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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Uncle Frank who wrote (35986)	7/19/1999 11:16:00 PM
From: RoseCampion	Respond to of 152472

Rose, go and burn a steak instead. You haven't figured it out yet, but you just hit the jackpot! Trust me on this. Whatcha sayin? You think Morgan's going to have some danger of real competition? <vbg> Will I be so flush that my broker send a string of junior analysts out to mow my lawn for me? No, no steak tonight, will wait until tomorrow to celebrate if it's called for. Until then, reading things like this helps: From WSJ 7/20 DJ Qualcomm CFO: Use 86c/Shr As Basis For 4Q Net Views By Tom Locke DENVER (Dow Jones)--Despite shortages in components for its wireless phones, Qualcomm Inc. (QCOM) expects sequential growth in its phones production in the fourth quarter as well as growth in overall earnings, according to executives speaking in a conference call with analysts late Monday. Chief Financial Officer Anthony Thornley said that analysts should use Qualcomm's third-quarter pro forma earnings-per-share number of 86 cents as a "basis for assessing fourth quarter performance." That would mean an upward revision from the First Call fourth-quarter consensus estimate of 69 cents per share. A year ago, Qualcomm reported fiscal fourth quarter earnings per share of 27 cents. The pro forma number is what Qualcomm would have reported for its fiscal third quarter ending June 27 excluding both one-time charges and operating results relating to its terrestrial code division multiple access, or CDMA, wireless infrastructure business, which concentrates on cell site equipment. The San Diego maker of wireless telephone products sold that business to L. M. Ericsson Telephone Co. (ERICY) in a deal that closed in late May. Thornley declined to address one analyst's assumption that estimates for 2000 might be made by annualizing the 86 cents, but he did warn that the company's tax rate will increase next year and other factors may change. Based on the 86 cents, the annualized 2000 earnings-per share number would be $3.44, 23% higher than the First Call consensus of $2.79 per share for 2000. Qualcomm Chief Operating Officer Richard Sulpizio said in the conference call that Qualcomm's third-quarter shipments of CDMA phone units, which totaled about 1.7 million, would have been larger but for shortages of components. He said the shortages were in a number of components "across the board" that affected a variety of Qualcomm wireless phones, including its new thin phone. He said he expects those problems to last another three to six months, but he still expects sequential growth in units produced. "Our plans for the fourth quarter are still to produce more than we did in the third quarter," he said. Thornley attributed the quarter's strength to a number of areas, including sales of CDMA phones, sales of integrated circuits used in CDMA phones, and royalties paid on its CDMA technology. -end-