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Technology Stocks : Alcatel (ALA) and France -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (3244)	4/29/2001 3:59:52 PM
From: zbyslaw owczarczyk	Read Replies (2) \| Respond to of 3891

Days of sales in inventory have reached 145, compared with 99 at the end of December. elmo, it is sometimes good to examine last threee year of ALA before twisting real story about competitor. Each of the last tree years (see slide presentation :http://www.alcatel.com/finance/2001/qr1/pdf/a_q12001.pdf ) the days you are talking about have been always hight in Q1 and thn were droping significantly during Q2-Q4. The same with days of billed outstanding. The point is that each of the last three year quarter by quarter (Y/Y) comparision shows good deliline. Every analysts and investor who can "read" knows that ALA Q1 has always week eps and rapid acceleration during year. Fact that margins were steady duing Q1 compare to Q4 2000 shows no price deterioration Listen to CC and you will learn that analyst did not share your concerns and as far as vendor financing with 360Networks bonds (having binds it is not consider vendor financing, since 360 Network is making regular payment. if you did not learn it yet) The reason for 700 million reservs is that in theory 360Network can force ALA to convert bonds into shares in 2003, however ALA has an option intil 2010!!! 360Netwoprk has been signing big customers lately including DT, FT ond others! and has more them positive cash flow. The issue is to let them finish network(another 3-5 months) so they can get services flowing to customers. ALA will se margins inprovment during year due to new products. I know you hate ALA b/c is taking shares from your employer Siemens. Did you notice that DT and others in Europe are shifting @ and 3G capex to wirelines like DSL analysts comments during CC. It must hurt you jog at Siemens ......... ZO