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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (3101)	7/20/1998 5:13:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

IBM's tax rate was 30.3 percent in the second quarter compared with 33.7 percent in the second quarter of 1997. Share repurchases totaled $1.7 billion in the second quarter. The average number of shares outstanding in the quarter was 939.6 million compared with 986.9 million in the year-ago period. There were 933.1 million common shares outstanding at June 30, 1998. Core debt (debt excluding global financing) increased $500 million from year-end 1997 to $3.6 billion. Global financing debt totaled $24.3 billion, up $400 million from the end of 1997. . . Three Months Six Months Ended June 30, Ended June 30, Percent Percent 1998 1997 Change 1998 1997 Change ------- ------- ------- ------- ------- ------- . . AVERAGE NUMBER OF COMMON SHARES OUT- STANDING (M's) BASIC 939.6 986.9 944.9 995.1 DILUTED 964.3 1,010.4 969.5 1,019.2 . . At At June 30 December 31 Percent 1998 1997 Change --------- ----------- ------- . . Short-term debt $13,271 $13,230 0.3% Long-term debt 14,590 13,696 6.5% -------- -------- Total debt 27,861 26,926 3.5% . . STOCKHOLDERS' EQUITY 18,577 19,816 -6.3% . ================================================================ If that doesn't speak for itself, here is my math: At At June 30 December 31 Percent 1998 1997 Change --------- ----------- ------- Book values per diluted share 18.39 19.44 -20.5% Share price ($) 85 119 +40.0% I rest my case! =============================================================== -MMV