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Non-Tech : Tyco International Limited (TYC)
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To: Marvin Mansky who wrote (1200)1/3/2000 9:00:00 PM
From: Chuzzlewit  Read Replies (1) of 3770
 
Marvin,

Finally, if they were inflating revenues, why has cash flow been consistently at these levels?

Cash flow has nothing to do with revenues. That's why it's a good idea to pay closer attention to cash flow statements than to income statements. Howard Schillit wrote a fairly elementary book that covers this subject: Financial Shenanigans. Definitely worth reading.

The only cause for concern is the sale for a "profit" of undervalued assets. This is possible under pooling because assets acquired continue to be carried on the books at their historic cost basis. I'm not suggesting that this has happened, nor am I suggesting that even if it occurred, such accounting is improper. I'm just pointing out that it's something to watch for if Dennis K. sells some companies (which I believe he said he would do).

TTFN,
CTC
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