$ 11,044.00$ 10,790.00$ 10,466.00$ 10,117.00$ 9,705.00$ 9,392.00$ 9,193.00$ 9,053.00$ 3,479.00$ 8,720.00$ 8,538.00$ net fixed assets3,958.00$ 3,976.00$ 4,043.00$ 4,089.00$ 4,141.00$ 4,181.00$ 4,151.00$ 4,045.00$ 3,973.00$ 3,956.00$ 3,893.00$ 3,695.00$ 3,539.00$ 3,444.00$ 3,440.00$ 3,479.00$ 3,479.00$ 3,316.00$ 3,335.00$

intangibles

2,661.00$ 1,552.00$ 1,702.00$ 1,656.00$ 1,792.00$ 1,976.00$ 2,089.00$ 2,181.00$ 2,338.00$ 2,379.00$ 2,540.00$ 1,909.00$ 1,960.00$ 2,065.00$ 2,161.00$ 2,356.00$ 2,356.00$ 5,932.00$ 5,960.00$ other non-current assets5,222.00$ 5,513.00$ 5,281.00$ 5,016.00$ 4,857.00$ 4,514.00$ 2,633.00$ 2,482.00$ 2,544.00$ 2,142.00$ 2,569.00$ 2,051.00$ 1,949.00$ 1,907.00$ 1,828.00$ 1,718.00$ 2,574.00$ 1,464.00$ 1,413.00$ total non-current assets26,264.00$ 23,983.00$ 23,951.00$ 23,330.00$ 23,362.00$ 23,225.00$ 23,035.00$ 22,978.00$ 22,858.00$ 22,247.00$ 21,766.00$ 18,295.00$ 17,738.00$ 17,657.00$ 17,639.00$ 17,595.00$ 17,595.00$ 12,041.00$ 12,002.00$

total assets

76,403.00$ 68,680.00$ 68,128.00$ 64,666.00$ 61,357.00$ 58,887.00$ 58,734.00$ 57,123.00$ 55,300.00$ 55,702.00$ 53,340.00$ 48,835.00$ 46,254.00$ 44,908.00$ 43,315.00$ 43,082.00$ 43,082.00$ 33,652.00$ 31,755.00$

Liabilities & Equity

accounts payable750.00$ 729.00$ 675.00$ 653.00$ 625.00$ 804.00$ 869.00$ 808.00$ 763.00$ 820.00$ 786.00$ 864.00$ 931.00$ 869.00$ 880.00$ 837.00$ 837.00$ 684.00$ 721.00$ notes payable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ short-term debt-$ -$ -$ -$ 500.00$ 500.00$ 500.00$ 500.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ accrued expenses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ accrued liabilities2,207.00$ 2,263.00$ 2,535.00$ 2,413.00$ 2,078.00$ 2,100.00$ 2,428.00$ 2,320.00$ 1,981.00$ 1,920.00$ 5,441.00$ 4,729.00$ 4,512.00$ 4,261.00$ 4,281.00$ 3,947.00$ 3,947.00$ 3,463.00$ 3,337.00$ deferred revenues6,751.00$ 6,397.00$ 6,438.00$ 6,110.00$ 6,592.00$ 6,276.00$ 6,197.00$ 6,103.00$ 5,786.00$ 5,381.00$ 5,391.00$ 4,854.00$ 4,718.00$ 4,546.00$ 4,408.00$ 4,300.00$ 4,300.00$ 3,937.00$ 3,716.00$ current deferred income taxes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ other current liabilities4,697.00$ 3,773.00$ 4,007.00$ 3,685.00$ 3,809.00$ 3,868.00$ 3,864.00$ 3,628.00$ 3,663.00$ 4,099.00$ 1,740.00$ 1,525.00$ 1,330.00$ 1,605.00$ 1,744.00$ 1,346.00$ 1,346.00$ 1,437.00$ 1,462.00$

