Flash: Cisco Systems prelim $0.42 vs $0.37 Thomson Reuters consensus; revs $10.9 bln vs $10.86 bln Thomson Reuters consensus

Reports Q3 (Apr) earnings of $0.42 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.37; revenues rose 4.8% year/year to $10.87 bln vs the $10.86 bln consensus; non-GAAP gross margin of 63.9% vs. the 62.0% consensus. Cash flows from operations were $3.0 billion for the third quarter of fiscal 2011, compared with $2.6 billion for the second quarter of fiscal 2011, and compared with $3.0 billion for the third quarter of fiscal 2010. Cash and cash equivalents and investments were $43.4 billion at the end of the third quarter. Cisco repurchased 54 million shares of common stock under the stock repurchase program at an average price of $18.39 per share for an aggregate purchase price of $1.0 billion in Q3. “This quarter played out as we expected. We have acknowledged our challenges. We know what we have to do. We have a clear game plan, and we are a company with a track record of market-shaping innovation. We thank our shareholders, employees, customers and partners as we transition to the next phase of Cisco.”