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Technology Stocks : Western Digital (WDC)

WDC 163.33

+3.5%

Nov 28 9:30 AM EST

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To: Whys1 who wrote (10290)	4/21/1999 7:09:00 PM
From: Hungry Investor	Read Replies (2) of 11057

Whys1, In line yes, excluding the "one-time" charge. When do these charges get factored into someone's analysis?? Its not like its a non-cash charge - this is cash to be paid as severence, lease buyouts, contract buyouts, etc. Its not like a comp charge where expense is imputed. Take your cash and reduce it by $41 million next quarter for this and then tell me how rosy this looks. Loss is actually $1.07 less effect of in-process R&D which is $0.13 for the quarter (paid for Crag in stock). Margins improved to 6% from 2.6% in the prior quarter on a 10% decrease in revenue. Does anyone really believe that they improved margins and mix that much, or did they dip into the reserves (warranty, etc.) to make the margins up? They don't have enough cash and receivables to pay their AP and accrued expenses. Guess they will have to get more financing soon. Negative sotckholders equity - $50 million. Cash per share is $3.31 - without pyaing the bills that wipe it out. Book value per share is now (0.56). Debt increased not decrased in the quarter. It just keeps getting better. You asked for comments. Scott.

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