Allen:
ZACKS reported,as of 1/25/97, 2 brokers with the same estimate of $0.05. The standard ZACKS disclaimer must be pointed out, however, that "ESTIMATES & ACTUALS ARE BOTH EPS BEFORE XTRAS & OTHER NRI'S." (NRI=non-recurring items) So, in order to get a more accurate measure of Ampex's earning power from operations you have to add back the $.04 in Mitsubishi expenses and the $0.02 in moving expenses, both one-time expenses. You end up with an $0.11 eps, handily beating the estimate of $0.05.
Also, if you got thrown off by the 1995 comparison of $0.12, keep in mind that that was the unadjusted figure that was off by a cent too.
The 1995 4th quarter EPS included a one-time restructuring credit of $0.03 and a one-time tax benefit of $0.01 so actual earnings were actually $0.11 - $0.04 = $0.07. That is, if you want to compare the true earning power of AXC's operations.
$0.11 adjusted EPS in 1996 4Q versus $0.07 adjusted EPS in 1995 4Q
or, as Art Nunes pointed out:
$0.35 adjusted EPS in 1996 versus $0.18 adjusted EPS in 1995
These are definitely good comparisons that don't even include KM!
Gus
P.S. PMG expects the non-KM business EPS to be $0.54 for 1997, by the way. |
