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Technology Stocks : America On-Line: will it survive ...?
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To: Dennis J Baltz who wrote (11607)10/27/1998 6:30:00 PM
From: Jason Cogan   of 13594
 
Dennis:

<<Was it 26 cents a diluted share or 39 cents a diluted share? I've seen two different reports. 39 cents a diluted share would be a blowout tomorrow.>>

It's another AOL game, which they are quite sophisticated. The reported numbers are both. The .39 takes into account the tax-loss carryforward that AOL has built up because of their accumulated losses. The .26 is the number that will be judged, since that number takes into account normal tax bracket, and is the number that Wall Street will use to extrapolate operating earnings going forward.

Keep in mind that $19 million of the earnings was due to some mythical network services credit, that AOL continues to roll in from their sale of ANS to WorldCom. Wall Street will ignore this bit of financial gamesmanship as usual, but it should be noted for all current AOL shareholders.

Regards,
JC

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