Options Expensing 01/17/06
Reporting after the bell:
LLTC Linear Technology Q4 results: Profit, excluding stock-based compensation, was 36 cents per share, for its second fiscal quarter ended Jan. 1. Including stock based compensation, profit was 33 cents per share.
The total amount of stock based compensation during this quarter was $13 Million. Total stock based compensation in last six months $27 Million vs $8 Million YOY. GAAP EPS in the last six months down 1 cent year over year at .66 per share.
Linears report was straight forward, to the point and made no attempt to obfuscate, opaque or baffle investors with bullshit. Today stock down 1.91%, afterhours stock down 2.98%.
On the other end of the "transparency" spectrum...
TER Teradyne Q4 Results: For fiscal 2005, sales were $1.08 billion. Net income for the year was $90.6 million, or $0.46 per diluted share.
However, the company had a net loss from continuing operations of $60.5 million, or $0.31 per diluted share, and a net loss of $33.6 million, or $0.17 per diluted share on a non-GAAP basis. (Notice the 82% difference between non-GAAP and GAAP.)
Year over Year: Net income dropped from $0.84 per share to $0.46 per share and Net income from continuing operations dropped from $0.68 per share to a loss of ($0.31) per share.
Note: On November 30, 2005, Teradyne completed the sale of its Connection Systems division to Amphenol Corporation for $385 million in cash, the ONE TIME GAIN of $136,953 Million was reported, lifting NET INCOME to 224,062 Million for the quarter.
FYI: NOWHERE in the release can any mention be found regarding the amount of stock based compensation and its effects, a loss of $0.31 vs $0.17 per share. And NOWHERE on Teradynes web site could a GAAP - Non GAAP reconciliation of the current quarterly report be found.
I found Teradynes report not easy to read, as well as laced with opaque references in an attempt to obfuscate their numbers and bullshit their investors.
In Teradynes own words "The Company believes these non-GAAP measures will aid investors' overall understanding of the Company's results, by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how the Company plans and measures its own business."
It appears Teradyne was sucessful in bullshiting their investors, at least for today, TER down 2.09%, after hours up 1.18%. Apparently Teradyne investors either don't know how to read between the lines or they like a company that in their own words has "a higher degree of transparency"; a 50% drop in net income YOY and a LOSS from continuing operations.
LLTC Linear Technology Q4 results: Profit, excluding stock-based compensation, was 36 cents per share, for its second fiscal quarter ended Jan. 1. Including stock based compensation, profit was 33 cents per share.
The total amount of stock based compensation during this quarter was $13 Million. Total stock based compensation in last six months $27 Million vs $8 Million YOY. GAAP EPS in the last six months down 1 cent year over year at .66 per share.
Linears report was straight forward, to the point and made no attempt to obfuscate, opaque or baffle investors with bullshit. Today stock down 1.91%, afterhours stock down 2.98%.
On the other end of the "transparency" spectrum...
TER Teradyne Q4 Results: For fiscal 2005, sales were $1.08 billion. Net income for the year was $90.6 million, or $0.46 per diluted share.
However, the company had a net loss from continuing operations of $60.5 million, or $0.31 per diluted share, and a net loss of $33.6 million, or $0.17 per diluted share on a non-GAAP basis. (Notice the 82% difference between non-GAAP and GAAP.)
Year over Year: Net income dropped from $0.84 per share to $0.46 per share and Net income from continuing operations dropped from $0.68 per share to a loss of ($0.31) per share.
Note: On November 30, 2005, Teradyne completed the sale of its Connection Systems division to Amphenol Corporation for $385 million in cash, the ONE TIME GAIN of $136,953 Million was reported, lifting NET INCOME to 224,062 Million for the quarter.
FYI: NOWHERE in the release can any mention be found regarding the amount of stock based compensation and its effects, a loss of $0.31 vs $0.17 per share. And NOWHERE on Teradynes web site could a GAAP - Non GAAP reconciliation of the current quarterly report be found.
I found Teradynes report not easy to read, as well as laced with opaque references in an attempt to obfuscate their numbers and bullshit their investors.
In Teradynes own words "The Company believes these non-GAAP measures will aid investors' overall understanding of the Company's results, by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how the Company plans and measures its own business."
It appears Teradyne was sucessful in bullshiting their investors, at least for today, TER down 2.09%, after hours up 1.18%. Apparently Teradyne investors either don't know how to read between the lines or they like a company that in their own words has "a higher degree of transparency"; a 50% drop in net income YOY and a LOSS from continuing operations.
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