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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: engineer who wrote (99573)	5/20/2001 3:30:37 PM
From: pcstel	Read Replies (3) \| Respond to of 152472

Engineer: "Perhaps you should check this page out before you start your ramblings on no basis." Pro forma Revenue? Ehhh??? And BTW. I was just asking a question!! Of course.. We wouldn't want to ask those tough questions!! Would we?? Maybe you chose to calculate P/E ratios based on Pro Forma numbers!! Currently 751 (Actual) vs 61 (Pro Forma.) And just look at earnings EBT in QWS during FY 2000. When Qualcomm was recognizing revenue for Globalstar Vender Financing!! (500 Million) QWS EBT FY2000 Q1 66,147 Q2 83,034 Q3 65,129 Q4 57,892 And then comes Item (1) (1) The Company decided to not recognize revenues on business with Globalstar before cash is received starting in the first quarter of fiscal 2001. QWS EBT FY2001 Q1 $7,870 Q2 17,896 Yikes!!! What the heck happened to Margins in QWS?? The Globalstar (print an invoice, count it as revenue and profits) is GONE!! How many Globalstar UT's did QCOM ship total.. Like 100,000 units.. And Globalstar has some 44,000 subs today across 3 phone manufactures.. (Well, only 2 now) Now if you go back to FY2000 and back out the approx. 450 million dollars booked due to that "Vendor Financing Deal". (Why would you give a company that already defaulted on a 14 million dollar repayment in Jan. 2000, another 400 million.. (unlimited really) VF deal?) I bet those profits in QWS would come way down!! Like now being seen in QWS FY 2001.. Now if you deduct that amount of EPS that were generated by QWS out of the whole earnings picture.. You would have probably missed your Earnings Estimates a Quarter or Two in 2000.. JMO!!! So even using Pro Forma numbers.. What kind of P/E would you think SpinCo would garner? Current pro forma p/e Semi-companies: TXN- 32 INTC-18 Also on a interesting note: With the large increase Y/Y of Asic Shipments Worldwide... Why are Pro Forma Revenues almost Flat in QCT? F/Y 1999 $1,133,422 F/Y 2000 $1,238,702 Q1/Q2 F/Y 2001 $693,795 PCSTEL