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Technology Stocks : Micron Only Forum

MU 246.84

+4.2%

Nov 14 9:30 AM EST

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To: Earlie who wrote (44105)	3/22/1999 4:42:00 PM
From: Thomas G. Busillo	Read Replies (4) of 53903

Earlie, well Dan Niles certainly knew when to undertake the Herculean task of revising his model. And by sheer coincidence they happen to be reporting. Gee whiz. The good news is - he does have the proper line for semicon revs. 1Q'99. The bad news? When he finally gets around to updating last quarter's actuals we get: Semiconductor Revenues $410 PC/Other Revenues $384 Total REvenues $794 Semiconductor Gross Profit $36 PC/Other Gross profit $66 Total gross profit $102 Why doesn't this makes sense? It doesn't make sense, because if you back out the COGS they add up to 692. MU's 10-Q states consolidated COGS as 677.7 Guess where else it's stated as 677.7? Would you believe the preceding page of Niles' own report! The preceding page has 1Q as: Revenues $793.6 Cost of Goods $677.7 Gross Margin $115.9 That's beautiful. The gross on one page is $102 and the gross on another is $115.9. He knows the stock is going to $200, he's saying they'll make .10, he can make all these great assumptions about cost per unit, gross margins, etc.... ...but it seems he can't get the historical gross profit for the preceeding quarter to be consistent across consecutive worksheets in his own report. That's just beyond insane <g> Good trading, Tom

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