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.

Regulation FD
Here 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 release."

Estate Taxes and S Corp Rates
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 mrosen@feidc.org.

Treasurers Conference
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 Rules Released
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 FEI Express.

Senior VP of Operations at FEI
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 FEI Job Center. You can submit your resume to the search firm at allen@fostermckaynj.com.

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 link to the speech.

Financial Issues for Emerging Companies
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 Investments
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 can read the ED here.

Do Your Part for the Profession
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 npeyton@financialexecutives.org with any questions.

Attend Research Roundtable on Risk Management
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 credits?
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 http://www.FMNOnline.com/cpe/what.cfm.

Feel FREE to share this special offer with other members of your department or organization. TAKE the offer at http://www.FMNOnline.com/specialoffer/fei.

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 in FEI.

Job Posting: CFO
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: ddietzen@rivals.com.

To learn more about this position (FEI Job #5060) or to view more jobs, please visit the FEI Job Posting Center.

New Member Welcome
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,