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To: sun-tzu who wrote (145102)	1/22/2002 8:31:52 AM
From: sun-tzu	Respond to of 436258

Amazon.com Does It Without Smoke, Mirrors By TSC Staff 01/22/2002 07:24 AM EST Amazon.com (AMZN:NYSE - news - commentary - research - analysis) said it was profitable in the fourth quarter even without the controversial pro forma assumptions that have become an issue of debate on Wall Street. The online retailer, which had promised pro forma operating profitability in its December quarter, actually earned $5 million, or 1 cent a share, using generally accepted accounting principles. Revenues benefited from a strong holiday buying season, rising 15% to $1.12 billion from $972 million a year ago. Amazon's earning statement included three separate profitability figures: the GAAP earnings, a "pro forma operating profit" of $59 million and "pro forma net profit" of $35 million, or 9 cents a share. The pro forma numbers exclude "non-operational, non-cash charges and benefits as well as one-time charges." Pro forma net profit includes interest expense. For the current first quarter the company expects revenues of between $775 million and $825 million and a pro forma loss from operations of between breakeven and $16 million. For 2002, the company expects revenues that are 10% or more above 2001's $3.12 billion and pro forma income from operations of $30 million or more. It also expects to be cash flow positive for the full year. Analysts polled by First Call were expecting revenues of $747.4 million in the first quarter and $3.36 billion for 2002. In premarket trading on Instinet, Amazon.com's shares were recently up $1.84, or 18%, to $12.