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Tuesday, May 22, 2007 5:50:10 PM
The Company will observe a “quiet period,” during which the Company shall not comment on its prospective financial results. The quiet period will begin 15 days prior to the end of the quarter and continue until the Company’s earnings information for the applicable period is made public. During the quiet period, the Company may participate in investor phone calls, meetings or conferences, but will not discuss current operations or results of the business.
Quiet periods arose because updates on the quarter to analysts posed a greater risk of selective disclosure later in the quarter, when management had a better sense of where the final numbers would end up. In my view, FD discourages interim updates as to quarterly progress at any time during the quarter (unless published), so to me quiet periods are really a nonissue.
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