Replies to post #16583 on Qualcomm Inc (QCOM)

[Jim Mullens]

k qc, Re: “Who’s on first” / Options expensing articles. Thanks for posting those “interesting” articles.

Or, “another fine mess you’ve gotten me into”--- Laurel to Stanley.

Snips>>>

Investors who rely on Web sites such as MarketWatch and Yahoo Finance may be more challenged in sorting out the results. All three sites publish the First Call consensus figures but for now don't indicate when the figure includes options expensing.

Representatives of both MarketWatch -- the publisher of this report -- and Yahoo Finance said they were still working out how to respond to the changes in the First Call methodology.

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Re: BRCM- Up over $2 after hours. Market didn’t appear concerned with GAAP (with ESO expense) numbers --- so far.

 
  
 BRCM  Q2FY06 
   EPS 
    Proforma  
 ......Actual	$0.36 
 ......Consensus	$0.34 
 ...GAAP Actual	$0.22 or $0.14 or 39% less than Proforma  
  
 

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BRCM PR Snips>>>>

Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2006 was $134.9 million, or $.22 per share (diluted), compared with GAAP net income of $194.8 million, or $.33 per share (diluted), for the fourth quarter of 2005, and GAAP net income of $69.2 million, or $.13 per share (diluted), for the first quarter of 2005.

Had the company applied the provisions of SFAS 123R in prior periods, it would have reported GAAP net income of approximately $115.7 million or $.20 per share (diluted), for the fourth quarter of 2005, and a GAAP net loss of approximately $61.5 million, or $.12 per share (basic and diluted), for the first quarter of 2005.

Non-GAAP net income for the first quarter of 2006, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $221.9 million, or $.36 per share (diluted).