T, the change in FY added 5 more days:
ITEM 8: CHANGE IN FISCAL YEAR
The change of the fiscal year end of Valence Technology, Inc, a Delaware
corporation (the "Company"), from the last Sunday in the month of March to March
31 was effective as of March l, 2000. Pursuant to Rule 13a-10(d) of the General
Rules and Regulations under the Securities Exchange Act of 1934, the Company is
not filing a separate transition report, as the transition period covers a
period of one month or less and as the first report required to be filed by the
Company for the newly adopted fiscal year after the date of the determination to
change the fiscal year is the Company's Annual Report on Form 10-K for its
fiscal year ended March 31, 2000, which will cover the transition period as well
as the fiscal year.
freeedgar.com
When the question was raised on the threads yesterday the buzzards cackled back that Valence always waits until the very last minute to file the 10-K, I suppose the insinuation being that the company wants to delay any "bad news" for as long as possible.
This intentional move to file in mid-May is a clear break from the historical trend (some previous 10-K filing dates: 6/28/99, 6/29/98, 6/27/97). Maybe just as simple as Mr. King running a tighter ship in his first full year as CFO since joining the company in April 1999? Whatever the underlying significance of this change in practice, we won't have to wait very much longer to find out. Regards. |
