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Technology Stocks : Netscape -- Giant Killer or Flash in the Pan?
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To: brian z who wrote (3263)5/26/1998 5:53:00 PM
From: Xpiderman  Read Replies (1) of 4903
 
Cooking the book? It's not funny!

Netscape Communications (NSCP) --UPDATE--: Some funny numbers in
the Netscape earnings report. NSCP changed its reporting period
to the quarter ended April from the quarter ended March. As a
result, there was a gap of one month between its last report for
the December quarter and its current report for the April quarter.
That gap was January, and it looks like NSCP shoved a lot of
bad news into what it hoped would be a black hole. Check out
the following table of monthly averages for the February-April
period versus the actual numbers for January. How is it that
revenues plunged in January, yet the cost of revenues were
normal? One explanation would be that revenues in January were
about normal, but that Netscape did not recognize them until
the February-April period, thus packing losses into January.
It also looks as if some expenses might have been pushed back
into January to improve the Feb-Apr results. We can't be certain
that our suspicions are correct until we've heard the conference
call, but it appears that NSCP is still losing money at a good
clip -- in the Jan-Apr period, they lost $0.58 per share, which is
a better indication of their performance than the breakeven result ,
for Feb-Apr. Our analyst on the invitation-only call will report
back in tonight's Stock Brief.(http://www.briefing.com/)

Netscape January[million] Feb-Apr Avg.[million]

Revenues $8.30 $42.40
Cost of Revenue $6.70 $6.80
Operating Expns.$56.50 $39.00

EPS ($0.58) $0.00
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