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Technology Stocks : THQ,Inc. (THQI)

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To: Kory who wrote (9328)	1/15/1999 3:22:00 PM
From: Marc Newman	Read Replies (2) of 14266

Kory, again your post is very reasonable. The only leg I have to stand on with the NOL coming up is the history of last year. Part of THQ's big blowout .84 (non-split-adjusted) number last Q4 was due to a very low tax rate. One of the analysts even said that the NOL was responsible for half of the earnings surprise. So it seems that there is a history of extra NOL being applied to one specific quarter. And since that was THQ's biggest quarter to date, and looked a bit tough to beat, I have a feeling that Farrell used fewer taxes in earlier quarters, to allow him to have a good shot at 20% growth in Q4, 1998. Of course, the blinding success of Revenge and the much better than expected Rugrats PSX sales means he might have an embarrassment of riches here. Huge sales and a good amount of 1998 NOL in reserve. Just a thought. Marc

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