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essexcourt  
#1 Posted : Sunday, January 7, 2007 7:06:06 PM(UTC)
essexcourt

Rank: Newbie

Posts: 5

Sorry if this is the wrong place.  I haven't been following this site for a while.  My bad!!

I think there's a problem with the TEVA data.  The SDS files have the third quarter of 2006 whereas the stockcentral files only include 6/30/06 for Teva.  What's more, the numbers between the two are vastly different.  Huge negatives in trailing %ptp on the PERT-A in the stockcentral file and significantly positive in the SDS file. 

Also MDT - the SDS file shows the Q206 quarter up 9.3% for eps.  The stockcentral file shows down 21.3%. 

I haven't been reading the forum here.  Is there an explanation for these extreme differences?  I've been out of the loop for a while - way behind on my ssgs.  Today I decided to update them all using the stockcentral files.  Needless to say this is making me nervous. 

I can attach pdfs of the four files if necessary.

Nancy 

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DanHess  
#2 Posted : Monday, January 8, 2007 5:08:35 AM(UTC)
DanHess

Rank: Advanced Member

Posts: 65

I am unable to answer Nancy's questions but I think they suggest a broader question. Hemscott provides normalized operating data. The FAQ provides the following:

The analysts at our data provider, Hemscott Data, adjust net income as reported by the company on their Form 10-K or Form 10-Q to calculate fully-diluted, normalized, Earnings Per Share. This figure includes income from continuing operations, less any extraordinary gains/losses or other non-continuing special income or charges. The figure is calculated using diluted common shares outstanding (adjusted for the assumed conversion of all potentially dilutive securities, which may include convertible debentures, warrants, options, convertible preferred stock, etc.)

I have noted differences when comparing Stock Central, SDS and VL data versus as reported data. While I know there are many exceptions it would be helpful if a more definitive explanation of how Hemscott adjusts the as reported data to arrive at their fully diluted, normalized EPS. Perhaps the guidelines Hemscott  provides to their analysts on how they should make these adjustments would help users of the data better be able to bridge between the as reported data and the Stock Central data.  The differences seem to indicate a somewhat different methodology than used by S&P and VL and thus I think it would be helpful to better understand this. Yes I know one can dig through the 10K and reverse engineer how Hemscott may have adjusted the data but it would be nice to better know what they are thinking when their analysts make the adjustments.

A specific question related to this regards the new method of expensing stock options that started in 2006.  Most companies reported 2006 data with the impact of the option expenses but did not restate prior year results. Thus showing some significant 2006 result changes from 2005.  Will the Hemscott data restate the prior year(s) results to better provide an apples to apples comparison?

A second question relates to the share adjustment due to options.  Does the adjustment consider options that are in the money and not vested, in the money and vested, vested and in or out of the money or all outstanding options? 

Dan Hess 

essexcourt  
#3 Posted : Tuesday, January 9, 2007 7:14:17 AM(UTC)
essexcourt

Rank: Newbie

Posts: 5

As long as this is the infirmary, I'd add that I never received an email alerting me to Dan's message even though I have the email option checked.

Nancy

jncraig  
#4 Posted : Tuesday, January 9, 2007 7:46:35 AM(UTC)
jncraig

Rank: Advanced Member

Posts: 561

Nancy,

We're looking into the TEVA data issue.

As for not receiving the message, I did verify that you should have received it. Is there any possibility that it got dropped into a spam folder?

Did you get the notification for this message?
Joe
essexcourt  
#5 Posted : Tuesday, January 9, 2007 9:11:55 AM(UTC)
essexcourt

Rank: Newbie

Posts: 5

Joe,

Thanks for looking into Teva.

As for the message alert, it's not in my junk mail folder and not in my deleted folder. I don't know where else to look, but I did get notification of your message.

Nancy
jncraig  
#6 Posted : Tuesday, January 9, 2007 9:18:38 AM(UTC)
jncraig

Rank: Advanced Member

Posts: 561

This might be one of those cases where we'll never know what happened to the email ...
Joe
DanHess  
#7 Posted : Saturday, February 17, 2007 10:56:28 AM(UTC)
DanHess

Rank: Advanced Member

Posts: 65

Joe

:

We're looking into the TEVA data issue.

Any progress on this item?

I believe Hemscott is providing adjusted EPS data while PTP and NI are as reported.  Teva in their acquisition of IVAX in the quarter ending 3/06 included a writedown of R&D in process of 1248M thus making the reported PTP and NI as negative numbers while EPS was adjusted to remove the effect of the R&D writedown. This makes it difficult for anyone doing an SSG to make sense of the numbers in a case like this. In addition this is inconsistent with how SDS or VL reports the data.

I think it would be desirable if Hemscott would adjust PTP and NI similarly to how they adjust EPS.

Dan Hess
jncraig  
#8 Posted : Saturday, February 17, 2007 11:00:27 AM(UTC)
jncraig

Rank: Advanced Member

Posts: 561

I asked again ... but I believe that your assessment is correct.

I recall that we had some discussions regarding with data to use in the SSG files. We haven't progress much beyond that, though ...

I'll let you know what I find out.
Joe
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