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To: Perspective who wrote (9632)	8/10/2000 3:12:40 AM
From: DukeCrow	Respond to of 436258

I totally agree with you that all this proforma earnings stuff is a bunch of cooked bs. I was just saying that one shouldn't discount the $0.16 EPS because of the investment gains because the investment gains weren't included in that proforma number. Earning can so easily manipulated that they have become a joke. Companies and analysts are just trying to deflect attention away from more meaningful metrics, such as free cashflow per share. Also, that interest and other income did not come from securities offerings. It must just be the interest from all that cash Cisco has in the bank. Acquisition-related costs are non-cash charges which have no real effect on the health of a company. That's why cash flow is so much more important than "earnings." Now if you're just addressing fees to i-banks and the like than I agree that so should definitely be expensed and not written off. I totally agree with you on the payroll tax. Not including that as an expense is ridiculous. Ali