At 04:50 PM 06-07-02 +0100, Stephen J. Wilcox wrote:

.. which is why I think people (especially US altho it seems to be coming more the normal in other markets) use EBITDA as it smooths out the bumps even tho the bumps are still there!

The other nice thing in the telecoms world about EBITDA is the 'D' which seems to work quite well at hiding losses caused by falling fibre/bandwidth prices!

From Barrons: EBITDA = Earnings Before I Tricked the Dumb Auditor -Hank

Steve