Holy cow, I wrote a book!
The Seattle Times
an excellent series last week on the rise and fall of InfoSpace
and its charismatic leader,
who at one point
even used the phrase "cult leader" to refer to himself.
To set the tone, and perhaps to serve as a reference
while you read the series, here's a list of reported
earnings per share (EPS),
both pro-forma and following Generally Accepted Accounting Principles (GAAP),
in their SEC filings and
illustrated with quotes from contemporary
press releases (attributed to Naveen Jain unless otherwise noted).
The stock underwent a 10-1 reverse split in September 2002;
values have been adjusted to pre-split values
for comparison purposes.
Some boxes list two numbers.
The top number is the value reported at the time of the press release.
The bottom number is the value reported the following year.
For example, in 1999 Q2, the press release claimed that they
earned 1¢/share pro forma,
but one year later, in the 2000 Q2 filing,
they reported a 2¢ loss per share
for 1999 Q2.
[Years fixed, 10pm.]
Why change the amount?
Because it makes the 2000 Q2 results look better when
compared to the "same period last year".
I have no idea which set of numbers (if any!) is correct.