Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 166.81

-4.1%

Nov 17 3:59 PM EST

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To: Deep Margin who wrote (11304)	6/9/1998 2:50:00 PM
From: Gregg Powers	Read Replies (1) of 152472

Deep Margin: Before the aneurysm bursts, there was no attempt at obfuscation. During the conference call, management (specifically Tony Thornley) spelled out all the non-recurring events and explained to the Street that the "pure" number was $0.25/shr. Prior to March, the company accounted for royalties on a cash basis. That is, the company did NOT accrue royalties as they were earned (consistent with generally accepted accounting principles (GAAP)) but chose the more conservative approach of recognition only when funds were remitted. The company supported this ultra-conservative positive by stating that royalties had not been sufficiently predictable in the past to allow for accrual. With the broadened commercial base, and expanded number of royalty payers, accrual accounting was required under GAAP. However, the $18mm was specifically disclosed. As were the charges to restructure the Sony relationship with QPE and so on. Best Regards, Gregg

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