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Earnings Releases and the Use of Non-GAAP Financial Measures Under New Regs.

Hanson Jean E. | July 23, 2003

For U.S. public companies, the legal landscape for the quarterly ritual of publicly announcing and discussing their financial results changed with the adoption by the SEC of Regulation G and the related amendments to Regulation S-K and Form 8-K which became effective on March 28, 2003.

Overview

Under the new rules, companies that disclose material non-public information regarding their results of operations or financial condition for a completed annual or quarterly fiscal period are required to furnish to the SEC the text of the public announcement or release under new Item 12 of Form 8 K and provide additional disclosure regarding any non-GAAP financial measures used in the announcement or release.

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