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To: Killswitch who wrote (111118)	10/24/2000 10:08:59 PM
From: Glenn D. Rudolph	Read Replies (3) \| Respond to of 164684

I think you are blowing this whole $4m thing way out of proportion. They probably said that in the call to emphasize as you said that they have plenty of cash, but all you have to do is look at the top of the press release where they clearly spell out that they lost at least $68m for the quarter. They aren't disputing that. Losses and cash burn are not the same. You and I could debate this indefinitly in that I could argue the toys would not have all been sold, particularly in the summer, if it were not for the deal. They do spell ou tthey lost $68 million but that excludes a ton of thing. Let's forget amortization of Goodwill. But stock option compensation and almost everything else was excluded too. Stock option compensation is a "real" expense. Anyhow, the reports from them are all suspect to me. Every time I comb through their income statements I find a lot of inconsistancies with the conference call. I will split the difference. Why did Jenson not say we burned $68 million in cash? It becomes symantics. The burn certainly was not close to $4 million. Glenn