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Technology Stocks : Dell Technologies Inc.

DELL 122.55

+4.4%

Nov 21 9:30 AM EST

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To: stubba who wrote (170992)	9/25/2002 9:44:53 PM
From: mepci	Read Replies (1) of 176387

Stubba: You are right. Actually all the obligation will end by end of FY2003, because the obligations that would have ended in 1Q,2004 are settled. But FY2003 will get hit pretty hard. Also they are saying that they stopped the derivative game now. Hopefully SE will start climbing back up again. My guess was that might try playing the option game with the new 250M share repurchase program (with equivalent amount of share options issued to management). So you might see another red year for SE in fy2003. If they still play the derivative game, the losses may creep into FY2004. Also these losses could be reported in FY 2004, when the option exercises bring in less money than Dell paid during the settlement or exercise of put options. Following is extracted from Dell 2Q-FY03 statement: Subsequent to August 2, 2002, the Company settled the $18.5 million scheduled to expire in the first quarter of fiscal 2004. The remaining equity instruments expire prior to the end of fiscal 2003 and are exercisable by the holder only at the date of expiration.

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