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To: revbill who wrote (4346)	1/21/1998 7:11:00 AM
From: A. Reader	Read Replies (2) \| Respond to of 9798

<<by restating the results of each quarter it makes it easier to exceed last years results.>> exchange2000.com

To: revbill who wrote (4346)	1/21/1998 10:45:00 AM
From: Leo Mitkievicz	Respond to of 9798

revbill Looks like O'Reilly gets to do it his way. Canadian version of good ole boys in action. I am glad to see the revenues restated. What we have now is somewhat less bogus than the old numbers. That should make year over year comparisons more meaningful. revbill wrote: >>>by restating the results of each quarter it makes it easier to exceed last years results. so in march when they report q1 it will look like they have turned it around.<<< and that is 95% (or thereabouts) correct. However (the other teensie little %) is that the individual quarter numbers are still phoney as a $3 bill. The bulk of write-offs for many quarters of channel stuffing was written off in Q3 and then Q4. Q1 numbers as reported are still artificially high, and Q3, Q4 numbers are lower than reality. If you want to push out your scenario to target Q3 then you are completely right. IMO beating last year's numbers for Q1 (and Q2 excluding the WP write down) would be a very positive sign for the company. But it won't likely happen. Does this make any sense? Regards, Leo

To: revbill who wrote (4346)	1/21/1998 2:24:00 PM
From: Vanni Resta	Read Replies (1) \| Respond to of 9798

revbill: It doesn't really change the amount of the write off, or the profit/loss for the year, as I believe Kurt Petersen was saying. It just redistributes losses throughout the year into different quarters. Might some people be fooled by this because of the upcoming quarterly comparison? Maybe. But not enough to move the stock price. Barnum was right when he said that a sucker is born every minute, so there are surely enough of them out there. Some of them probably even use Tarot cards to chose stocks. It is just that, being suckers, they don't have enough money to move stock prices. Yippity Yappity! Vanni