Once again, as Wall Street waited for happy hour, we Fools waded into 8-K filings that, if the timing is to be believed, executives would rather you not read.
Kicking off today's list is the filing from brewer Molson Coors (NYSE: TAP ) , which announced that Frits van Paasschen, president and chief executive officer of subsidiary Coors Brewing, is leaving the company. Molson Coors CEO Leo Kiely will assume van Paasschen's duties until a replacement is found.
Meanwhile, at Amazon (Nasdaq: AMZN ) , chief information officer Rick Dalzell announced his intent to retire at the end of 2007. Dalzell joined Amazon a decade ago from Wal-Mart, where he was vice president of information systems.
If only Human Genome Sciences (Nasdaq: HGSI ) could get the same commitment from director Kevin Starr. Formerly the chief operating officer for Millennium Pharmaceuticals (Nasdaq: MLNM ) , Starr resigned on Thursday. He joined the board last year and was a member of the audit committee. I'll let you decide what that means, but it sure doesn't look good.
According to its filing, US Airways will be taking back all the pilots it made available to Republic under a furlough program. Nice, but who will fly Republic's aircraft? Quoting from the filing:
Commencing in the fourth quarter of 2007 and extending into the first quarter of 2008, [Republic Airways] will spend approximately $3 million to train new pilots to replace those that are recalled. To the extent the Company is unable to train replacement pilots at a rate faster than it loses recalled pilots, the Company may have to temporarily reduce its U.S. Airways operation ... The Company expects to update this guidance, if necessary, during its 3rd quarter 2007 earnings call, which is anticipated to occur before the end of October 2007. [Emphasis mine.]
It's never easy being the minor league club, is it?
Still rectifying International Rectifier
But my favorite filing this week comes to you courtesy of International Rectifier (NYSE: IRF ) , which makes power management chips. Accounting problems persist at the company.
Most investors know that.
What's troubling is that the company's audit committee keeps finding errors. Here's the tally from last week:
In addition to accounting irregularities discovered in connection with the Company's ongoing investigation, the Company has identified issues associated with its transfer pricing methodology and other tax issues for its fiscal years 2002 through 2007. Review of potential tax liabilities, credits and related matters is currently under way. The Company has not yet completed its determination of the amount of additional tax liability, but believes the amount of any potential tax liability is material to income in fiscal years 2004 through 2007." [Emphasis mine.]
It goes on to list what seems to be a boatload of previously released data that "should not be relied upon." Investors now should ignore International Rectifier's reported numbers for at least 12 quarters since September 2003. Maybe they should ignore this stock, too.
Found a late filing we Fools should see? Let me know.
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Fool contributor Tim Beyers usually favors two scoops of ice cream over the inside scoop. Tim didn't own shares in any of the companies mentioned in this article at the time of publication. Find Tim's portfolio here and his latest blog commentary here. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.