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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: straight life who wrote (18906)	2/8/2002 4:55:39 PM
From: straight life	Read Replies (1) \| Respond to of 196500

Qualcomm CFO Defends Accounting Practices Fri Feb 8, 4:16 PM ET story.news.yahoo.com CHICAGO (Reuters) - Qualcomm Inc. on Friday said its accounting practices were in line with industry guidelines, and that concerns raised by a research firm about the wireless technology firm's financial reports were taken out of context. "Qualcomm has the highest standards of corporate governance and accounting," Anthony Thornley, chief operating officer and chief financial officer, told Reuters in an interview. "What obviously has happened here is that (the research firm) has extracted data (that has been) taken out of context and not presented in context." According to a summary of the report obtained by Reuters, Rockville, Maryland-based Center for Financial Research and Analysis Inc. on Friday said, "We found that the company has recorded revenue in exchange for non-cash consideration and that the company has accepted non-cash consideration for receivables removed from Qualcomm's balance sheet." CFRA analyzes public companies' financial data for money managers, brokerages, accounting and insurance firms. Following the report, shares of Qualcomm hit a low unseen since August of 1999 at $34.59, before settling a bit to close at $37.24, down $1.87 or 4.78 percent, on the Nasdaq on Friday.