To: Wallace Rivers who wrote (19112 ) 2/13/2001 4:56:06 PM From: Art Bechhoefer Respond to The lower earnings figure is operating earnings, excluding one-time gains. However, the figure is not exact because, had there been no one-time gain from the sale of stock in a foundry, there would also be less total tax. So the figure of $1.31 is actually understated if you adjust for tax differences. That said, one may make several assumptions about further one-time gains (or losses) from shares held by SNDK. If they had to mark their remaining Taiwan foundry shares to market at the present time, they would take a one-time loss. If demand remains relatively strong for wafers made in Taiwan, then chances are very good that the stock will go up and possibly generate more "one-time" gains.
