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To: H James Morris who wrote (149031)	10/21/2002 10:49:34 AM
From: GST	Read Replies (2) \| Respond to of 164684

Good point: "When it first came into widespread use back in the 1970s, EBITDA was meant to be a temporary measure, something to look at while a young industry built the infrastructure it would need to thrive long-term. By excluding the interest due on the money borrowed to build and the depreciation of the assets, investors could get to a number from which to better gauge future performance. That was the thinking anyway. Three decades later, EBITDA is still in place, sheltering companies from the harsh judgment a net-income calculation brings."