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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (20738)	7/21/1997 4:58:00 PM
From: Cynic 2005	of 132070

Mike, these caught my attention in IBM earnings release: IBM's tax rate was 33.7 percent in the second quarter compared with 38.1 percent in the year-earlier period. IBM spent approximately $1.6 billion on share repurchases in the second quarter. The average number of common shares outstanding in the quarter was 986.9 million compared with 1,067.8 million during the same period of last year (a 2-for-1 common stock split became effective May 9, 1997). As of the end of the quarter, there were 982.3 million shares outstanding. The company's "core" debt (excluding customer financing) increased $843 million from year-end 1996 to $3.0 billion. Debt supporting IBM's worldwide credit operations increased $2.1 billion to $22.7 billion from $20.6 billion at year-end 1996 Also, the ROW is -7%, again! It looks like about 1.6 bil were down the drain to earn 1.4 bil - after tax. The tax rate is down to 34% from 38%! I don' have the accounting background but, nothing looks good to me! As usual the stock may go up and I will lose on my puts! -g- -Mohan

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