Cisco Systems

Standardized Quarterly Balance Sheet

Currency
Auditor Status
Consolidated
Scale
Cash & Equivalents
Short Term Investments
Cash & Equivs & ST Investments
Receivables (ST)
Inventories
Current Tax Assets
Other Current Assets
Total Current Assets
Gross Property Plant & Equip
Accumulated Depreciation
Net Property Plant & Equip
Receivables (LT)
Long Term Investments
Intangible Assets
Deferred LT Assets
Other Assets
Total Assets
Accounts Payable & Accrued Exps
Accounts Payable
Accrued Expenses
Current Debt
Other Current Liabilities
Total Current Liabilities
LT Debt & Leases
Deferred LT Liabilities
Minority Interests
Other Liabilities
Total Liabilities
Common Share Capital
Retained Earnings
Accum Other Comprehensive Income
Other Equity
Total Equity
Total Liabilities & Equity

1/27/2001
2nd Quarter
USD
Not Qualified
Yes
Thousands
3,994,000
788,000
4,782,000
3,966,000
2,533,000
1,162,000
469,000
12,912,000

2,211,000
516,000
13,169,000
4,696,000
2,377,000
35,881,000
4,054,000
942,000
3,112,000
2,281,000
6,335,000

48,000
0
6,383,000
10,030,000
1,265,000
18,203,000
29,498,000
35,881,000

Cisco Systems
Standardized Quarterly Income Statement
Currency
Auditor Status
Consolidated
Scale

1/27/2001
2nd Quarter
USD
Not Qualified
Yes
Thousands

Sales Revenue
Total Revenue
Direct Costs
Gross Profit
Selling General & Admin
Depreciation & Amortization
Research & Development
Restruct Remediation & Impair
Other Operating Expense
Total Indirect Operating Costs
Operating Income
Interest Expense, net (if positive, Interest Income>Interest Expense)
Gains on Sale of Assets
Other Non-Operating Income
Total Non-Operating Income
Earnings Before Tax
Taxation
Extraordinary Items
Accounting Changes
Net Income
Cash from Op's
Day's sales in receivables
Day's sales in inventory
Day's sales in receivables (YOY% increase)
Day's sales in inventory (YOY % increase)

Trailing 4-quarter Net Income

Trailing 4-quarter Cash Flows
Trailing 4-quarter Accruals
Trailing 4-quarter Accruals, scaled by beginning of period Assets
Advanced Dupont
Tax Rate
Net Interest Expense After-Tax = (Interest Expense, net) x (1- tax rate)
NB: Make sure to sign after-tax financing expense as positive
if interext expense>interest income, i.e., if Interest Expense, net is
negative.

NOPAT (Net Income + after-tax net financing expense)

Net Operating Assets = (Net Debt + Book Value of Common Equity)
Net Debt = (Debt - Cash & ST Investments)
Book Value of Equity [BVE]
Total Revenue
NBC (Net Borrowing Cost) = Net Interest Expense After-Tax / Average Net Debt

6,748,000
6,748,000
2,581,000
4,167,000
1,630,000
256,000
1,249,000
0
3,135,000
1,032,000
275,000
0
0
275,000
1,307,000
433,000
0
0
874,000
1,539,000
56
30
74%
114%

3,095,000
5,438,000
(2,343,000)
(0.11)

0.33
-183,894

690,106
(4,782,000)
29,498,000
3.29%

NOPAT margin
x NOA turnover
=RNOA
+Financial Leverage (Average Net Debt / Average BVE)
x (RNOA - NBC)
=Effect of Financial Leverage

0.10
0%
(0.20)
(0.03)
0.01

=RNOA + Effect of Financial Leverage = ROE

0.01

ROE Check (Net Income / Average BVE)

