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

To: FactsOnly who wrote (124489)	10/12/2002 4:11:35 PM
From: Gaffer	Read Replies (1) \| Respond to of 152472

Qualcomm recommended today by Douglas Lane & Assoc. on Forbes on Fox. Both panelists concurred. Cited CDMA franchise, earnings visibility, strong balance sheet and billion dollar plus cash flow. "Qualcomm, the leader of the next bull market."

To: FactsOnly who wrote (124489)	10/12/2002 6:53:08 PM
From: hueyone	Respond to of 152472

I got the 14.8 cents trailing twelve month earnings (TTM) by adding up the diluted EPS including extraordinary items for the four most recent quarters using the Multex Link that I gave you. The rounded 15 cents per share figure also apeared in the Yahoo link I gave you---listed under TTM in the PER-SHARE DATA section. You can also check with the SEC filings here: edgarscan.pwcglobal.com But the old 10 Q SEC filing for the quarter ending 9/30/01 fails to pick up QCOM's restatement of earnings for that same quarter that they did nine months later on 6/30/02. Real time CORE EARNINGS are generally difficult to keep abreast of because most companies do not disclose their employee stock options expense until several months after the close of each fiscal year when they file a 10K. Even then the numbers are buried in footnotes. For fiscal year 2001, QCOM's CORE EARNINGS were negative 699 million, QCOM's GAAP earnings were negative 531 million and I believe QCOM's pro forma earnings were roughly positive 742 million. bwnt.businessweek.com This is quite a spread. I suspect your newsletter is using some sort of pro forma earnings to calculate the PE. In my opinion, CORE EARNINGS are generally the best measure of a company's past performance, but on some occasions, a company's published pro forma earnings number can actually be a more useful measure of earnings. Best, Huey