RJ.....when reviewing 10-Q's and 10-K's, looking at the reported numbers is analagous to looking at an older picture of yourself.
Its a snapshot of a prior period of time.
This is why you will often see big board stocks go down on good numbers, or up on poor numbers.....as an investment determination is made not necessarily on the prior reported numbers, but about the future of the stock based on trend information provided, going forward.