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Technology Stocks : America On-Line: will it survive ...?
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To: Robert Hecht who wrote (1507)2/6/1997 7:44:00 PM
From: Harry Larson   of 13594
 
Forget earnings numbers. Just look at this:

FY 97
Q2 Q1
GROSS MARGINS 40% 46% (Decline says not achieving
economies of scale. And this
with more presumably higher
margin "Other Revenue")

OPERATING MARGINS (13%) (9%) (Where is impact of higher
margin "Other Revenue"?)

WORKING CAPITAL ($193) ($53)

SHAREHOLDER
EQUITY/SHARE $0.41 $1.92

CASH/SHARE $1.38 $1.09

-------------------------------------------------------------------------
FY 97 Q1 Q2 CASH FLOWS

Q1 EXCLUDES Charge For Accrued Sub Acquisition Costs

~ estimate pending full report
Q2 Q1
12/30/96 09/30/96
GROSS CASH FLOW
Operating Income (bef xtrd items) (53) (29)
Depreciation & Amortization (`normal') 15~ 13
= Gross Cash Flow (EBITDA) (38) 6

--------------------------------------------------------
* not included in above
Deferred Sub Acquisition Charge (385)
Settlement Charge (24)
Restructuring Charge (74)
---------------------------------------------------------

FREE CASH FLOW
EBITDA +
Deferred Sub Acquisition Costs -- (59)(*last of amortized Q1)
Change in Working Capital (140) (33)
Capital Expenses (18)~ (12)
Deferred Taxes 21 19
= Free Cash Flow ($175) ($79)

Shares Outstanding 94 93

* EBITDA/Share ($0.40) $0.06
* Free Cash Flow/Share ($1.86) ($0.85)
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