KCSA PUBLIC RELATIONS, INVESTOR RELATIONS BLOG

Rumor has it the NCAA Tournament decreases productivity. Talk to me after earnings!

Posted by on March 28th, 2013

Last Wednesday as I sat in my apartment having breakfast, I was watching a morning talk show where I am usually updated on which celebrity couple is having a child or some idiotic dance craze that is sweeping the nation via YouTube. However, on this day, the talk show hosts were discussing something which I found interesting. I was informed by them that it’s that time of the year where the world according to Matt Lauer / Diane Sawyer slows down and productivity at work is decreased due to the annual NCAA Basketball Tournament (feel free to insert your own political joke here). Well Matt and Diane, let me say one thing, don’t ever tell that to an investor relations professional, especially when we are finishing up with year-end earnings and swinging right into and issuing first quarter earnings.

When it comes to year-end and quarterly filings, publicly traded companies are labeled under three categories: 1) Large Accelerated Filers, 2) Accelerated Filers and 3) Non-Accelerated Filers. For many micro-cap and small cap companies they are considered non-accelerated filers and their 10-Ks are typically filed on or right up to the deadline. This year it is April 1st. Below are requirements and deadlines for the categories public companies fall under:

Category of Filer

Deadlines for Filing Periodic Reports

Form 10-K Deadline

Form 10-Q Deadline

Large Accelerated Filer

($700MM market cap or more)

60 days

40 days

Accelerated Filer

($75MM or more and less

than $700MM)

75 days

40 days

Non-accelerated Filer

(less than $75MM)

90 days

45 days

According to the SEC, 10-Ks are to be filed 60 days after the end of a company’s fiscal year for large accelerated filers, 75 days for accelerated filers, and 90 days for non-accelerated filers. Large accelerated reporting companies have a public float of more the $700 million while accelerated filers are reporting companies with a public float of at least $75 million but less than $700 million. Large accelerated and accelerated filers must also meet the following requirements:

  • has been subject to the periodic reporting requirements of the Exchange Act for a period of at least 12 months
  • has filed at least one annual report (such as a Form 10-K)
  • is not eligible to file small business forms (such as Forms 10 KSB and 10 QSB).

A “non-accelerated filer” is a reporting company that has a public float under $75 million or that fails to meet other criteria for an accelerated filer.

So with most micro and small cap companies, once we have finished with year-end reporting we bounce right back into earnings mode with first quarter numbers for fiscal year-end companies, which this year are due by May 15th.

So is this a busy time of the year for those of us the investor relations field? You bet. Productivity downslide? Not a chance. Am I saying this because I picked Georgetown to win it all and I could care less who wins the tournament now? No way. I have earnings scripts and press releases to work on. Plus, I don’t want to be stuck inside watching basketball during my free time, it’s finally Spring!!!