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

To: rkral who wrote (119181)	5/22/2002 2:12:13 PM
From: David E. Taylor	Read Replies (1) \| Respond to of 152472

Ron: ...In 1Q02, does anyone know what happened to $77M of income? (Income = $139M, but only $62M made it to retained earnings.).. What are you looking at? In the Q1 release (same in the filed 10Q), I see GAAP net income of $139.233 million. The balance sheet shows retained earnings of $244.947 million on 9/30/01 (Q401), and $384.180 million on 12/30/01 (Q102), a difference of $139.233 million, equal to the net income. David T.

To: rkral who wrote (119181)	5/23/2002 5:13:20 PM
From: Wyätt Gwyön	Respond to of 152472

starting from Sep 1998. There's another $225 million of retained earnings .. that got wiped off the books in the 1998 LWIN spinoff. I think that should be counted if you're going to imply QCOM's entire lifetime LWIN right now has a market cap of $112 million. i would not be surprised to see this amount go to zero. but in any case, adding an extra $112 million to QCOM's retained earnings does not greatly impress me as to their ability to build up retained earnings over their lifetime. (and i do not know enough about LWIN's history to know whether QCOM pocketed anything directly from an LWIN IPO in addition to the share spinoff, or whether all shares were spun off to QCOM shareholders. i'm sure someone else here has that information.) much more impressive has been their ability to raise the market cap of the company (QCOM, not LWIN). but Mr. Market can always change his mind about that, one way or another. which is one reason why it would be nice to see a co that tends to build up its own net worth apart from the market quote.