0.03

Accruals based on year-over-year, % change in NOA

10/28/2000
1st Quarter
USD
Not Qualified
Yes
Thousands

7/29/2000
4th Quarter
USD
Not Qualified
Yes
Thousands

4/29/2000
3rd Quarter
USD
Not Qualified
Yes
Thousands

1/29/2000
2nd Quarter
USD
Not Qualified
Yes
Thousands

10/30/1999
1st Quarter
USD
Not Qualified
Yes
Thousands

7/31/1999
4th Quarter
USD
Not Qualified
Yes

5,538,000
853,000
6,391,000
3,346,000
1,956,000
642,000
724,000
13,059,000

3,542,000
1,111,000
4,653,000
1,922,000
878,000
905,000
722,000
9,080,000

3,719,000
249,000
3,968,000
1,711,000
695,000
711,000
637,000
7,722,000

1,251,000
514,000
1,765,000
1,391,000
655,000
604,000
477,000
4,892,000

1,769,000
550,000
13,194,000
4,427,000

4,234,000
1,291,000
5,525,000
2,299,000
1,232,000
1,091,000
963,000
11,110,000
3,005,000
1,579,000
1,426,000
527,000
1,286,000
4,087,000

1,153,000

1,004,000

898,000

11,589,000

10,926,000

9,963,000

1,153,000
34,152,000
3,849,000
999,000
2,850,000

14,434,000
32,870,000
3,577,000
739,000
2,838,000

4,263,000
26,085,000
4,158,000
596,000
3,562,000

1,739,000
21,391,000
3,183,000
482,000
2,701,000

1,654,000
17,407,000
2,554,000
484,000
2,070,000

1,953,000
5,802,000

1,619,000
5,196,000

941,000
5,099,000

595,000
3,778,000

475,000
3,029,000

664,000
45,000
0
6,511,000
16,103,000
9,156,000
2,382,000
0
27,641,000
34,152,000

1,132,000
45,000
0
6,373,000
14,609,000
8,358,000
3,530,000
0
26,497,000
32,870,000

915,000
45,000
0
6,059,000
10,701,000
7,624,000
1,701,000
0
20,026,000
26,085,000

1,045,000
45,000
0
4,868,000
7,691,000
7,011,000
1,821,000
0
16,523,000
21,391,000

452,000
44,000
0
3,525,000
6,794,000
6,264,000
824,000
0
13,882,000
17,407,000

10/28/2000
1st Quarter
USD
Not Qualified
Yes
Thousands

7/29/2000
4th Quarter
USD
Not Qualified
Yes
Thousands

4/29/2000
3rd Quarter
USD
Not Qualified
Yes
Thousands

1/29/2000
2nd Quarter
USD
Not Qualified
Yes
Thousands

10/30/1999
1st Quarter
USD
Not Qualified
Yes
Thousands

827,000
1,189,000
2,016,000
1,242,000
652,000
537,000
168,000
4,615,000
1,824,000
1,023,000
801,000
0
1,080,000
0
0
8,229,000
14,725,000
2,373,000
361,000
2,012,000
0
630,000
3,003,000
0
0
44,000
0
3,047,000
5,524,000
5,856,000
298,000
0
11,678,000
14,725,000
0
0
0
2/5/1900
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0

6,519,000
6,519,000
2,378,000
4,141,000
1,557,000
231,000
1,451,000

5,745,000
5,745,000
2,075,000
3,670,000
1,420,000
169,000
1,311,000

4,919,000
4,919,000
1,748,000
3,171,000
1,169,000
51,000
1,207,000

4,350,000
4,350,000
1,536,000
2,814,000
1,067,000
47,000
641,000

3,877,000
3,877,000
1,364,000
2,513,000
904,000
24,000
900,000

0
3,239,000
902,000
230,000
190,000
0
420,000
1,322,000
524,000
0
0
798,000

0
2,900,000
770,000

0
2,427,000
744,000
313,000

0
1,755,000
1,059,000
151,000

0
1,828,000
685,000
106,000

0
313,000
1,057,000
395,000
0
0
662,000

0
151,000
1,210,000
385,000
0
0
825,000

0
106,000
791,000
353,000
0
0
438,000

-4,332,000
1,312,000
-1,124,000

761,000

0
3,592,000
3,592,000
1,259,000
2,333,000
855,000
0
573,000
0
0
1,428,000
905,000
0
0
0
-3,219,000
1,002,000
-862,000
0
0
644,000

