FEI Members and Prospective Members
Here's "what's up" in the world of FEI members. By the way, I
posted some pictures from my recent trip to Portland and Seattle.
Here's a link.
are some comments from some of our leading members on their earnings
disclosures under the new rules.
"At (our company), we decided to make a very public announcement
of our expectations for next year. At an analyst conference in New York on Nov.
15, we disclosed a range of expectations for next year's results, and the
assumptions that we used to arrive at those estimates. We issued a press
release with the same information before the meeting. We also included a
call-in number and webcast information in the press release, so that anyone who
wanted to participate in the analyst conference could do so. We also included
the range of expectations and the related assumptions in our MD&A for the
third quarter 10-Q, filed the day before the analyst conference."
"We had already begun announcing the call-in number and webcast
information, through a press release, for our quarterly earnings conference
calls before Reg FD was effective. This allows all interested parties to
participate, not just the analysts."
"Phil, the most significant impact is on updates to analysts
during the quarter. Previously, many companies would give analysts updates on
how the quarter was going. But with FD, I think you will find companies falling
into two camps. The first is those who will give no updates during the quarter,
let the analysts' estimates go where they may, then just announce earnings at
the end. This may produce many surprises, and is probably the minority
approach. The other approach is to put more commentary into the quarterly
conference call about the upcoming quarter, and then update this when
appropriate via press release. No other comments about the quarter other than
by press release will be possible. In fact, it is our understanding that even
confirming that the last comment is still true will not be allowed. This
approach should lead to analysts' estimates being in a tight band around
whatever the company last said.
Some other changes we will see are: companies will provide less
(or no) help with analysts' earnings models; there will be more webcasting of
analyst conferences, perhaps reducing the number or frequency of these; and
lots and lots of press releases. Every time a company officer talks publicly,
you will probably see a press release telling people where they will speak and
a copy of their comments. It will be interesting to see how the media handles
this barrage of press releases."
"On Reg FD, we have a simple policy at (our company), which is:
"Say it all on the call." Any and all material information, including earnings
guidance, should be covered in the call. Subsequent meetings are a reiteration.
If new material data must be disclosed during a quarter, we use a press
Estate Taxes and S Corp
FEI is considering both an educator/information provider role
in the tax arena as well as being an advocate for responsible reform of the tax
code with respect to estate taxes. Your input/participation and thoughts would
be most appreciated. If this subject interests you, please send an e mail to
Mark Rosen at email@example.com.
We are excited to have Geoff Merszei, VP & Treasurer
of Dow Chemical, as the keynote for our upcoming Annual Treasurers Conference,
February 27, 2001 at the Fairmont Hotel in San Francisco. Geoff will discuss
Dow's first ever e-bond offering and his vision of the future of treasury.
Other subjects include FAS 133 Implementation, Treasury workstation technology,
Reg FD issues and a bank market update. You can see the full agenda and
register at online.
Auditor Independence Final
Last week the final rules were published on the new
auditor independence rules. You can get the full detailed rules at the
SEC website. We published a
brief summary in the last
Senior VP of Operations at
We are trying to hire an SVP of Operations to oversee much of our
Morristown-based administrative and chapter support activities. If you are
interested in the job, see the job description on the
Center. You can submit your resume to the search firm at
SEC Chief Accountant Lynn
Turner - Audit Committees: A Call to Action
I think this speech is a
great overview for audit committees thinking about their role and the new
rules. Here is a
Financial Issues for
Many of our members now have positions with
emerging companies. The challenges of capital-raising, management
infrastructure and financial best practices are unique to these companies. We
are planning a teleconference on the subject for early next year. Also, we
would like to put together a group of members that are interested in working on
this topic and developing a network of similarly challenged financial
professionals within FEI. Please send an e-mail to
Chris Allen if you are interested in
participating in some way.
Accounting for Real Estate
The AcSEC Exposure Draft for the unconsolidated real
estate investments SOP (equity accounting) has been released and can be
downloaded from the AICPA web site. The comment deadline is April 15, 2001. You
read the ED here.
Do Your Part for the
The FEI Research Foundation has launched its fiscal 2001
funding campaign, and requests for support are in the mail to all of our
members. The Foundation's work is all supported by voluntary tax-deductible
contributions from FEI members. I want to thank the 300 members who have
already signed on as contributors in the new campaign, and I want to encourage
the rest of our members to support the Foundation, especially as it works to be
more dynamic and proactive in its service to FEI members and the financial
management profession. You can pledge online, or contact
Development Manager Nora Peyton at firstname.lastname@example.org with any questions.
Attend Research Roundtable on
The FEI Research Foundation wants to hear from you on
the types of risk your company is facing and the kinds of tools you need to
overcome them. Join us at 11 a.m. on Monday, Dec. 11, at the Chicago O'Hare
Hilton. Share your insights, raise your concerns and help us develop web-based
information to help our members. Seating is limited. Contact
Bill Sinnett for more information.
Need some CPE
FEI has negotiated a special rate for members who need to
get current on CPE credits for the year. Through an alliance with our partner
KeepSmart, producer of FMN
Online, we have negotiated a $50 TOTAL FEE for all the credits you may need
(yes, unlimited!!) until Dec. 31. Simply go to
http://www.FMNOnline.com/specialoffer/fei and sign on.
Once you have signed on, you can go back and take as many credits
as you like, whenever you want, until year-end. Simply watch the program and
answer the quiz questions at the end. FMN will track your CPE credits and you
can check your status anytime, day or night.
For a description of program topics, please visit
Feel FREE to share this special offer with other members of your
department or organization. TAKE the offer at
It's Time Again! Don't Forget
Your Proxy Cards!
Just a reminder that we need all of you to send in
your proxy cards as soon as possible. Each and every one of your votes count,
so please don't forget to participate in this very important part of membership
Based in Seattle, Rival Networks is a leading infrastructure
services company that aggregates Web site communities into easy-to-navigate
networks. As CFO, you will oversee all aspects of the company's financial,
accounting, and facilities activities. You will be responsible for assisting
the CEO in raising capital for the company when necessary. You will also be
responsible for the development of accurate accounting systems, forecasting
plans, transaction recording and reporting, human resource and facilities
planning. Please send resume to: Deb Dietzen, Senior Corporate Recruiter, Rival
Networks, Fax: 206-381-6999, e-mail: email@example.com.
To learn more about this position (FEI Job #5060) or to view more
jobs, please visit the
FEI Welcomes Kenneth Sawyer, Executive VP and CFO of the
Pittsburgh Penguins, Pittsburgh, PA, and Kathleen Allen, CFO, Millipore
Corporation, Boston, MA.
That's all for now,
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