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To: Mike Buckley who wrote (50228)	2/6/2002 9:02:12 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 54805

Siebel Systems adds vertical app #21 to its offerings. The medical app is tailor made to address the needs of companies selling products to doctors and hospitals. quote.fool.com{DAB8B3C9-AAB4-46BF-94FD-AF96BBF9E869}&currticker=sebl&symbols=beas,csco,ctxs,emc,gmst,ifsi.a,itwo,niku,qcom,rmbs,sebl,sndk&nx=&bx= --Mike Buckley

To: Mike Buckley who wrote (50228)	2/7/2002 3:50:21 AM
From: Bruce Brown	Respond to of 54805

Ha! Now we have a "game" in accounting going on between the CEO's. Maybe that should be in the next revised edition... BB

To: Mike Buckley who wrote (50228)	2/12/2002 9:50:10 PM
From: hueyone	Read Replies (1) \| Respond to of 54805

<Tom Siebel on the accounting practices of his competitors> Hmmm, I am not sure Tom Siebel is the man I would prefer to be getting advice from regarding accounting practices. Although no one is claiming Siebel did anything illegal, more than one person has looked at Siebel's massive use of stock options and conclcluded that Siebel's "reported earnings" deserve a spot near the top of the list for the "duped earnings" category during the bubble. Duped Earnings Take a look at Siebel Systems (SEBL: news, chart, profile), which grew earnings an average of 107 percent in the past five years, including 2001. Factoring out that year, Siebel saw earnings jump 128 percent annually from 1996 to 2000. Yet a look at Siebel's 10K shows that the company reported net income of $123 million in 2000, but accounting for stock options it lost $122.5 million. It reported $56.5 million in net income in 1999, but lost $21.7 million if the company had elected to account for its employee stock-based compensation plans. marketwatch.com Best, Huey