1,176,000

1,482,000

1,241,000

865,000

850,000

896,169

46
22

37
17

33
14

32
14

31
15

32
16

52%
45%

18%
4%

-16%
-8%

-28%
4%

-33%
18%

-35%
26%

3,046,000
4,764,000
(1,718,000)
(0.10)

2,686,000
4,438,000
(1,752,000)
(0.12)

2,569,000
3,852,169
(1,283,169)
(0.10)

2,553,000
3,428,198
(875,198)
(0.08)

2,016,000
3,024,124
(1,008,124)
(0.10)

2,096,000
2,880,515
(784,515)
(0.09)

0.40
-138,835

(0.86)
0

0.37
-196,032

0.32
-102,955

0.45
-58,695

(0.86)
0

659,165
(6,391,000)
(6,391,000)
27,641,000

761,000
(5,525,000)
(5,525,000)
26,497,000

465,968
(4,653,000)
(4,653,000)
20,026,000

722,045
(3,968,000)
(3,968,000)
16,523,000

379,305
(1,765,000)
(1,765,000)
13,882,000

644,000
(2,016,000)
(2,016,000)
11,678,000

2.33%

0.00%

4.55%

3.59%

3.10%

0.00%

0.10

0.13

0.09

0.17

0.10

0.18

0%

0%

0%

0%

0%

0%

(0.22)
(0.02)
0.01

(0.22)
-

(0.24)
(0.05)
0.01

(0.19)
(0.04)
0.01

(0.15)
(0.03)
0.00

(0.18)
-

0.01

0.01

0.00

0.01

5/1/1999
3rd Quarter
USD
Not Qualified
Yes
Thousands

1/23/1999
2nd Quarter
USD
Not Qualified
Yes
Thousands

10/24/1998
1st Quarter
USD
Not Qualified
Yes
Thousands

7/25/1998
4th Quarter
USD
Not Qualified
Yes
Thousands

4/25/1998
3rd Quarter
USD
Not Qualified
Yes
Thousands

690,000
1,161,000
1,851,000
1,275,000
621,000
490,000
89,000
4,326,000

1,421,000
886,000
2,307,000
1,477,000
472,000
408,000
144,000
4,808,000

961,000
920,000
1,881,000
1,333,000
375,000
315,000
94,000
3,998,000

1,170,585
942,475
2,113,060
1,272,958
308,276
390,855
57,496
4,142,645

701,000

679,000

621,000

534,652
1,156,849
1,691,501
1,297,867
361,986
344,905
65,665
3,761,924
1,264,651
669,302
595,349