total current liabilities

14,405.00$ 13,162.00$ 13,655.00$ 12,861.00$ 13,604.00$ 13,548.00$ 13,858.00$ 13,359.00$ 12,193.00$ 12,220.00$ 13,358.00$ 11,972.00$ 11,491.00$ 11,281.00$ 11,313.00$ 10,430.00$ 10,430.00$ 9,521.00$ 9,236.00$ long-term debt15,194.00$ 10,273.00$ 10,295.00$ 10,317.00$ 6,348.00$ 6,371.00$ 6,393.00$ 6,415.00$ 6,851.00$ 6,582.00$ 6,408.00$ 6,478.00$ 6,416.00$ 6,455.00$ 6,332.00$ 6,346.00$ 6,346.00$ -$ -$ capital lease obligations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ deferred income taxes1,941.00$ 1,755.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ other non-current liabilities3,331.00$ 3,464.00$ 5,501.00$ 4,205.00$ 4,604.00$ 3,909.00$ 4,081.00$ 4,148.00$ 3,363.00$ 2,897.00$ 2,084.00$ 1,858.00$ 1,757.00$ 1,629.00$ 1,752.00$ 1,683.00$ 1,683.00$ 1,163.00$ 1,078.00$ preferred equity outside stock equity-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

total non-current liabilities

20,486.00$ 15,516.00$ 15,826.00$ 14,549.00$ 10,970.00$ 10,304.00$ 10,523.00$ 10,626.00$ 10,295.00$ 9,610.00$ 8,502.00$ 8,345.00$ 8,181.00$ 8,098.00$ 8,090.00$ 8,037.00$ 8,037.00$ 1,167.00$ 1,082.00$ preferred stock equity-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ common stock equity41,512.00$ 40,002.00$ 38,647.00$ 37,256.00$ 36,783.00$ 35,035.00$ 34,353.00$ 33,138.00$ 32,812.00$ 33,872.00$ 31,480.00$ 28,518.00$ 26,582.00$ 25,529.00$ 23,912.00$ 24,615.00$ 24,615.00$ 22,964.00$ 21,437.00$ retained earnings5,086.00$ 4,354.00$ 3,868.00$ 3,292.00$ 2,695.00$ 1,580.00$ 120.00$ (843.00)$ (1,073.00)$ 121.00$ 231.00$ (457.00)$ (1,083.00)$ (233.00)$ (617.00)$ 121.00$ -$ (268.00)$ (1,046.00)$

total capitalization

56,706.00$ 50,275.00$ 48,942.00$ 47,573.00$ 43,131.00$ 41,406.00$ 40,746.00$ 39,553.00$ 39,663.00$ 40,454.00$ 37,888.00$ 34,996.00$ 32,998.00$ 31,984.00$ 30,244.00$ 30,961.00$ 30,961.00$ 22,964.00$ 21,437.00$

total equity

41,512.00$ 40,002.00$ 38,647.00$ 37,256.00$ 36,783.00$ 35,035.00$ 34,353.00$ 33,138.00$ 32,812.00$ 33,872.00$ 31,480.00$ 28,518.00$ 26,582.00$ 25,529.00$ 23,912.00$ 24,615.00$ 24,615.00$ 22,964.00$ 21,437.00$

total liabilities & stock equity76,403.00$ 68,680.00$ 68,128.00$ 64,666.00$ 61,357.00$ 58,887.00$ 58,734.00$ 57,123.00$ 55,300.00$ 55,702.00$ 53,340.00$ 48,835.00$ 46,254.00$ 44,908.00$ 43,315.00$ 43,082.00$ 43,082.00$ 33,652.00$ 31,755.00$ working capital35,734.00$ 31,535.00$ 30,522.00$ 28,475.00$ 24,391.00$ 22,114.00$ 21,841.00$ 20,786.00$ 20,249.00$ 21,235.00$ 18,216.00$ 18,568.00$ 17,025.00$ 15,970.00$ 14,363.00$ 15,057.00$ 15,057.00$ 12,090.00$ 10,517.00$ invested capital56,706.00$ 50,275.00$ 48,942.00$ 47,573.00$ 43,131.00$ 41,406.00$ 40,746.00$ 39,553.00$ 39,663.00$ 40,454.00$ 37,888.00$ 34,996.00$ 32,998.00$ 31,984.00$ 30,244.00$ 30,961.00$ 30,961.00$ 22,964.00$ 21,437.00$ cash flow7,961.00$ 7,524.00$ 7,902.00$ 8,741.00$ 9,176.00$ 9,764.00$ 9,796.00$ 9,656.00$ 9,670.00$ 9,416.00$ 8,746.00$ 8,423.00$ 7,885.30$ 7,251.30$ 6,873.00$ 6,631.30$ -$ 6,515.00$ 6,582.00$

