EDGR Update - RR Donnelley Announces Exclusive Agreement With EDGAR Online to Process and File Financial Information Into XBRL Format
Tuesday January 31, 6:30 am ET
Enhances RR Donnelley Financial Services' SEC Compliance Solutions for Public Companies
CHICAGO, Jan. 31 /PRNewswire-FirstCall/ -- R.R. Donnelley & Sons Company (NYSE: RRD - News) and EDGAR® Online®, Inc. (Nasdaq: EDGR - News) announced today an exclusive agreement to offer to public companies a full service SEC compliance solution, available immediately, that processes financial information into eXtensible Business Reporting Language (XBRL) format.
This RR Donnelley and EDGAR Online relationship creates the leading source for enabling public companies proactively to respond to the SEC's recent call for increased use of interactive data.
EDGAR Online's XBRL expertise will enable RR Donnelley to prepare quarterly and annual financial statements in XBRL for submission to the SEC. This innovative service will enable clients to submit XBRL statements concurrently with their SEC filing or subsequently via a Form 8-K.
In January 2006, SEC Chairman Christopher Cox offered public companies an additional incentive to use XBRL, when he stated in a speech that, "Registrants who commit to filing in XBRL for a year, and to providing us feedback on their experiences, will get expedited reviews of their securities registrations."
Tom Juhase, RR Donnelley Financial Services Business Unit President, said, "We are pleased to introduce to our clients the enhanced capabilities offered by this pioneering collaboration. Industry leadership is a key strategic commitment for RR Donnelley. As did our participation as an early member of the XBRL Consortium, our collaboration with EDGAR Online allows us immediately to lower the XBRL adoption hurdles for our clients. Our preparedness for XBRL includes filing the first-ever EDGAR-filed documents containing extractable XBRL with the SEC in October 2002 -- on behalf of Microsoft and Morgan Stanley. Working with EDGAR Online enables us to move quickly as a new era of financial reporting begins."
Susan Strausberg, CEO and President of EDGAR Online, stated, "We are delighted to be working with RR Donnelley. Over the past several years our company has concentrated its resources on developing I-Metrix(TM), our new suite of XBRL-based products and services. I-Metrix enables deeper analysis of detailed financial data as found in SEC filings and is already in use by our clients in the corporate and investment communities. With our new relationship with RR Donnelley we will now be applying our expertise with XBRL to the regulatory sector of the supply chain."
XBRL is a standards-based method with which users can prepare, publish (in a variety of formats), exchange and analyze financial statements and the information they contain. XBRL complements XML, which is the universal format for data on the Web that uses tags (identifiers) to describe and deliver data from an application. XBRL allows accountants and other financial professionals and regulatory organizations to identify -- by a tag -- items unique to business information, such as financial statements.
RR Donnelley and EDGAR Online are long-time supporters of the XBRL Consortium's efforts to promote global awareness and adoption of XBRL. EDGAR Online, a founding member of the XBRL Consortium, has worked with the Consortium to develop the XBRL standard and taxonomies (industry data tags).
About RR Donnelley
RR Donnelley (NYSE: RRD - News) is the world's premier full-service provider of print and related services, including document-based business process outsourcing. Founded more than 140 years ago, the company provides solutions in commercial printing, direct mail, financial printing, print fulfillment, forms and labels, logistics, call centers, transactional print-and-mail, print management, online services, digital photography, color services, and content and database management to customers in the publishing, healthcare, advertising, retail, technology, financial services and many other industries. The largest companies in the world and others rely on RR Donnelley's scale, scope and insight through a comprehensive range of online tools, variable printing services and market-specific solutions. For more information, visit the company's web site at rrdonnelley.com .
biz.yahoo.com
Responding ToMessage #157 from Rutgers at 1/19/2006 8:27:21 AM
EDGR Update - Midwood Capital Reports 5.5% Edgar Online Stake >EDGR
9:54 AM EST January 18, 2006
<<WASHINGTON (Dow Jones)--Midwood Capital Management LLC reported a 5.5% stake in Edgar Online Inc. (EDGR), according to a Schedule 13D filed Wednesday with the Securities and Exchange Commission.
Midwood Capital said it acquired the shares based on its belief that the stock is "undervalued and represents an attractive investment opportunity." >>
Midwood Capital may also want to discuss "new strategies to create and maximize value."
-By Brian Coyle, Dow Jones Newswires; 202-862-3545
(END) Dow Jones Newswires
I just studied the Schedule 13D filed Wednesday and see that Midwood Capital beneficially owns 1,377,290 Edgar Online common shares for a total of $3,258,665.16 using cash from the Funds. According to my calcs, their ave. price per share is $2.37. This joint statement on Schedule 13D was filed by David E. Cohen, Ross D. DeMont, Midwood Capital Management LLC, Midwood Capital Partners, L.P. and Midwood Capital Partners QP, L.P., who are collectively referred to as the "Reporting Persons." Messrs. Cohen and DeMont the "Managers") are the managers of Midwood Capital Management LLC ("Capital"), which is the sole general partner of each of Midwood Capital Partners, L.P. ("LP") and Midwood Capital Partners QP, L.P. ("QP" and together with LP, the "Funds").
Responding To Message #151 from Rutgers at 1/12/2006 5:35:19 PM
EDGR - update - according to a post on Yahoo!, Westminster Securities Corporation has today published an analyst report covering Norwalk, Connecticut-based EDGAR Online, Inc. with a "Buy" Investment Rating (upgraded from "Sell") and a Risk Rating of "Speculative."
finance.messages.yahoo.com.
