Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Friday, September 22, 2006
Ameron's No Balance Sheet Disclosure
Ameron International Corporation (NYSE:AMN) reports earnings touting record profits in the headline of their own press release. The press release came out on Business Wire at 0400 ET. Friday Sep 22. Notably missing a balance sheet and sources and uses of funds (cash) statement. How can an investor rely on disclosure that is so incomplete? (Regardless of how good operating results seem to be). Reg FD means Full Disclosure. I always assumed that meant complete financials. SEC filings which may be more complete, will clearly be at a much later time and investors may not have the sufficient time to absorb the information.