"Lessons From Lucent - the Motley Fool Special Report" posted January 13, 2000 gives numbers illustrating that Lucent's receivables and inventory grew faster than sales for all 4 quarters of 1999. The numbers they give for the 4th quarter of 1999 are:

Q4 '99 - Sales Growth = 23%, Inventory Growth = 54%, Receivables Growth = 41%.

I, in trying to duplicate these numbers, looked at Lucent's 4th quarter 1999 10-Q on Edgar. I am sure that this is pure ignorance on my part, but I cannot even come close to reproducing those numbers. I get revenues (which I am probably erroneously equating with sales) from the income statement for the 4th quarter of 1999 of $9905 (millions). I get revenues for the 4th quarter of 1998 of $9842. 9905/9842 = 1.006 or 6/10ths of a percent, not the 23% in the report.

Continuing, I get inventories from the balance sheet for 4th Q 1999 of 5380 and 5064 from the 4th A 1998. 5380/5064 = 1.06 or 6%, not the 54% indicated in the report.

Still continuing, I get receivables from the balance sheet of 10143 for '99 and 10563 for '98. Obviously this is a decline, not a 41% increase as indicated in the report.

Can anyone help me figure out what I am doing wrong here?--CassBielski