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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Nick Tingle who started this subject3/29/2003 12:00:07 PM
From: hueyone  Read Replies (2) of 6974
 
Siebel remains the Gorilla of Stock Options for companies that I follow.

I decided to see what Siebel's earnings are for its entire publicly traded existence, 1995-2002, when all the expenses, including stock option expense estimated at date of grant and amortized over vesting period, are taken into account. Not even Siebel's GAAP earnings, let alone Siebel's earnings that take into account stock option expense are impressive relative to Siebel's current market value. Total GAAP earnings, fiscal 1995 through fiscal 2002 are 452 million. Total after tax stock option compensation expense (Black Sholes), unreported on the income statement, is 2.275 billion dollars. Total aggregate earnings 1995-2002, including stock option expense is negative 1.823 billion dollars.

See table below. All figures are in millions unless stated otherwise. I used figures from 10ks ahead of each year in question so I could pick up any restatement of earnings. 

                                 After Tax   
                                 Income 
Fisc Yr  GAAP Inc.   Op Exp      w/Op Exp      Source
1995        .317         .02         .297      1997 10k

1996      12.9          3.3         9.6        1998 10k

1997     (1.2)         12.7       (13.9)       1998 10K

1998     41.5          41.2          .3        2000 10K

1999     56.5          78.2       (21.7)       2000 10K

2000    123.0         286.0      (163.0)       2002 10K

2001    254.6         807.7      (553.0)       2002 10K

2002    (35.7)      1,046.2    (1,081.9)       2002 10K

Totals, 1995-2002:      
                                 After Tax   
                                 Income 
         GAAP Inc.   Op Exp      w/Op Exp      
         452 Mill    2.275 Bill (1.823 Bill)
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