6,644,000

5,025,000

4,649,000

553,780

2,745,636

1,037,000
12,708,000
1,890,000
348,000
1,542,000

922,000
11,434,000
1,772,000
345,000
1,427,000

597,000
9,865,000
1,464,000
282,000
1,182,000

4,005,652
8,916,705
1,356,617
248,872
1,107,745

464,195
7,898,137
1,183,868
268,168
915,700

522,000
2,412,000

462,000
2,234,000

405,000
1,869,000

410,363
1,766,980

362,840
1,546,708

44,000
0
2,456,000
4,847,000
5,280,000
125,000
0
10,252,000
12,708,000

44,000
0
2,278,000
4,361,000
4,634,000
161,000
0
9,156,000
11,434,000

43,000
0
1,912,000
3,520,000
4,346,000
87,000
0
7,953,000
9,865,000

43,107
0
1,810,087
3,220,205
3,828,223
78,314
0
7,106,618
8,916,705

42,960
0
1,589,668
2,924,246
3,398,858

5/1/1999
3rd Quarter
USD
Not Qualified
Yes
Thousands

1/23/1999
2nd Quarter
USD
Not Qualified
Yes
Thousands

10/24/1998
1st Quarter
USD
Not Qualified
Yes
Thousands

7/25/1998
4th Quarter
USD
Not Qualified
Yes
Thousands

4/25/1998
3rd Quarter
USD
Not Qualified
Yes
Thousands

545,661

0
6,308,469
7,898,137

3,147,000
3,147,000
1,102,000
2,045,000
752,000

2,827,000
2,827,000
985,000
1,842,000
660,000

2,588,000
2,588,000
894,000
1,694,000
598,000

2,389,989
2,389,989
818,935
1,571,054
532,188

2,183,756
2,183,756
749,727
1,434,029
479,570

418,000

706,000

368,000

342,220

681,723

0
1,170,000
875,000
90,000

0
1,366,000
476,000
80,000

0
966,000
728,000
65,000

0
874,408
696,646

0
90,000
965,000
319,000
0
0
646,000

0
80,000
556,000
268,000
0
0
288,000

0
65,000
793,000
275,000
0
0
518,000

491,677

0
1,161,293
272,736
52,047
0
0
52,047
324,783
260,205
0
0
64,578

460926

706391

484274

400578

817,029
39
16

45
13

1,943,677
2,468,620
(524,943)
(0.07)

1,362,255
2,052,169
(689,914)

0.33
-60,249

0.48
-41,439

585,751
(1,851,000)
(1,851,000)
10,252,000

246,561
(2,307,000)
(2,307,000)
9,156,000

2.90%

1.80%

46
13

0
-2,248,097
-2,248,097
756,426
-687,645

48
13

0.19

0.09

0%

0%

(0.21)
(0.03)
0.01

(0.25)
(0.02)
0.00

0.01

0.00

Lucent Technologies Inc.

Standardized Quarterly Balance Sheet
Currency
Auditor Status
Consolidated
Scale
Cash & Equivalents
Short Term Investments
Cash & Equivs & ST Investments
Receivables (ST)
Inventories
Current Tax Assets
Prepayments (ST)
Other Current Assets
Total Current Assets
Gross Property Plant & Equip
Accumulated Depreciation
Net Property Plant & Equip
Intangible Assets
Prepayments (LT)
Deferred LT Assets
Discontinued Ops (LT Asset)
Other Assets
Total Assets
Accounts Payable & Accrued Exps
Accounts Payable
Accrued Expenses
Current Debt
Other Current Liabilities
Total Current Liabilities
LT Debt & Leases
Pensions & OPEB
Deferred LT Liabilities
Minority Interests
Other Liabilities
Total Liabilities
Common Share Capital
Additional Paid-In Capital
Retained Earnings
Accum Other Comprehensive Income
Other Equity
Total Equity
Total Liabilities & Equity

12/31/2000
1st Quarter
USD
Not Qualified
Yes
Millions
3,814
3,814
7,286
6,879
1,168
3,762
22,909
14,433
7,295
7,138
9,580
6,422

3,992
50,041
3,782
2,628
1,154
5,030
3,661
12,473
3,099
5,214
1,074
2,433
24,293
34
20,490
5,668
-435
-9
25,748
50,041

Lucent Technologies Inc.

Standardized Quarterly Income Statement
Currency

12/31/2000
1st Quarter
USD

Auditor Status
Consolidated
Scale
Sales Revenue
Total Revenue
Direct Costs
Gross Profit
Selling General & Admin
Depreciation & Amortization
Research & Development
Total Indirect Operating Costs
Operating Income
Interest Expense, net (if positive, Interest Income>Interest Expense)
Other Non-Operating Income
Total Non-Operating Income
Earnings Before Tax
Taxation
Income before Extraordinary Items and Disc'd Operations

Not Qualified
Yes
Millions

5,841
4,530
1,311
2,137
1,285
3,422
-2,111
-129
-18
-147
-2,258
-679
-1,579

Discontinued Operations
Extraordinary Items
Accounting Changes
Net Income

1,154
30
-395

Cash from Operations

-1104
-924

Day's sales in receivables

Day's sales in inventory
Day's sales in receivables (YOY% increase)
Day's sales in inventory (YOY % increase)

Trailing 4-quarter Net Income

Trailing 4-quarter Cash Flows
Trailing 4-quarter Accruals
Trailing 4-quarter Accruals, scaled by beginning of period Assets
Advanced Dupont
Tax Rate
Net Interest Expense After-Tax = (Interest Expense, net) x (1- tax rate)
NB: Make sure to sign after-tax financing expense as positive
if interext expense>interest income, i.e., if Interest Expense, net is
negative.

