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Just as your pulse is checked during a routine physical, free cash flow is used as an indicator of a company's health. It equals the cash brought in from operations minus the money needed to pay the bills. Think about leftover money in your checking account after you pay this month's bills.
Investors and analysts see this leftover money as a gauge of a company's ability to perform. It is available for transactions such as handing out dividends and working on new products.
Some argue free cash flow is wrongly overshadowed by the emphasis often placed on earnings. Earnings numbers can be manipulated and don't always tell the whole story -- and earnings don't mean much if there's nothing left over after a company pays its expenses. Even if you bring in a six-figure salary, but no money left after paying the bills, are you in great financial shape?
You don't have to be Einstein to figure out free cash flow. To calculate the number, subtract the company's expenditures and dividends from its operating cash flow.
If the free cash flow is written in red ink, it doesn't necessarily signal curtains. This is common for young companies looking to grow. It also could be a result of heavy investments, which in the long run could be worth a standing ovation.
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Thursday, July 10, 2008
Court Rules That Gradient Analytics' Cross-Complaint May Proceed Against Overstock.com, Inc. on All Counts
Comtex
SCOTTSDALE, Ariz., Jul 10, 2008 (BUSINESS WIRE) ----Gradient Analytics, Inc. announced today that the Marin County Superior Court has ruled in the case of Overstock.com, Inc., v. Gradient that all of Gradient's cross-claims against Overstock, including claims for defamation, intentional interference with prospective economic advantage, and unfair business practices, may proceed, thereby rejecting Overstock's challenge to the claims.
Gradient's claims charge that Overstock and its CEO Patrick Byrne have waged a malicious smear campaign against it in retaliation for Gradient's published opinions concerning the quality of Overstock's earnings and other aspects of its business. Gradient is seeking compensatory and punitive damages against Overstock, as well as injunctive relief under its California Unfair Business Practices claim.
The court also ruled, in response to Byrne's statute of limitations challenges, that Gradient may amend its pleading to add recent instances of Byrne's ongoing false and defamatory statements about the company and other wrongful conduct on his part. The court also rejected Byrne's attempt to dismiss Gradient's claim for tortuous interference against Byrne. Gradient will be filing its amended cross-complaint in the next 20 days and fully expects to present its claims against Byrne and Overstock to a Marin County jury.
"We are very pleased with the court's ruling," stated Gradient's CEO Brad Forst, "and eagerly await the opportunity at trial to present all the evidence of Overstock's and Byrne's wrongdoing to a jury."
Forst also noted that "back in April, Overstock's chief legal officer tried to characterize Gradient's cross-complaint as a 'smoke screen,' and vowed that Overstock 'will simply turn on the fans and blow that smoke right back at them.' Well, it now seems those fans are headed straight back to Overstock's Merchandise Returns Department."
About Gradient Analytics
Gradient is one of the country's leading independent research firms providing objective, academically rigorous research and quantitative stock ratings for institutional clients.
SOURCE: Gradient Analytics, Inc.
Gradient Analytics, Inc. by Hinton Communications Karen Hinton, 703-798-3109 Karen@hintoncommunications.com
Copyright Business Wire 2008 ********************************************************************** As of Sunday, 07-06-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-09-2008 for OSTK @ $23.60. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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