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I've downloaded KO's financials from and couldn't get them to match up with the numbers in the book.

Hi Don,

Although I didn't write the book, I'll take a guess at why I think there may be an inconsistancy. In the book (page 225), Tom says investors should check the year to year sales to examine the company's sales growth. Although not specifically notated in the book on page 246, I would assume that we were looking at one year's sales. Since he used Second Q fiscal 1998, he would have had to have used Q 2 1997 through Q 2 1998.

On page 248 Tom is illustrating the calculation of the Cash to Debt ratio. I'm not 100% certain, but it's possible that this calculation could/should be done quarter to quarter or year to year. What I mean is, you can use either the quarterly or yearly balance sheet to figure out this ratio, and then run it again for a subsequent quarter to see if there is a change.

Hopefully Tom will soon respond to this question so we can know the answer once and for all. It's entirely possible that you stumbled on an error.

Fool on and prosper!


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