InterDigital Inc (IDCC)

[The Count]

JimLur, No they did not.

Management has guranteed us we will have the same amount of cash in the bank and the end of 2004 as we had at the end of 2003

Management projected IDCC would have a positive cash flow for the year. They did NOT guarantee it. This is the problem that IDCC and other companies run into with providing information. If they say nothing they get slammed for not giving guidance. If they give guidance, then some investors take this guidance, which is merely managements best informed guess at the future, and hold their feet to the fire if they are wrong. Expectations and projections somehow turn into guarantees. So management quickly learns to keep quite. If you want management guidance the investors have to allow them to be wrong sometimes. Unless one believes they are intentionally misleading investors, cut them some slack when things turn out a bit different.