Once again, as Wall Street waits for happy hour, we Fools wade into 8-K filings that, if the timing is any indication, executives would rather you not read.
Take filings such as this one from Newmont Mining (NYSE: NEM ) , which announced that it would suffer a $20 million to $30 million after-tax charge in the second quarter as a result of a decline in its economic interest in the Batu Hijau mine in Indonesia.
Or this one from International Game Technology (NYSE: IGT ) , which reported that former Chief Financial Officer Maureen Mullarkey has been replaced on an interim basis by Daniel Siciliano, who had been vice president of corporate finance.
At least he didn't get the cobra
But that's nothing. Here's what Advance Auto Parts (NYSE: AAP ) had to say about its outgoing marketing chief:
The Company announced that David B. Mueller, a named executive officer, had resigned as Executive Vice President, Merchandising and Marketing, effective immediately. [Emphasis mine.]
Sounds normal, doesn't it? Of course it does. Just remember that only on Donald Trump's now-defunct vanity-fest The Apprentice does anyone actually get fired. Everyone else resigns.
Tradition proves nothing, though. Nor does the press release announcing Mueller's replacement, which crossed the wires on May 25. Quoting interim CEO Jack Brouillard at the time:
We would like to thank Dave for his many contributions and wish him the best in future endeavors.
Nice. If only this fountain of goodwill had spilled over into Friday's 8-K. Quoting once more:
The Company has also agreed to provide Mr. Mueller with certain additional benefits, including outplacement services, with an approximate value of $16,000. [Emphasis mine.]
I've never heard of a company providing "outplacement services" to an executive who's left to pursue better opportunities.
Don't feel sorry for Mueller, though. Revenue growth at Advance dipped to 6.6% over the trailing 12 months, the lowest it's been during Mueller's tenure as marketing major domo, which began in November of 2004.
He's also leaving with plenty of moola. According to the most recent proxy filing, Mueller's severance package includes more than $783,000 in cash, stock, and health-care benefits.
The danger of dealing with the government
My favorite filing this week, though, is from Affiliated Computer Services (NYSE: ACS ) . Due to be acquired for $6.6 billion by founder Darwin Deason and hedge fund Cerberus, Affiliated announced a change to its contract with the Department of Education that would result in a $76 million non-cash charge in its fourth quarter.
It's a sad but all-too-typical story. Affiliated was hired to manage the department's "Common Services for Borrowers" initiative in November of 2003. The firm's duties had included loan servicing, processing, debt collection, technology infrastructure oversight, software development, and portfolio management for the department's Direct Student Loan program.
Now, the feds want to cut out the creation of new software, which leaves Affiliated holding the bag on millions in in-process capitalized development costs -- hence, the $76 million charge.
There really isn't much for investors to do here. Services firms are often plagued with wishy-washy clients, and if history proves anything, few clients are as wishy-washy as the federal government. Affiliated was simply in the wrong place at the wrong time.
Think you've found a late filing we Fools should see? Let me know.
Fool contributor Tim Beyers, who is ranked 3,458 out of more than 29,700 rated participants in our Motley Fool CAPS investor-intelligence database, usually favors two scoops of ice cream over the inside scoop. (Join him over at CAPS for free!) Tim didn't own shares in any of the companies mentioned in this article at the time of publication. Tim's portfolio holdings can be found at his Fool profile. His thoughts on SEC filings, Foolishness, and investing in general may be found in his blog. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.