NOPAT (Net Income + after-tax net financing expense)

Net Operating Assets = (Net Debt + Book Value of Common Equity)

130
97
39%
104%

Net Debt = (Debt - Cash & ST Investments)

Book Value of Equity [BVE]
Total Revenue
NBC (Net Borrowing Cost) = Net Interest Expense After-Tax / Average Net Debt

NOPAT margin
x NOA turnover
=RNOA
+Financial Leverage (Average Net Debt / Average BVE)
x (RNOA - NBC)
=Effect of Financial Leverage
=RNOA + Effect of Financial Leverage = ROE
ROE Check (Net Income / Average BVE)
Accruals based on year-over-year, % change in NOA

9/30/2000
4th Quarter
USD
Not Qualified
Yes
Millions

6/30/2000
3rd Quarter
USD
Not Qualified
Yes
Millions

3/31/2000
2nd Quarter
USD
Not Qualified
Yes
Millions

12/31/1999
1st Quarter
USD
Not Qualified
Yes
Millions

9/30/1999
4th Quarter
USD
Not Qualified
Yes
Millions

6/30/1999
3rd Quarter
USD
Not Qualified
Yes
Millions

3/31/1999
2nd Quarter
USD
Not Qualified
Yes
Millions

1,467

710

1,709

2,219

1,816

1,495

792

1,467
9,558
5,677
1,165

710
10,101
4,936
1,511

1,709
10,573
5,321
1,579

2,219
10,143
5,380
1,504

1,816
10,438
5,048
1,583

1,495
9,486
5,179
1,784

792
8,752
4,332
1,632

3,623
21,490
14,225
7,141
7,084
10,633
6,440

3,323
20,581
13,604
6,983
6,621
9,312
5,923

3,232
22,414
14,722
7,671
7,051
555
6,336

2,332
21,578
14,679
7,693
6,986
506
6,078

3,046
21,931
14,292
7,445
6,847
470
6,175

2,866
20,810
13,531
7,274
6,257
412
6,337

2,266
17,774
12,686
6,935
5,751
346
6,210

595
3,308
46,340
3,275
2,196
1,079
1,321
3,591
8,187
3,842
5,346

3,641
39,997
3,997
2,518
1,479
1,890
3,405
9,292
3,833
5,954

3,486
38,634
3,586
2,162
1,424
6,331
9,917
3,832
6,013

3,352
38,775
5,178
2,878
2,300
2,864
3,736
11,778
4,162
6,305

3,340
37,156
4,875
2,705
2,170
3,080
4,001
11,956
3,712
6,533

2,759
32,840
4,318
2,410
1,908
3,185
4,059
11,562
3,716
6,471

2,835
20,210
33
18,801
7,685
-366
-23
26,130
46,340

3,336
22,415
32
9,830
8,050
-304
-26
17,582
39,997

2,793
22,555
32
9,032
7,296
-251
-30
16,079
38,634

2,946
25,191
31
7,731
6,099
-244
280
13,584
38,775

2,552
24,753
30
7,339
5,240
-172
-34
12,403
37,156

2,040
23,789
27
4,996
4,384
-322
-34
9,051
32,840

3,145
48,792
4,023
2,813
1,210
3,483
3,371
10,877
3,076
5,548
1,266
1,853
22,620
34
20,390
6,129
-365
418
26,172
48,792

9/30/2000
6/30/2000
3/31/2000
12/31/1999
9/30/1999
6/30/1999
3/31/1999
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
4th Quarter
3rd Quarter
2nd Quarter
USD
USD
USD
USD
USD
USD
USD