Cash Flow Statement

Operating Activities

net income/loss3,640.00$ 1,787.00$ 6,134.00$ 5,053.00$ 3,705.00$ 2,201.00$ 8,052.00$ 6,038.00$ 4,265.00$ 2,205.00$ 7,333.00$ 5,403.00$ 3,529.00$ 1,608.00$ 5,580.00$ 4,036.00$ -$ 2,636.00$ 1,261.00$ depreciation513.00$ 429.00$ 524.00$ 426.00$ 425.00$ 393.00$ 430.00$ 436.00$ 457.00$ 421.00$ 374.00$ 349.00$ 342.00$ 348.00$ 437.00$ 285.30$ -$ 254.00$ 258.00$ amortization-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ amortization of intangibles138.00$ 105.00$ 164.00$ 121.00$ 136.00$ 112.00$ 149.00$ 117.00$ 116.00$ 117.00$ 109.00$ 97.00$ 96.00$ 105.00$ 179.00$ 99.00$ 99.00$ 56.00$ 59.00$ deferred income taxes1,941.00$ 1,755.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ operating gains(84.00)$ (47.00)$ 143.00$ 113.00$ 123.00$ 70.00$ (103.00)$ (109.00)$ (101.00)$ (54.00)$ (210.00)$ (147.00)$ 6.00$ (48.00)$ (2.00)$ 723.00$ -$ 566.00$ 376.00$ extraordinary gains-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (increase) decrease in receivables(1,131.00)$ (62.00)$ 388.00$ 1,210.00$ 709.00$ 388.00$ (317.00)$ (539.00)$ (456.00)$ 427.00$ (597.00)$ 60.00$ 329.00$ 184.00$ (1,084.00)$ (686.00)$ -$ (389.00)$ (161.00)$ (increase) decrease in inventories(80.00)$ (8.00)$ 187.00$ 199.00$ 113.00$ 8.00$ 104.00$ 54.00$ 66.00$ 7.00$ 61.00$ 82.00$ (387.00)$ (162.00)$ (41.00)$ 54.00$ -$ (115.00)$ (65.00)$ (increase) decrease in prepaid expenses-$ -$ -$ -$ -$ -$ -$ -$ 38.00$ 81.00$ (452.00)$ (355.00)$ (39.00)$ (16.00)$ (300.00)$ (228.00)$ -$ (47.00)$ (41.00)$ (increase) decrease in other current assets-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ decrease (increase) in payables58.00$ 52.00$ (208.00)$ (198.00)$ (228.00)$ (35.00)$ 62.00$ 12.00$ (33.00)$ 32.00$ (107.00)$ (17.00)$ 51.00$ (11.00)$ (43.00)$ (86.00)$ -$ (51.00)$ (14.00)$ decrease (increase) in other currentliabilities(224.00)$ (764.00)$ 1,515.00$ 403.00$ 798.00$ (197.00)$ 351.00$ 301.00$ (38.00)$ (99.00)$ 2,876.00$ 810.00$ 177.00$ 135.00$ 893.00$ 578.00$ -$ 154.00$ (337.00)$ decrease (increase) in other working capital291.00$ (296.00)$ (719.00)$ (861.00)$ (472.00)$ (443.00)$ 2,232.00$ 1,869.00$ 1,310.00$ 541.00$ 275.00$ 699.00$ 559.00$ 23.00$ 1,055.00$ 414.00$ -$ -$ -$ other non-cash items679.00$ 304.00$ 1,263.00$ 915.00$ 643.00$ 307.00$ 736.00$ 496.00$ 235.00$ 19.00$ 134.00$ 94.00$ 80.00$ 150.00$ 891.00$ -$ -$ -$ -$ net cash from continuing operations3,974.00$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$ 7,366.00$ 4,929.00$ 2,271.00$ 7,899.00$ 5,582.00$ -$ 3,267.00$ 1,402.00$ net cash from discontinued operations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net cash from total operating activities3,974.00$ 1,488.00$ 9,897.00$ 7,912.00$ 5,916.00$ 2,718.00$ 12,089.00$ 8,560.00$ 5,532.00$ 3,089.00$ 10,104.00$ 7,366.00$ 4,929.00$ 2,271.00$ 7,899.00$ 5,582.00$ -$ 3,267.00$ 1,402.00$

