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Biotech / Medical : Trinity Biotech (TRIBY) -- Ignore unavailable to you. Want to Upgrade?

To: AgAuUSA who wrote (8397)	3/6/1998 1:45:00 PM
From: Steve Stuart	Read Replies (4) \| Respond to of 14328

Greg, I'm no accountant either, so I was also double-checking my own logic. I believe the large liabilities for '97 covers the full amount of all '97 acquisitions. This includes the Clark and Centocor deals. I'm not sure where the extra $7M in liabilities came from in the 4th quarter, especially since warrants should have contributed a little. I'm fairly sure that the Clark deal closed in the 1st half. As far as I've seen, we've never been told the price of the Centocor deal. Could this be it? Irish GAAP permits Trinity to write off all goodwill as an immediate cost, rather than depreciate it over time. This has the effect of depressing book value compared to a comparable U.S. company, and boosting earnings. I believe that the annual report or SEC filing (not available on EDGAR, unfortunately) will show an alternate calculation using U.S. GAAP. One must be careful to compare apples to apples when using P/E, book value, or ROE to value TRIBY, as these values are different than they would be for U.S. companies. -Steve Stuart