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By Senior Editor John H. Farr
An alert Applelinks reader wants to know why more people weren't paying attention to an article we happened to see in yesterday's New York Times entitled "Investors May Be Overlooking Dell's Flaws." Hmm. It really is worth reading. No matter how well they may appear to be doing, Dell Computer Corporation has what is rather chillingly described as "a deteriorating balance sheet." Dell's working capital (cash on hand) is $238 million, a lot of money for most folks. Just two years ago, however, they had $2.5 billion -- and in case you're wondering, at the present time Apple Computer has a lot more than that! Recently applied accounting changes may be covering up some unpleasant truths as well. Just take a gander at this: " A change in the way Dell accounts for buybacks also makes retained earnings, or earnings kept in the business, look far better. In the August quarter, Dell's retained earnings were $2.3 billion. Under the old accounting method, however, the figure would have been negative $1.16 billion [our emphasis], the report said." Our reader suggested that if the article is true, Dell could be heading for a monetary failure. We're wondering how many other corporations are up to these same kind of tricks, none of which appear to be illegal, you understand, just inherently dishonest. But what if someone, somehow, somewhere, sometime, simply wants to know where the money is and no one can answer?
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