Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: Art Bechhoefer who wrote (126120)	12/21/2002 9:59:32 AM
From: hueyone	Read Replies (2) of 152472

>>600 million dollars of shareholders’ equity<< Hmmm, they've got nearly $4 billion in cash, yet you're saying they have only $600 million in equity? Art, I said that eleven years into its existence that the Qualcomm business had generated about 600 million dollars of shareholders equity net of additional paid in capital, and I was even being generous was that statement. Try this: look at the "Stockholders Equity" section in the balance sheet and pay special attention to “Paid in Capital” and “Total Stockholders Equity”, and then notice what a huge percentage of “Total Stockholders Equity” is comprised of “Paid in Capital”. Here is a recent balance sheet: edgarscan.pwcglobal.com Look at the change in book value per share since the company first went public. Since most of the gain in book value explained simply by additional “Paid in Capital” rather than gains from business operations, this gain in book value is unimpressive. they've got nearly $4 billion in cash. Look at the balance sheet again; QCOM has 1.4 billion dollars in “Cash and Cash Equivalents”, not 4 billion dollars in cash. Huey

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