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Hi! I was looking at S-1 fillings in the Edgar Online and checking out
IPO investments.
I realize that many firms report results on each full quarter within
the two most recent fiscal years. That quarter might varied. For
example, a firm might report 1st quarter for the two most recent
fiscal years while another firm report the 2nd quarter. Yet another
might elect to report the 3rd quarter. So I checked and realize that
this is required as per Item 302 of Regulation S-K.
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Item 302 -- Supplementary Financial Information
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a. Selected quarterly financial data. Registrants
specified in paragraph (a)(5)of this Item shall provide the
information specified below.
1. Disclosure shall be made of net sales, gross profit (net sales
less costs and expenses associated directly with or allocated to
products sold or services rendered), income (loss) before
extraordinary items and cumulative effect of a change in accounting,
per share data based upon such income (loss), and net income (loss),
for each full quarter within the two most recent fiscal years and any
subsequent interim period for which financial statements are included
or are required to be included by Article 3 of Regulation S-X.
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However, I notice that there are firms that report on 6-month or even
9-month within the two most recent fiscal years. My first reaction is
that "hey, this firm is hiding quarterly results". My 2nd reaction is
"aren't the firm flouting the law?"
I am keen to hear some legal opinions. Thanks!
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