Bill Wexler's Trading Cabana Message Board

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Non-Tech : Bill Wexler's Trading Cabana

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To: Bill Wexler who wrote (299)	2/10/2004 4:05:10 PM
From: Carl Worth	Read Replies (2) of 6370

can you elaborate on what you mean by fudged? since they sell the items at some point and have to realize the overall gain or loss on what is the carrying value at that time, any incorrect depreciation would be corrected automatically at that time....also, it's not like the value of the items they are carrying is soaring, which would indicate that they aren't being depreciated enough...in fact, the value of the inventory has been going down i thought their report was decent but not great, same store sales were pretty mediocre and most of the growth in the quarter was due to new stores along with the gain on debt refinancing as you mentioned in your original post at least for today the action of the stock reinforces my opinion that it isn't much of a short as it opened down quite a bit and bounced right back, but so far i'm not taking a long position either let me know on the depreciation, if there is a red flag there i certainly want to be aware of it...the goodwill amortization isn't necessarily a red flag, but it is certainly more aggressive than i would choose

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