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

8,680
5,436
3,244
2,009

8,713
4,923
3,790
1,494

10,256
5,939
4,317
2,030

9,905
5,259
4,646
1,969

10,575
5,778
4,797
2,423

9,315
4,834
4,481
2,063

8,220
4,327
3,893
1,902

1,170
3,179
65
19
-33
-14
-26
25
-51

1,878
3,372
418
-79
119
40
458
472
-14

1,110
3,140
1,177
-99
31
-68
1,109
355
754

978
2,947
1,699
-98
255
157
1,856
606
1,250

1,145
3,568
1,229
10
294
304
1,481
533
948

1,141
3,204
1,277
-119
19
-100
1,177
427
750

1,157
3,059
834
-95
-65
-160
674
232
442

-433

-484

-287
0
0
-301

0
0
754

0
0
1,250

948

0
0
750

0
0
442

682

-846

344

124

996

195

-366

304

618

1659

949

-276

-1367

-401

102
55

107
53

91
47

94
47

85
44

88
46

20%
26%

21%
15%

-7%
6%

19%
41%

19%
28%

24%
26%

98
44

12/31/1998
1st Quarter
USD
Not Qualified
Yes
Millions

9/30/1998
4th Quarter
USD
Not Qualified
Yes
Millions

6/30/1998
3rd Quarter
USD
Not Qualified
Yes
Millions

3/31/1998
2nd Quarter
USD
Not Qualified
Yes
Millions

940

685

1,099

969

940
9,185
3,778
1,620

685
6,939
3,081
1,623

1,099
5,792
2,973
1,554

969
5,576
2,874
1,477

1,828
17,351
12,531
6,886
5,645
306
6,068

1,750
14,078
11,785
6,382
5,403
298
3,754
750

1,887
13,305
11,210
6,253
4,957
289
3,597
832

1,813
12,709

2,271
31,641
4,511
2,468
2,043
3,763
4,167
12,441
2,404
6,413

2,437
26,720
4,551
2,040
2,511
2,231
3,646
10,428
2,409
6,380

2,299
25,279
4,275
1,727
2,548
2,423
3,498
10,196
1,899
6,286

2,407
24,664
3,902
1,659
2,243
1,898
3,618
9,418
1,918
6,249

1,946
23,204
13
4,728
3,965
-220
-49
8,437
31,641

1,969
21,186
13
4,485
1,364

1,976
20,357
13
4,251
1,028

2,043
19,628
13
4,076
1,314

-49
5,534
26,720

-63
4,922
25,279

-63
5,036
24,664

4,805
279
3,462
1,002

12/31/1998
9/30/1998
6/30/1998
3/31/1998
1st Quarter
4th Quarter
3rd Quarter
2nd Quarter
USD
USD
USD
USD

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

Not Qualified
Yes
Millions

9,204
4,386
4,818
1,774

8,038
4,255
3,783
1,828

7,228
3,949
3,279
1,566

6,157
3,433
2,724
1,487

947
2,721
2,097
-78
102
24
2,121
721
1,400

1,137
2,965
818
-3
110
107
692
304
388

1,615
3,181
98
-79
-7
-86
12
245
-233

1,086
2,573
151
-74
47
-27
124
101
23

0
1,308
2,708

388

0
0
-233

0
0
23

-1101

-95

1161

-85

71
34

71
36

-120
79
34

Beneish Model for predicting accounting manipulation A

Predictor Ratios (Calculations)

Predictor Ratios
(Names)

(Rec's/Sales for
2000)/(Rec's/Sales for 1999)

Days Receivables
Index
Gross Margin
(GM% for 1999)/(GM% for 2000) Index
(1-[(current assets+PPE)/total
assets] for 2000)/(1-[(current
assets+PPE)/total assets] for
Asset Quality
1999)
Index
Sales Growth
Sales
Index
Depr./(depr+PPE) for 1999 /
Depreciation
Depr./(depr+PPE) for 2000
Index
SG&A/Sales for 2000 /
Sell. & Admin.
SG&A/Sales for 1999
Exp. Index
(LT debt + current liabilities)
/total assets for 2000 to (LT debt
+ current liabilities) /total assets
for 1999
Leverage Index
(Current assets - cash - current
liabilites - current maturities of
Total
LTD - Income tax payable - depr Accruals/Total
& amort)/Total Assets
Assets
Constant

mean
Days Receivables Index
Gross Margin Index
Asset Quality Index
Sales Growth Index
Depreciation Index
Sell. & Admin. Exp. Index
Leverage Index
Total Accruals/Total Assets

