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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Math Junkie who wrote (2031)	3/8/1999 12:26:00 PM
From: brushwud	Read Replies (2) \| Respond to of 3813

Novellus itself shows operating income of minus $210 million for that quarter on its financial highlights web page. Sometimes analysts neglect one-time charges to try to see through to the underlying operating profit. You can leave out the in-process R & D writeoff due to the Varian purchase, but that quarter had a customer default on a $17 million receivable and an $84 million payment to a competitor for patent infringement. That's over $100 million pre-tax that you have to charge to operating profit and cash flow.