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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (51354)3/11/1999 12:09:00 PM
From: Chuzzlewit  Read Replies (2) of 132070
 
Michael, perhaps you would like to display your analytical acumen by using some actual numbers instead of hand waving and broad characterizations. For example, if these mysterious incentives were material they would have shown up as an increase in SG&A as a percentage of sales. But in fact SG&A declined as a percent of revenues.

You said They do not impact revenues or margins until pay day. Then they go into SG&A that quarter, not in the one where you scammed the receivables. Yes, and the allegation you originally made was that the "scamming" was in the third quarter (some several thousand posts back).

You can't have this both ways. If monetary incentives were given they were extended either on a volume basis or a rapid payment basis. That means that they would have been found either in COGS or SG&A in the fourth quarter. But they do not.

The problem that I have with you is not that you are bearish. Some of my best friends are bears. The problem is that you repeatedly play fast and loose with facts. Accounts receivable turnover numbers and inventory turnover numbers are simply inconsistent with your statements. If you disagree post the numbers and the analysis.

Dell's accounting is pretty transparent. There are no channels in which to hide inventory, and there are no factors to make accounts receivable look better than they are.

If you want to throw stones at this company look at employee stock options.

TTFN,
CTC
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