TheCorporateCounsel.net

Here are the results from a recent survey on earnings releases and earnings calls:

1. Regarding the archiving of earnings calls on our corporate web site:

– We archive them for one quarter – 30.8%
– We archive them for six months – 1.5%
– We archive them for between 6 and 12 months – 6.2%
– We archive them for 12 months – 41.5%
– We archive them for over one year – 7.7%
– We don’t archive our earnings calls – 12.3%

2. When we make/provide our earnings calls and related materials timely by a broadly available webcast and/or teleconference:

– We always file (or “furnish”) the transcript and related materials on a Form 8-K – 5.8%
– We sometimes file (or “furnish”) the transcript and related materials on a Form 8-K – 4.4%
– We never file (or “furnish”) a transcript and related materials on a Form 8-K (unless material information was disclosed during the earnings call that was not disclosed in the earnings release) – 89.9%

3. During the past few years:

– We have changed our earnings release practices, so that such releases coincide with our 10-Q filings – 12.9%
– We have kept our earnings release practices the same, and they get released a few weeks before our 10-Q filings – 40.0%
– We have kept our earnings release practices the same, and they get released a few days before our 10-Q filings – 24.3%
– We have changed our earnings release practices, so that they get released closer to the time of our 10-Q filings – 14.3%
– Our earnings releases have always been released at the same time as the 10-Q filings – 8.6%
– We decided to no longer provide earnings releases at all – 0.0%

4. In the near future:

– We definitely intend to revise the timing of our earnings releases so that they coincide with our 10-Q filings (or no longer provide earnings releases at all) – 3.2%
– We might revise the timing of our earnings releases so that they coincide with our 10-Q filings (or no longer provide earnings releases at all) – 11.1%
– We don’t need to change our earnings release practices because we recently did so – 23.8%
– We are comfortable with our earnings releases being issued before our 10-Q filings and don’t need to review those practices – 61.9%
– We already no longer provide earnings releases at all – 0.0%

5. We issue our earnings releases:

– Immediately before the start of the earnings calls – 23.2%
– Two hours before start of the earnings calls – 37.7%
– More than two hours before the start of the earnings calls – 37.7%
– During or immediately after earnings calls – 1.5%
– After, but within four business days of the earnings calls – 0.0%

6. We disclose earnings guidance:

– In the text of the earnings release – 16.9%
– During the earnings call, but not in the text of the earnings release – 8.5%
– On a Form 8-K filing, but not in the text of the earnings release – 4.2%
– In the text of the earnings release as well as during the earnings call – 31.0%
– On a Form 8-K filing and in the text of the earnings release – 2.8%
– During the earnings call, on a Form 8-K filing and in the text of the earnings release – 14.1%
– We do not give earnings guidance – 22.5%

7. We provide archives of our earnings calls (eg. calling them “podcasts”; here is an example):

– On our website only – 85.3%
– On iTunes only – 0.0%
– On both our website and iTunes – 1.5%
– We do not provide audio archives of our earnings calls – 13.2%

New Survey: Lead/Presiding Directors

Please take a moment to take part in our new Quick Survey on Lead/Presiding Directors, which asks these queries:

– Does your board have a lead or presiding director?
– What is the term of the lead/presiding director?
– Are there “term limits” for the lead/presiding director?
– What are the responsibilities of the lead/presiding director?
– Does the lead/presiding director receive extra compensation for these additional responsibilities?

SEC Staff Adds a Few More Auditor Independence FAQs

The SEC’s Office of the Chief Accountant has added a few more auditor independence FAQs (look for the ones marked with a “2007” date). The last update of these FAQs was in 2004.

Early Bird Extended One More Week: 3rd Edition of Romeo & Dye Section 16 Treatise

Peter Romeo and Alan Dye are hard at work updating their two-volume Section 16 Treatise. The Treatise is the definitive work in this area with thousands of pages of reference material.

Order your set by August 15th to receive a pre-publication discount now – you can order online or by fax/mail with this order form. The Treatise will be completed and delivered to you in the Fall.

– Broc Romanek