The code declares two objects, 'c' of type circle and 'cy' of type cylinder. A new instance of the circle class is created using the constructor that takes an integer parameter 5, and assigned to the variable 'c'. Then, the variable 'cy' of type cylinder is assigned to 'c', which could cause a 'type mismatch' error unless the circle class is a superclass of the cylinder class. The output is not stated since there is no code executed or printed to the console.