When I read an IBM quarterly report, I've taken to looking at one thing above all else...
How much shareholder's equity did they steal this time? And the answer is....
$1.522 billion since the beginning of the year.
INTERNATIONAL BUSINESS MACHINES CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited)
At At
(Dollars in millions) September 30, December 31, Percent
2002 2001 Change
------------- ----------- -------
ASSETS
Cash, cash equivalents,
and marketable securities $5,222 $6,393 -18.3%
Receivables - net, inventories,
prepaid expenses 32,094 36,068 -11.0%
Plant, rental machines,
and other property - net 14,451 16,504 -12.4%
Investments and other assets 30,218 29,348 3.0%
Assets of discontinued operations 1,971 --
-------- --------
TOTAL ASSETS $83,956 $88,313 -4.9%
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $7,971 $11,188 -28.8%
Long-term debt 17,773 15,963 11.3%
-------- --------
Total debt 25,744 27,151 -5.2%
Accounts payable, taxes,
and accruals 22,268 23,931 -6.9%
Other liabilities 13,667 13,617 0.4%
Liabilities of discontinued
Operations 185 --
-------- --------
TOTAL LIABILITIES 61,864 64,699 -4.4%
STOCKHOLDERS' EQUITY 22,092 23,614 -6.4%
-------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $83,956 $88,313 -4.9%
======== ========
Oh yeah, the other thing I look at is revenues, down 2% in constant currency. This pig has
SOOOOOOO much further to fall, it should be sporting a 10-15 PE at most, since it's not
growing (and is in fact contracting steadily). |
