Very few companies report year end results in 2-3 weeks.
For the thread:
The SEC requires companies to file their 10Q report within 45 days of the end of each quarter. These reports are not subject to external audit.
But for the year-end report, the SEC allows 90 days, considering the year end reports must be audited by external auditors. Many outstanding profitable companies report around 40-50 days after the close of the year.
In practice, companies that are in Valence's situation, i.e. R&D companies with a quarterly burn rate, a almost always report near the end of the filing period. Valence has in the past as well, regardless of whether they had a CFO or not.
Usually these companies reports are fairly predictable anyways, from the previous reports and the cash burn rate. I guess they wait until late in the filing period, so that after the report release, they can give better recent status reports in the conference call.
As for the Valence 1999 Fiscal Year report (year ending at end of March), if they have begun commerical production of batteries this month, then the auditors will be reviewing a new series of accounting systems and reports.
To read something sinister into filing late in the reporting period, is overstating the impact of this issue. Valence reporting practice is similar to most speculative stocks in this situation.
Paul |