Model
Coefficie
nts
(weights)

0.920

Accounts Receivable

0.528

Current Assets

0.404

Cash

0.892

Prop. Plant & Eq-Net

0.115

Total Assets

-0.172

Current Liabilities

-0.327

Long-term Debt

4.679
(4.84)

Debt maturing in 1 year

Sales
Cost of Goods Sold
Selling & Admin. Exp.
Income fropm Cont.
Oper.
Cash Flow from Oper.
Depreciation

manipulators
median
1.47
1.19
1.25
1.61
1.08
1.04
1.11
0.03

1.28
1.04
1.00
1.41
0.97
0.96
1.03
0.03

mean

non-manipulators
median

1.03
1.01
1.04
1.13
1.00
1.05
1.04
0.02

1.00
1.00
1.00
1.11
0.97
1.01
1.00
0.01

2000

Lucent,
20001999

1999
Days
Receivables
Index
Gross Margin
Index

Asset Quality
Index
Sales Growth
Index
Depreciation
Index
Sell. & Admin.
Exp. Index

Leverage Index

Total
Accruals/Total
Assets

= A*B

Unweight
ed Probit
Model

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
1.00

#DIV/0!
(4.84)
#DIV/0! =SUM(rows 6-14)

#DIV/0! =normsdist(SUM(rows 6-14))

st(SUM(rows 6-14))

Lucent Technologies Inc.

Standardized Quarterly Balance Sheet
Scale
Cash & Equivalents
Cash & Equivs & ST Investments
Receivables (ST)
Inventories
Current Tax Assets
Prepayments (ST)
Other Current Assets
Total Current Assets

9/30/2000
9/30/1999
4th Quarter
4th Quarter
Millions
Millions
1,467
1,467
9,558
5,677
1,165

1,816
1,816
10,438
5,048
1,583

3,623
21,490

3,046
21,931

Gross Property Plant & Equip

Accumulated Depreciation
Net Property Plant & Equip
Intangible Assets
Prepayments (LT)
Deferred LT Assets
Discontinued Ops (LT Asset)
Other Assets
Total Assets

14,225
7,141
7,084
10,633
6,440

14,292
7,445
6,847
470
6,175

3,145
48,792

3,352
38,775

Accounts Payable & Accrued Exps

Accounts Payable
Accrued Expenses
Current Debt
Other Current Liabilities
Total Current Liabilities

4,023
2,813
1,210
3,483
3,371
10,877

5,178
2,878
2,300
2,864
3,736
11,778

LT Debt & Leases

Pensions & OPEB
Deferred LT Liabilities
Minority Interests
Other Liabilities
Total Liabilities

3,076
5,548
1,266

4,162
6,305

1,853
22,620

2,946
25,191

Common Share Capital

Additional Paid-In Capital
Retained Earnings
Accum Other Comprehensive Income
Other Equity
Total Equity
Total Liabilities & Equity

34
20,390
6,129
-365
418
26,172
48,792

31
7,731
6,099
-244
280
13,584
38,775

Lucent Technologies Inc.

Annual Income Statements

Year Ending
9/30/2000

Year Ending
9/30/1999

Scale
Sales Revenue
Total Revenue
Direct Costs
Gross Profit
Selling General & Admin
Depreciation & Amortization
Research & Development
Total Indirect Operating Costs
Operating Income
Interest Expense, net (if positive, Interest Income>Interest Expense)
Other Non-Operating Income
Total Non-Operating Income
Earnings Before Tax
Taxation
Income before Extraordinary Items and Disc'd Operations

Cash from Operations

Millions

Millions

37,554
21,557
15,997
7,502
767
5,136
12,638
3359
-257
372
115
3397
1458
1,939

37,314
19,325
17,989
8,162
836
4,390
12,552
5,437
-282
350
68
5,453
1913
3,540

304

-276