Q. You announced second quarter earnings last week of $63.9 million, up 63 percent from a year earlier.

Pfizer said it would take a $450 million charge against first quarter earnings to settle.

First quarter 1988's $1.42 share earnings included a 22 cent fresh start benefit.

That should become clearer as companies begin to report first quarter earnings - or the lack thereof - in April and after.

And the company revised its first quarter earnings estimate down for the second time.

Latest quarter earnings results included a $46 million after-tax gain from various natural gas contract settlements.

A delay of even a few months can bring havoc to quarter earnings.

And fourth quarter earnings, if calculated on the same basis, would have increased 11.4%.

The latest quarter earnings were reduced by 5 cents a share for environmental expenses.

When third quarter earnings were announced, net income was $56.05 million compared to $59.54 million for the prior year.