March 26, 2010

Nasdaq Tweaks Its Press Release Rules

A few weeks ago, the SEC approved changes to Nasdaq’s rules regarding press releases to reduce duplicative disclosures by allowing more disclosures to be made by the filing of a Form 8-K or a press release. The rule changes became effective on March 15th.

Climate Change & Bowling

A member pointed out the following disclosure – in the form of a Risk Factor – about the possible impact of climate change on bowling from the Form 10-K filed recently by Brunswick:

Adverse weather conditions can have a negative effect on marine and retail bowling center revenues.

Weather conditions can have a significant effect on the Company’s operating and financial results, especially in the marine and retail bowling center businesses. Sales of the Company’s marine products are generally stronger just before and during spring and summer, and favorable weather during these months generally has a positive effect on consumer demand.

Conversely, unseasonably cool weather, excessive rainfall or drought conditions during these periods can reduce demand. Hurricanes and other storms can result in the disruption of the Company’s distribution channel. In addition, severely inclement weather on weekends and holidays, particularly during the winter months, can adversely affect patronage of the Company’s bowling centers and, therefore, revenues in the retail bowling center business. Additionally, in the event that climate change occurs, which could result in environmental changes including, but not limited to, severe weather, rising sea levels or reduced access to water, the Company’s business could be disrupted and negatively impacted.


S&P 100 Sustainability Report Comparison

Speaking of climate change disclosures, the Sustainable Investment Research Analyst Network (known as “SIRAN”) has issued its latest review about how the S&P 100 are reporting on their sustainability. As noted by Dominic Jones, 93 of the S&P 100 firms reported on their sustainability programs in 2008, compared to only 58 in 2004.

Heading out on spring break vaca – catch you after Easter…

– Broc Romanek