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Technology Stocks : Intel Corporation (INTC)
INTC 36.20+0.1%3:59 PM EST
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To: GVTucker who wrote (146394)10/31/2001 11:07:02 AM
From: Dan3  Read Replies (1) of 186894
 
Re: Funny, Dan, in our discussions yesterday you were maintaining that Intel WAS manipulating their balance sheet, specifically the PP&E

No, what I was pointing out was that the level of earnings they've been reporting for the past two years doesn't make sense in the context of the damage done to their balance sheet in the same period.

The earnings statement showed GAAP net earnings after taxes of $16.6 Billion for the period, and press release (Pro Forma) earnings of $20.7 Billion while the balance sheet made it clear that they were actually down about $2 Billion for the period.

That's a $22.7 Billion dollar discrepancy between how their press releases and conference calls describe what's going on at the company, and what is left of Intel at the end of the day. Note that $1.2 Billion of that is explained by the total in dividends they paid during the period, but that the number of shares outstanding actually rose by 98 million in the period (in other words, Intel sold more shares than they bought - leaving a little more "missing" income to explain).

And this was the period of th Y2K spending binge - they may never have it this good again. Even with the Y2K spending bubble, they couldn't make any money.
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