To: Meathead who wrote (162112 ) 10/14/2000 12:25:15 PM From: Bill F. Read Replies (1) | Respond to meathead-yes i am the same person.yes i can give all the details that one can ascertain without being an insider.i gave a quick overview in my piece i do daily for si on friday.gtw's basic plan is open stores ,capialise them ,finance pcs to people who cant write a check and thereby get a far better asp ,then sell services etc.all of these things leave lots of room for creative accounting whereby profits are dramatically overstated due to accounting mismatches in timing(recall ,todd the cfo, came from boston chicken).if you can read a balance sheet many problems jump out at you immediately,which i discussed when they last reported on the gtw thread.nothing has changed.suffice it to say ,this year while they claimed to have made about 400m$ they have burned about that much cash[(im going off the top of my head as my files are in my office)when earnings dont add cash and actually subtract cash,something is amiss-sortoff the opposite of cash flow]and generally the growth in balance sheet variables do not jibe with growth on the income statement.the harder part is trying to get a handle on how exactly the country stores are doing ,how inadequate their bad debt reserves are,what there services accruals rates are vs what they should be.since they refuse to give details , one must try to back into these numbers.i spent some time on this friday and will spend more this weekend.i plan on having some better numbers by early next week.a complete analysis will be available ,though im not sure what the "format" will be.i will let you know.i welcome a discussion on this subject if you have any questions as long as it is a sincere attempt to get act the facts and not cheerleading or mudslinging,which was what happened to me on this thread when i CORRECTLY pointed out the inconsistencies in what dell was saying last fall.
