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Technology Stocks : Vitesse Semiconductor
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To: Dan Spillane who wrote (707)7/10/1997 10:12:00 AM
From: Tim Michaels   of 4710
 
Dan

You are missing something, if you are looking at nominal earnings projections and calculating growth rates. You need to take into consideration that the company is still operating with tax-loss carryforwards. Their 1997 tax rate is 10% and 1998 tax rate is 20%. It is not until 1999 that the company becomes fully taxable. Your fully-taxed growth rate will be more appropriate.

Tim
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