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Technology Stocks : SEITEL (SEI) -- Ignore unavailable to you. Want to Upgrade?

To: Don Earl who wrote (416)	4/2/2002 12:01:35 AM
From: Don Earl	Read Replies (1) \| Respond to of 427

This is great! From the 10K: <<<At December 31, 2001, the Company had a deferred revenue balance of $97,330,000, of which $47,708,000 resulted from non-cash transactions through which the Company has received ownership of seismic data in lieu of cash. Of the remaining deferred revenue balance of $49,622,000 at December 31, 2001, approximately $27,593,000 or 56% has been collected. The total deferred revenue at December 31, 2001, consists of: $4.4 million deferred revenue existing at December 31, 1999; $36 million resulting from the cumulative effect for periods prior to January 1, 2000, of the adoption of the new accounting policies; $19.8 million resulting from the net effect in 2000 of the adoption of the new accounting policies; and $37.1 million resulting from the net effect in 2001 of the adoption of the new accounting policies. The 2000 and 2001 deferred revenue is net of revenue realized from the selection of data or expiration of contracts during those periods from previously deferred revenue.>>> Pay special attention to; "$36 million resulting from the cumulative effect for periods prior to January 1, 2000". There hasn't been any mention of restating "periods prior to January 1, 2000", but Seitel plans to recycle revenue from that era. So out of the $97 million Seitel plans to report in the future, $47 million is non cash entries, $36 million is revenue already reported before FY 2000 and the balance of $14 million might actually be cash sales. Is there no end to the scams these guys will pull to cook the books and con investors? Just remember, for every cockroach you see, there are a hundred more hiding in the walls.