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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Craig Stevenson who wrote (13840)	1/23/1998 9:08:00 AM
From: Patrick Sharkey	Read Replies (2) \| Respond to of 29386

The fully-diluted EPS reporting requirements are not optional at this time, and Ancor should be reporting on that basis. Notably, there is confusion out there in analyst heaven since many have not revised their estimates in accordance with the new rules, causing companies, such as IBM and other majors, to report purportedly "less than expected" earnings which, in fact, were equal to or greater than analyst earnings projections modified in accordance with the new rules. There will continue to be much confusion out there with respect to this issue, and how analysts project earnings for companies which have NOL carryforwards reducing tax obligations. Many First Call numbers are based upon projection of earnings after application of the highest possible tax rate without regard to NOL, while the real earnings may be far in excess once NOL is applied to reduce the tax obligations. Pretty confusing it seems.