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Technology Stocks : Seagate Technology - Fundamentals
STX 257.99-1.7%Nov 14 9:30 AM EST
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To: Stitch who wrote (805)4/13/1999 10:29:00 PM
From: William Epstein  Read Replies (1) of 1989
 
Stitch;

I know you were concerned by the restructuring charge of 60 million. A very big part of that charge is a change in the way SEG does it's accounting. They have decided to delay recognition of revenue until the goods are actually sold by their distributors. The sales are still there but not recognized until the goods are shipped from the distribution warehouses. This reflects completed sales. So, if orders are cancelled they are not charged against next quarter's profits. It is a more realistic inventory accounting system. The catch is they/we have to bite the bullet for one quarter. It should be made up through the rest of the year. They probably have an agreement too, with their distributors that they retain title to the goods until shipped from the distributors' warehouses.
PHOTOMAN
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