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Technology Stocks : SOFTKEY=MERGER MANIA
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To: JOHNNY DOLLAR who wrote (916)3/20/1997 11:46:00 AM
From: Thomas C. Donald   of 966
 
Zacks is now in negative spin mode.

Recently Zacks lowered its rating on TLC. At the same time it changed its reported 1996 earnings per share from $1.74 to -$7.33. The first number is net of non-cash writeoffs in acquisition-related accounts (goodwill, etc.). The second number includes the writeoffs. If Zacks followed reporting conventions, it would have continued to report $1.74. Indeed, buried in its presentation are quarterly 1996 earnings of 0.33, 0.34, 0.47, and 0.60 dollars (adding up to $1.74). Furthermore, Zacks reports $1.92 and $2.09 (i.e., net of writeoffs) as averages of analysts estimates for 1997 and 1998 earnings.

This is an example of the sources of confusion among potential investors in TLC. The confusion may not be accidental. Perhaps, when the needs of those who have a vested interest in such negative spin have been satisfied, the portrayal of TLC will suddenly improve, and investors who base their actions on such innuendos will start pouring money into TLC stock. Perhaps soon.

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