the legal thing... by Mike Dillon: We're trying something different...

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Tuesday Jul 24, 2007

We're trying something different...

On Monday, July 30th, we will release our fourth quarter and fiscal year 2007 financial results.

The standard process for this type of event is to first prepare a press release that has been reviewed by legal, finance, external auditors and the Audit Committee of the board. The press release is then sent to any number of private agencies (we pay a fee for this) that in turn disseminate the information to their paying subscribers. At about the same time, we then post the information on our external website and file the press release with a Form 8-K on Edgar. About 30 minutes after that, we hold our quarterly call with analysts.

Over the last year, we've had an excellent dialog with Commissioner Cox and the SEC concerning Reg FD. As part of this exchange, we have discussed the idea that the Internet will increasingly become the accepted platform for providing timely information of importance to shareholders and the public. To this end, our investor relations and press relations teams have been revising our Sun investor website to add additional content (such as Jonathan's Blog) that will enable investors to have greater access to information about our business. We have as part of this effort also incorporated RSS feeds so that the public can subscribe to receive information directly from Sun (obviously, at no charge).

So, what's the change? Well, on Monday, we will release our financial information first to the public via our website, RSS feeds and 8-K filing. Then, about 10 minutes later, we will release the information to the traditional private agencies and their paid subscribers.

This change may not seem major, but to be candid, it has some in our company a bit uncomfortable. After all, in the area of securities regulation, being "innovative" is not always considered positively. However, in this situation, our goal is very much aligned with the intent of Reg FD.

If you are interested in subscribing to Sun's RSS investor feed, go here.

Posted on 10:53PM Jul 24, 2007 | Comments[13]

Comments:

Mike -- Why are people "uncomfortable"? You will be complying with Reg. FD by filing your 8K (Reg. FD considers filing an 8K or doing a press release as public disclosure). Is it a "legal thing," or is it the IR folks feeling that they shouldn't rock the boat and make the investment community sign up for RSS or print out an 8K? I applaud Sun's efforts to move the disclosure regime out of the 1990s, but I'm not sure RSS is quite there in terms of penetration. As I wrote here, here and here, I think it's important to push the envelope and to evolve, and I applaud Sun for being at the forefront. Dominic Jones at IR Web Report has written some very interesting pieces on this issue and other IR/disclosure issues. Keep up the good work. Alex Simpson

Posted by Alex Simpson on July 25, 2007 at 06:35 AM PDT #

Mike, Thank-you and Sun for taking a leadership role in increasing the number of distribution channels. Word moves fast in the blogsphere, as I too read about this news in an RSS feed from IR Web Report which is parked next to the RSS feed fron the SEC XBRL Voluntary Filing Progam, which is parked next to my RSS Derivatives Widget on my personalized home page. The way I receive and process information is changing on a daily basis. This increased distribution channel will engage a different audience in different ways and that is a positive thing. Respectfully, Chris

Posted by Christopher Smith on July 26, 2007 at 09:21 AM PDT #

To me this change seems right in line with what the SEC is primarily concerned with--public disclosure of information so investors can make fully informed decisions. No one should be worried about this. In fact, I would guess it will be an example for others to follow. Nice job.

Posted by RichardZ.com on July 26, 2007 at 09:50 AM PDT #

[Trackback] Sun Microsystems is trying something different -- the company just released its quarterly earnings via 8-K, and simultaneously on Sun's website (and available by RSS feed), and only released the information to the private wire services. As noted in this

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How is Sun doing its earnings releases today? Still using the Web as the first source of information? Or back to newswires?

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