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Dan -

10-Qs are not audited, as you correctly point out, but this is all we have to work with.

Companies that operate in seasonal businesses may not forge sequential (quarter-to-quarter) staircases. This is why I compare, for example, Q2 2006 to Q2 2005 for both 3- and 12 months' results.

For intangibles, divide the spending by sales and then use plug numbers for the first three quarters of the new year. With operating leases, I use the latest years' results for the first three quarters of the new year.

I get my numbers from Reuters or from the 10-ks and Qs.

These are smart questions that you raise, and I had the same ones when I started out several years ago. If I didn't answer any of the questions clearly, please re-post.


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