Investing Activities

sale of property, plant & equipment-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ sale of long-term investments17,560.00$ 8,433.00$ 32,825.00$ 26,379.00$ 19,465.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ sale of short-term investments-$ -$ -$ -$ -$ 10,342.00$ 19,990.00$ 14,761.00$ 9,453.00$ 3,526.00$ 17,368.00$ 13,438.00$ 7,762.00$ 4,268.00$ 18,480.00$ 14,539.00$ -$ 11,886.00$ 7,335.00$ purchase of property, plant & equipment(408.00)$ (160.00)$ (1,005.00)$ (794.00)$ (585.00)$ (361.00)$ (1,268.00)$ (908.00)$ (591.00)$ (296.00)$ (1,251.00)$ (912.00)$ (548.00)$ (214.00)$ (772.00)$ (595.00)$ -$ (394.00)$ (215.00)$ acquisitions(2,308.00)$ -$ (426.00)$ (338.00)$ (327.00)$ (288.00)$ (398.00)$ (385.00)$ (385.00)$ (45.00)$ (3,684.00)$ (387.00)$ (166.00)$ (121.00)$ (5,399.00)$ (5,347.00)$ -$ (150.00)$ (122.00)$ purchase of long-term investments(23,020.00)$ (9,537.00)$ (41,225.00)$ (31,943.00)$ (24,110.00)$ -$ -$ -$ (55.00)$ (20.00)$ (92.00)$ (81.00)$ (76.00)$ (48.00)$ (186.00)$ (158.00)$ -$ -$ -$ purchase of short-term investments-$ -$ -$ -$ -$ (12,461.00)$ (22,399.00)$ (14,093.00)$ (7,846.00)$ (4,360.00)$ (20,532.00)$ (15,342.00)$ (11,184.00)$ (4,771.00)$ (21,732.00)$ (17,154.00)$ -$ (10,467.00)$ (7,973.00)$ other investing changes, net(9.00)$ 11.00$ (128.00)$ (54.00)$ (107.00)$ (71.00)$ (118.00)$ (57.00)$ (111.00)$ (65.00)$ (151.00)$ (87.00)$ (27.00)$ (41.00)$ (35.00)$ (56.00)$ -$ (199.00)$ (148.00)$ cash from discontinued investing activities-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

net cash from investing activities(8,185.00)$ (1,253.00)$ (9,959.00)$ (6,750.00)$ (5,664.00)$ (2,839.00)$ (4,193.00)$ (682.00)$ 465.00$ (1,260.00)$ (8,342.00)$ (3,371.00)$ (4,239.00)$ (927.00)$ (9,644.00)$ (8,771.00)$ -$ 676.00$ (1,123.00)$

Financing Activities

issuance of debt4,944.00$ -$ 3,991.00$ 3,991.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 6,481.00$ 6,481.00$ -$ -$ -$ issuance of capital stock1,436.00$ 634.00$ 863.00$ 486.00$ 441.00$ 224.00$ 3,117.00$ 2,501.00$ 2,165.00$ 1,539.00$ 5,306.00$ 3,719.00$ 2,779.00$ 1,019.00$ 1,682.00$ 1,282.00$ -$ 563.00$ 136.00$ repayment of long-term debt-$ -$ (542.00)$ (542.00)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ repurchase of capital stock(3,244.00)$ (1,869.00)$ (3,611.00)$ (2,807.00)$ (1,603.00)$ (1,002.00)$ (10,441.00)$ (8,982.00)$ (7,120.00)$ (2,993.00)$ (7,681.00)$ (6,281.00)$ (4,781.00)$ (1,500.00)$ (8,295.00)$ (5,478.00)$ -$ (4,248.00)$ (3,500.00)$ payment of cash dividends-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$