Pro-Forma Earnings

Two companies combined.

Whatever.com had $80 million in earnings; something.com had $100 million in earnings. Their pro forma earnings? $180 million. That's this year, as they're combined.

But this is when the fun begins. With various synergies: more market power, bigger volume discounts when buying supplies, firing of repetitive infrastructure...and next year, on the same revenues, instead of $180 million, the combined company has $230 million, or something sweet like that.

Just don't talk about it in front of the legions of fired employees.