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Technology Stocks : Gemstar Intl (GMST)
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To: NY Stew who wrote (5225)8/14/2001 9:25:37 AM
From: Mike Buckley  Read Replies (2) of 6516
 
Now that I've heard the conference call which was made more enjoyable thanks to 100's notes, I agree with Stew's reaction to the quarter. It wasn't a quarter to celebrate, but considering the business environment it also wasn't one to be disappointed in.

I do wish EBITDA in the Technology & Licensing and Interactive Platform sectors had increased sequentially as a percentage of total EBITDA, but it remained virtually flat at 42%. Sequential revenue in those two sectors actually fell 5%.

I look forward to seeing the cash flow statements. The nice thing about Gemstar is that they're available two days after the company reports.

Did anyone hear what the ad revenues were? I didn't but it was very late when I listened. I'm not referring to the revenues for the Interactive Platform Sector. I'm referring to the IPG ad revenues that were $2.7 million in Q1.

I was surprised to learn that the FASB rule that eliminates the need to amortize the good will apparently goes into effect next year. I was wondering why Gemstar didn't take advantage of that earlier.

I also wonder how the investment community will react to that. $6.4 billion in unamortized good will is one heck of a lot of moola. It will help the earnings that show up on paper, but the money the company prints (free cash flow) won't be affected.

--Mike Buckley
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