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Technology Stocks : LSI Corporation

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To: shane forbes who wrote (18855)	6/14/1999 4:03:00 AM
From: shane forbes	Read Replies (1) of 25814

Excellent Article: - fab capacity shortage predicted at year end (cha-ching) - Q4 Y2K related buying? Some now. - customers increasing inventory (cha-ching or where the Dell does not toll?) - fabs dying as they are incapable of 0.18 and above upgrades. techweb.com --- ending song: Repeat 3, some adverbs --- 'The base revenues for LSI were $1.85 billion in 1998. Except for a IPR&D accounting writeoff (bogus), the Symbios assets that LSI bought were not subsequently written down significantly - the $75 mil restructuring charge that LSI took later appears to have had little to do with Symbios' continuing operations per se. At worst the effect of this charge was $37 million (compare to Symbios fair value of $804 million). Realistically it was much lower. Much of the restructuring charge as it pertains to Symbios was probably for duplicated administrative work and redundant design/sales centers. A WAG - about $15 million (at worst) was for the Symbios stuff? Again compare this to the fair value of $804 million for Symbios. Peanuts (at worst). Further, LSI has not indicated that they discontinued anything significant in the Symbios product line. Because they used purchase accounting (versus pooling) LSI can't use pro-forma Q1, Q2, Q3 or full-year 1998 numbers going forward. It is NOT because, as Jock mumbles grandiosely: "It would be a terrible disservice to the company, shareholders, and the public in general.". Give me a freakin' break.' ---

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