FROM PRIOR POST at 1/11/2006 5:53:48 PM
Quick EDGR follow-up - right after my last post, a brand "new" news story hit the wires from Reuters
SEC offers speedy reviews to companies in tech test
Wed Jan 11, 2006 05:15 PM ET
By Joel Rothstein
WASHINGTON, Jan 11 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday said it will expedite reviews of registration statements and annual reports for companies that participate in a voluntary technology initiative.
Last February, the SEC began accepting financial filings on a voluntary basis to test an interactive data format called XBRL, or extensible business reporting language.
The SEC has said it hopes the new format will enhance users' ability to search the filings database, extract and analyze data, perform financial comparisons within industries and speed up the commission's review of filings.
Using a tagged financial filing, an analyst could easily transfer the data to a Microsoft Excel spreadsheet or similar analytical tool, rather than having to read the data in text form and retype the information, according to XBRL advocates Microsoft Corp.(MSFT.O: Quote, Profile, Research) , Morgan Stanley (MWD.N: Quote, Profile, Research) , PR Newswire and Reuters Group Plc (RTR.L: Quote, Profile, Research) (RTRSY.O: Quote, Profile, Research) , which have joined together to promote the new technology.
....
Here's the key quote, which happens to come from the EDGR rep:...."According to Robert Krugman, director of analytical solutions for EDGAR Online, companies will not have to learn the new technology format. Instead, they will submit documents to their filing agents as they do today who will then work with the EDGAR Online tools to complete the conversion to the new interactive data format."
If you want to read the entire article, go here:
yahoo.reuters.com.
FROM PRIOR POST at 1/11/2006 5:22:20 PM
EDGR
Today's announcement: biz.yahoo.com
EDGAR(R) Online(R) Announces I-Metrix(TM) Xcelerate, Delivering XBRL Processing Services
Wednesday January 11, 7:00 am ET
SOUTH NORWALK, Conn.--(BUSINESS WIRE)--Jan. 11, 2006--EDGAR® Online®, Inc. (Nasdaq: EDGR - News) announced today that it has extended its I-Metrix(TM) product suite to include I-Metrix Xcelerate, enabling filing agents, exchanges and regulators to process content into an eXtensible Business Reporting Language (XBRL) format.
EDGAR Online President and CEO Susan Strausberg said, "We are leveraging the proprietary processes and techniques that we have developed while converting seven years and thirty quarters of U.S. fundamental data into XBRL format. This allows us to meet the needs of filing agents, regulators and exchanges within the U.S. market and internationally."
Strausberg continued, "Our services enable more organizations to see the benefits of XBRL without reengineering current workflows - which can be a costly endeavor. The creation of valid XBRL documents is a complex process and EDGAR Online brings unique expertise to the task, as we are the only organization that currently offers 30 fiscal quarters of standardized XBRL-tagged financial information to the U.S. market place."
In early December 2005, Gartner Research published a report entitled "EDGAR Online Provides New Investment Analysis Capabilities With XBRL-Tagged Data." The author stated, "Extensible Business Reporting Language (XBRL) can improve the quality and efficiency of investment analysis. What has been missing is XBRL-tagged data for analysis." A copy of the Gartner Research report can be found at www.edgar-online.com.
Although XBRL filings with the SEC are currently voluntary, recent comments by SEC Chairman Christopher Cox indicate that XBRL could play a major role in the modernization of SEC systems. At a December, 2005 meeting hosted by the AICPA, Cox called the use of XBRL "an extraordinarily important initiative" that will shape the future of financial reporting. He also called it one of his top priorities.
Cox said that the interactive data XBRL creates "will lead to vast improvements in the quality, timeliness and usefulness of information that investors get about the companies they're investing in." He also stated "XBRL will do for business reporting what bar coding did for product distribution."
EDGAR Online is a founding member of the XBRL Consortium. Over the past five years it has worked with the Consortium on the development of the standard, the taxonomies (industry data tags) and global awareness of XBRL.
Information about EDGAR Online's new XBRL processing service, I--Metrix Xcelerate, is available by calling (888) 870-2316 (toll-free in the U.S and Canada) or (212) 457-8200.
Yesterday's news article:
Is EDGAR Headed for XBRL?
By Paul Allen
January 06, 2006
Interactive data is a phrase you can expect to hear a lot from the Securities and Exchange Commission. Having issued a request for information (RFI) in October 2005 to help it assess the benefits that interactive data formats such as eXtensible Business Reporting Language (XBRL) can provide, on Nov. 21, the SEC released a draft request for proposals (RFP) for a new contract to overhaul its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system and enable it to embrace interactive data. The draft RFP provides the basis for preliminary discussions with the software industry and will be followed by a final RFP, in mid-January.
EDGAR is the mainstay of the SEC's disclosure program. Approximately 700,000 filings received by the SEC each year from corporate securities issuers and investment companies flow through EDGAR - providing a repository of information accessible to the public. As the SEC nears the end of its eight-year agreement with Northrup Grumman for the service and maintenance of EDGAR, it is seeking to enter into a new contract - expected to be awarded by midsummer - for future support, with the expectation that the system will require a redesign to allow it to handle an increase in filings that use interactive formats, such as XBRL.
Read the rest of the article here:
financetech.com
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