BRKS is now filing its Conference Calls on Edgar...
Love companies that go the extra mile in disclosure. Wish more companies did so. Since what is "new material information" is subject to interpretation, providing a transcript of the entire call, including Q&A, is a conservative reaction to Reg FD. Now I wonder why more companies don't follow BRKS' lead. If they don't, are their conference calls really worth listening to?
Sam
----> snip from National Investor Relations Institute:
Can I disclose new material information on the conference call?
Yes, if you've publicly announced that a call will take place, but it is strongly advisable (and required by the NYSE) that any new material information be included in your earnings press release or in a subsequent news release issued shortly after the call.
What if we unintentionally disclose new material information during the conference call?
Reg. FD requires you to issue a news release containing that information or furnish (Item 9) or file (Item 5) an 8-K within 24 hours of the disclosure unless you publicly announced the fully accessible conference call. If the information relates to the company's results or operations or financial condition for a completed fiscal period, Item 12 of Form 8-K requires you to furnish the release on an 8-K within five business days. A single 8-K is sufficient for both purposes, but it must be filed by the earlier due date.
If I issue an earnings news release followed by a conference call an hour later, must I furnish the release with a Form 8-K before the call starts if I know that no new material information will be disclosed on the call?
No. You have 48 hours from the time the news release is issued to conduct your conference call without having to furnish an 8-K. If, however, you disclose new material information during the call, and you haven't furnished the release with an 8-K prior to the call, you would have to furnish an 8-K to the SEC containing the new material information within 24 hours. (This also assumes you have properly announced the call in advance and how to access it.) Moreover, if you disclose any non-GAAP information on the call, you have to furnish additional information on the 8-K.
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