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Technology Stocks : PSFT - 1997 Outlook [closed thread] -- Ignore unavailable to you. Want to Upgrade?

To: Chuzzlewit who wrote (522)	11/11/1997 10:01:00 AM
From: Bilow	Read Replies (1) \| Respond to of 940

Much apologies for slightly mis-stating PSFT's past 12 months earnings. I got the numbers from: biz.yahoo.com which is perhaps 3 months old. I don't know where Lehman brothers comes up with $1.73 earnings. Clearly they are doing something funny. The first 9 months earnings of this year are quite a bit less than half that, at 55 cents: biz.yahoo.com Of course, none of these earnings reports include as an immediate expense the cost of employee stock option plans. To get that you have to look in the SEC filings. Being a hard worker, I naturally did this for you, here is the table showing how their earnings would have to be restated if these costs were included: 1995 1996 --------- --------- <S> <C> <C> <C> Net income As reported $ 27,338 $ 35,861 ========= ========= Pro forma $ 20,476 $ 16,072 ========= ========= Primary income per share As reported $ .24 $ 0.30 ========= ========= Pro forma $ .19 $ 0.14 ========= ========= The URL for the above SEC report: sec.gov Given that earnings adjusted for a complete accounting of employee costs are decreasing relative to stated earnings, I would have to guess that the first 9 months earnings this year are going to be something well south of 35 cents per share, and 1997 year earnings something under 50 cents. -- Carl