To: deeno who wrote (12871 ) 7/23/1998 8:09:00 PM From: JMD Read Replies (3) | Respond to
deeno, the M/L guy is a little hard to stomach at this point. He's got all the buzz words going: quality of earnings, visibility, difficulty of assessing future earnings potential, and so forth. I'm bending over backwards to be fair but here goes. The Mighty Q's balance sheet ISN'T a slam dunk to cruise through; it is in fact one complicated mother [technical financial term]. I'm still pondering its mysterious inner workings and don't mind admitting that without Gregg Powers explanations, I'd be lost on a few of the entries and I majored in this kind of crapola. Added to that is the fact that trying to arrive at any kind of 'steady state' earnings potential is hindered by what I would call an extraordiary number of extraordinary items: the Q changed royalty recognition accounting procedures last quarter, they took the Nextel hit this quarter, plus they've got the QPE subsidiary with Sony and did some swapping of accounting of warranty product costs between the sub and the parent, etc. Anyway, this is not the stuff of Financial Accounting 1A. Okay, so now I'm a reasonable and equitable guy right?
