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Technology Stocks : Network Associates (NET)

NET 200.10

+1.6%

Nov 28 12:59 PM EST

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To: Charlie Smith who wrote (4171)	2/4/1999 6:19:00 PM
From: Chuzzlewit	Read Replies (1) of 6021

Charlie, I absolutely agree with you, but there are important differences between NETA on the one hand, and OXHP and CD on the other. I don't think anybody is accusing NETA of "fudging" the numbers. The SEC wants to retroactively change the accounting for pooling of interest mergers (a position with which I agree). My problem is with the rules by which those numbers were generated. The result is that I am having trouble figuring out just where NETA is. OXHP had a different problem. It was installing a new computer system, and ignored a bunch of payables that were clearly there. The tipoff for me came when, during the summer 1977 quarter it reported a hefty gain in "earnings" but was in negative cash flow. That has to be a tipoff that something is wrong! CD out and out manipulated numbers. It used bogus revenue and misapplied accounting standards so that it ended up capitalizing marketing and advertising expenses. It took financial detective work to ferret that one out. TTFN, CTC

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