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To: Mike Buckley who wrote (3066)	5/25/2000 10:06:00 AM
From: quidditch	Respond to of 6516

Hi, Mike, yes and no: There is a big difference between announcing earnings via a press release, holding a conference call about the press release, and issuing an SEC filing. I've never heard that either of the first two are required. The 10Q is required within 30 days of the end of the fiscal quarter and the 10K is required within 45 days of the end of the fiscal year. You are correct in part as to the first statement. Re. Exchange Act reports--45 days after the end of the quarter for the 10-Q and 90 days after the end of the fiscal year for the 10-K. Re. the press releases and conference calls, typically the rules of the exchange on which a security is listed (and not only those in the US) require the issuer of a listed security to make full and prompt disclosure of material company news, which would ordinarily include information relating to quarterly results. Thus, the torrent of press releases at earnings time. The conference calls are not obligatory and, for us wee investors, have been increasingly open to our participation, compared to past years when a few selected analysts were afforded access to management. I would agree with your points re. TVGIA indebtedness and the pooling/splits issues. Best regards, Steve