IBM's tax rate was 30.3 percent in the second quarter compared with
33.7 percent in the second quarter of 1997.
Share repurchases totaled $1.7 billion in the second quarter. The
average number of shares outstanding in the quarter was 939.6 million
compared with 986.9 million in the year-ago period. There were 933.1
million common shares outstanding at June 30, 1998.
Core debt (debt excluding global financing) increased $500 million
from year-end 1997 to $3.6 billion. Global financing debt totaled
$24.3 billion, up $400 million from the end of 1997.
.
.
Three Months Six Months
Ended June 30, Ended June 30,
Percent Percent
1998 1997 Change 1998 1997 Change
------- ------- ------- ------- ------- -------
.
.
AVERAGE NUMBER OF
COMMON SHARES OUT-
STANDING (M's)
BASIC 939.6 986.9 944.9 995.1
DILUTED 964.3 1,010.4 969.5 1,019.2
.
.
At At
June 30 December 31 Percent
1998 1997 Change
--------- ----------- -------
.
.
Short-term debt $13,271 $13,230 0.3%
Long-term debt 14,590 13,696 6.5%
-------- --------
Total debt 27,861 26,926 3.5%
.
.
STOCKHOLDERS' EQUITY 18,577 19,816 -6.3%
.
================================================================
If that doesn't speak for itself, here is my math:
At At
June 30 December 31 Percent
1998 1997 Change
--------- ----------- -------
Book values per diluted share 18.39 19.44 -20.5%
Share price ($) 85 119 +40.0%
I rest my case!
===============================================================
-MMV |
