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Technology Stocks : International FiberCom, Inc. (NASDAQ- IFCI)
IFCI 0.06000.0%Jun 7 5:00 PM EST
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To: chalu2 who wrote (2095)4/5/1999 10:59:00 AM
From: BobS  Read Replies (1) of 3541
 
chalu2,

First of all, thank you for pointing out the FASB rules that increased the Net Income figure to a point where $.43 was justifiably calculated. I figured I was missing something, but couldn't find it. The way the company presented the information in the Income Statement is confusing.....and most people aren't going to read an entire 10K when doing due diligence. They'll look at the B/S & I/S - and in so doing will arrive at the same error I did.

Second, I'd like to return the favor by pointing out some information that may not be completely understood. IFCI includes in their 3Q '98 earning the effect of their recent acquisitions. Not only does the 3Q earning reflect the effect of the acquisitions revenue & income in the months of 3Q, but if you look at the 9 month numbers released in the 3Q PR you will notice the company includes 1Q & 2Q revenue & income generated by the acquisitions (i.e. a restatement of earnings). This is where the $.12 4Q EPS comes from. Yahoo and other online information sources are not taking into account the restatement of 9 month earnings. This is also the crux of my issue why the company should have released 4Q numbers....in reality it is confusing to determine exactly what happened in the 4th quarter.

And it is impossible to determine the exact (restated) I/S's for 1Q & 2Q; all we have been given is the (3Q) 9-month number.
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