Jabil Circuit (JBL) Message Board

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Technology Stocks : Jabil Circuit (JBL)

JBL 220.26

-0.3%

Nov 3 3:59 PM EST

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To: pcyhuang who wrote (6305)	6/22/2007 5:46:42 PM
From: rich evans	of 6317

JBLs report showed some improvement in gross margins to 7.2%. But operating margins were only 1.1%. You have to count stock option expense, amortization and R@D as an expense. I don't understand this proforma accounting use to show different results then gaap. If restructuring is ignored then operating results are 1.9%. Subtract interest and apply a 20% tax rate which is normaland historical and you get 32 mill in profits or about 16cents a share. Next quarter should be the same. So why does stock go up. JBL stock price is about 35 times earning of annualized 64 cents based on this quarter and next quarter. Look at Flex and other ESMs . Using same type of simple but correct gaap accounting, they are selling for about 23 times earning. I think JBL is a short not a long. But I don't short stocks when info is out there and everyone buys regardless. rich

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