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Technology Stocks : America On-Line: will it survive ...?
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To: Thomas P. Friend who wrote (3242)5/28/1997 11:59:00 AM
From: Todd Daniels   of 13594
 
"Cooking the books" certainly is too strong. But AOL's accounting continues to be agressive. For example, in Q2, which everyone had written off anyway, it seems that at least $0.40/share of expenses charged below the line normally would have been booked in Q3-4, and above the line.

AOL's by no means the only company to manage earnings by use of such as reserves. But it is habitual and aggressive.

Such maneuvers color the quality of earnings and their projectability.

AOL still relies heavily upon the `story' to keep the stock afloat, and lives from quarter to quarter attempting to catch up to it.
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