Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Les H who wrote (176527)	7/1/2002 12:14:25 PM
From: Les H	Read Replies (3) of 436258

IBM, Microsoft and Cisco cited in 'inflated profits' report At a loss to explain profits... Three of IT's leading lights are overstating their financial health, according to a report from credit rating agency Standards and Poor's (S&P). The report, which comes in the wake of the WorldCom affair, attempts to re-state the profits of a number of leading US firms in attempt to strip them down to 'core earnings'. Using its own measure of profitability, S&P estimates that IBM's earnings for 2001 are down $2.87bn and Microsoft's are down $2.26bn. Meanwhile, Cisco's losses for 2001 stand at $2.52bn compared to the $1.01bn the company stated. S&P says that US Inc has been boosting profits by excluding acquisition charges and including income from pension funds. WorldCom faces collapse after a $3.8bn accounting fraud was exposed last week. WorldCom stands accused of treating running costs as capital expenditure.

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