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Technology Stocks : Gemstar Intl (GMST)
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To: Mike Buckley who wrote (6333)3/3/2004 1:33:14 PM
From: 100cfm   of 6516
 
Mike,

You're correct in that I wasn't including goodwill. So there is still plenty to write off and my suspicion is that they are including some X amount in their 04 numbers.

I was trying to estimate 04 net revenues without the C-band satellite business that they sold to Echo Star as part of the settlement. The C-Band buisness is carried under the Cable and Satellite Segment which had total sales of 338M.
Included in that 338M is IPG and cable revenues also. So I broke out just the satellite part by estimating $40/mth per subscriber of which they had 236,000 at end of 03.

They've had tax benefiets for the past 3 yrs, I don't see that changing until they start booking some profits. The tax benefiet for 03 was 56M. I didn't include any of that in my numbers.
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