Guess at Guess? Inc (NYSE:GES)

Guess announces a delay in reporting Q1 earnings. They blame an April 27 SEC comment letter questioning their 2005 10K. In the same press release they provide substantial short term guidance on Q1 2006. Guidance is usually about future earnings. The release constitutes passive aggressive behavior against the SEC. The SEC comments relate to acquisition cost treatment dating back to Q1 2005. While Guess makes it to be a small problem, when you have to delay your earnings release, I see it as major.