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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST

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To: Math Junkie who wrote (2031)3/8/1999 12:26:00 PM
From: brushwud  Read Replies (2) of 3813
 
Novellus itself shows operating income of minus $210 million for that quarter on its financial highlights web page.

Sometimes analysts neglect one-time charges to try to see through to the underlying operating profit. You can leave out the in-process R & D writeoff due to the Varian purchase, but that quarter had a customer default on a $17 million receivable and an $84 million payment to a competitor for patent infringement. That's over $100 million pre-tax that you have to charge to operating profit and cash flow.
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