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To: Boplicity who wrote (210)	5/5/2001 8:36:13 PM
From: Boplicity	Read Replies (2) \| Respond to of 13815

does anyone follow ACI or the coal industry? B

To: Boplicity who wrote (210)	5/5/2001 8:42:27 PM
From: T L Comiskey	Read Replies (1) \| Respond to of 13815

G...I remember a while ago you mentioned GLW as a good long play Ibexx mentioned it today over at the MDD thread here a bit from the G thread Its sitting 'near' its yearly lows Tim....... Investor Analysis from the Yahoo Board.... a different perspective.... Some numbers by: pharma_insider1 (32/M/CT) 04/26/01 07:34 pm EDT Msg: 36995 of 37010 I quickly calculated some numbers comparing this quarter to last: Gross Margin: is about 42% down from 57%. This is the effect of several items. First, the decline in sales/growth. Second, increased energy costs (which GLW as a manufacturer has high energy costs--electricity, etc.). Third, costs like labor are too high for the amount of sales/growth that are being generated. As sales slow, the number of dollars of revenue per employee decreases. GLW management is using layoffs to get the fixed costs ("cost of sales") back in-line with historical norms/to reflect reduced sales environment. Laying-off employees is about the only thing they can do (except to decrease capital spending which they also announced at a 20% reduction). Days Sales Outstanding (DSO): 63 days essentially the same as last quarter. This is good. They are still collecting payments at the same rate. There could have been problems getting some customers to pay. Does not seem to be the case....Also, no vendor financing issues with GLW (unlike NT, LU, CSCO). Days Inventory: 98 days an increase from 78 days in the prior quarter. Like others in the technology sector, the inventory is piling-up. In technology, inventory has a nasty habit of becoming obsolete quickly. Current Ratio: is 2.5 up from 2.4. Plenty of liquidity to pay the bills. Also, of note is the fact that GLW's actual (GAAP) earnings for the quarter were 14 cents. This is the result if you deduct amoritization, goodwill expenses and other one-time charges. It is the result which Yahoo will post to calculate the trailing 12 months earnings/PE. The earnings number will change to 0.51 cents and the Yahoo trailing PE would be 41.2 based on today's closing price. Pro-forma 2001 forward PE based on GLW's updated estimates would be 21-23. 14 cents may not sound like much, but consider the fact that GLW STILL has positive earnings even after removing all the accounting mumbo-jumbo. It is also up from 9 cents in the year-ago quarter. Companies like JDSU CSCO LU and NT all recorded losses this quarter (several had losses in the Billions). I will be interested in the tone of the conference call tommorrow. Perhaps all the bad news has now been announced. The only thing left is the amount of the charge for the layoffs which will probably go into the next quarter's results. The market could then focus on an eventual recovery. Pro-forma earnings of $0.90 to $1.00/share as a bottom (with a recovery diving it much higher) would make the stock a good investment at these prices. Of course, it requires patience which is in short supply these days.....I Jerome