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Technology Stocks : Newbridge Networks

NN 13.85

+6.9%

Nov 25 3:59 PM EST

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To: Doug who wrote (5651)	7/22/1998 11:48:00 AM
From: Peter Moss	Read Replies (2) of 18016

Doug, Don't worry about the numbers. This is not bookeeping, but accounting. Revenues can be recognized early, expenses postponed, even depreciation/amortization methods can be changed. They HAVE the reason to do so NOW, because of change in mgmt. Quarterly reports are not audited (like this makes any difference). Ask yourself: what numbers they want ? They can come up with 0.1, 0.2 or even 0.3+ if they want to. This is exactly the question accountants at NN will ask mgmt. The mgmt objectives are the most important factor in this quarter. And they are on bonus plan AND this is their first show, so go figure. The revenues will be in the 300M range, maybe 350 if they try hard enough :-)). The cuts can be reflected in this quarter, or postponed to the next when they will have a better "handle on things". The 34M cuts translate to about 0.2 extra EPS per year.

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