Ericsson overlook? Message Board

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Technology Stocks : Ericsson overlook?

ERIC 9.395

+1.1%

Nov 21 9:30 AM EST

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To: Tri Vo who started this subject	7/25/2001 1:52:43 PM
From: Terry D	of 5390

Been away - a little Bear Stearns analysis from last Friday - Ericsson( ERICY $4.71 ) - Attractive Reports Results MarketCap: $37.3 Billion Index: NASDAQ 100 Wojtek Uzdelewicz - Telecom Equipment/Wireless Q2 Revenues of SEK 63B ($5.9B) were better than expected by SEK 3B ($300M), increasing by 12% q/q and declining by 4% y/y (5% decline in Q101). Both systems and handset sales were better than expected. EPS was a loss of SEK 0.47, excluding a tax benefit this quarter, and in line with our expectations. Importantly, the balance sheet showed modest improvement. Operating cash flow, excluding divestitures, was slightly positive at 0.9B ($84 million). DSO’s and inventory turns improved as well. Also, ERICY was able to shift some short-term over to long-term debt which gives it more financial flexibility. ERICY is not providing detailed guidance but indicated that the demand for wireless infrastructure continues to worsen, especially in Europe. Also, wireless handset profitability will not be positive by the end of the year. Although ERICY is not providing guidance for 2H of the year, we our loss projections are under review.

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