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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Joseph G. who wrote (11269)11/17/1998 4:18:00 PM
From: MythMan  Read Replies (1) of 86076
 
>>BETHESDA, Md. (Reuters) - Lockheed Martin Corp. said on Tuesday it will report a charge of about $350 million to $400 million in the first quarter of 1999 because of a new method of accounting for start-up activities.
<Picture>The aerospace and defense contractor said it will adopt a new accounting standard requiring that costs related to start-up activities be expensed as incurred.
<Picture>"This accounting adjustment relates to money already spent and will therefore not have an effect on the company's operating earnings," said James Feting, a spokesman for Lockheed.<<

Says prior period earnings were overstated and thus a sham. Sucker accounting sets them up for fat increases later. Keeping out of operating earnings allows it to be excluded from AZW1 financial model. what a joke
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