ratan, it is much more subtle. cnbc was talking about a profit
before the charges. they were wrong.
go to the income statement.
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 30,
---------------------- ---------------------
1997 1996 1997 1996
---------- ---------- ---------------------
Net sales $1,504,851 $1,202,933 $4,316,845 $3,482,398
Cost of goods sold 1,309,601 979,555 3,595,444 2,840,518
---------- ---------- ---------- ---------
Gross profit 195,250 223,378 721,401 641,880
Selling, general and
administrative expenses 219,258 135,621 570,680 412,820
Nonrecurring expenses 113,842 0 113,842 0
---------- ---------- ---------- ---------
Operating income
(loss) (137,850) 87,757 36,879 229,060
notice that the operating loss is $138 mil. notice the charges were
$114 mil. the difference is a loss from ongoing operations of $24
million or about $0.16 per shares. cnbc reported this loss as a small
profit.
gtw did everything they could to hide this operating loss b/c they are
scared about their horrible results and how the market would take them.
in addition, they said about 1 month ago that they would earn a
profit. i expect a lawsuit for fraud to be filed for this garbage.
class action. gtw is toast.
gtw makes mu management look good. |
