Mulford stands by his analysis. He adds that many analysts and investors are unaware that companies often include nonrecurring items in their OCF. — K.F.
| Inflatables Did some companies inflate operating cash flow (OCF) with insurance proceeds? (in $ millions) |
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| Company | FY End | OCF | OCF less PP&E Proceeds* | % Decrease in OCF |
| Eagle Picher Holdings | 11/30/03 | ($0.96) | ($8.80) | 819% |
| Network Equipment Tech | 3/28/03 | (1.79) | (5.24) | 193 |
| Spacehab | 6/30/03 | 19.78 | 2.11 | 89 |
| Gulfport Energy | 12/31/03 | 9.38 | 6.87 | 27 |
| Home Products International | 1/1/05 | (8.03) | (9.09) | 13 |
| Finish Line | 3/1/03 | $31.96 | $28.96 | 9% |
| *OCF excluding insurance proceeds related to PP&E, as could be determined from the disclosures provided. Source: Georgia Tech College of Management's Financial Analysis Lab |
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