Business Wire and CoreFiling Announce EarningsDirect providing XBRL data and traditional earnings releases
New York, 28th February 2006.
Business Wire today announced EarningsDirect, a significant new investor relations tool that enables companies to distribute fundamental financial data to key audiences in an interactive format, resulting in improved analysis, transparency and visibility.
EarningsDirect makes it simple for companies to provide material financial data to media, analysts and infomediaries in a way that can be instantly processed for critical comparative analysis.
“EarningsDirect brings the financial news release into the 21st century,” said Cathy Baron Tamraz, Business Wire’s president and chief executive officer. “Analysts and professional investors can take earnings numbers and place them straight into their financial models within seconds of this market sensitive information being simultaneously disseminated by Business Wire.”
EarningsDirect allows corporate issuers to effortlessly convert fundamental financial data into XBRL, and disseminate this material news to the media and investment community worldwide, simultaneously and in real-time via Business Wire’s proprietary, state-of-the-art distribution platform.
XBRL (eXtensible Business Reporting Language) is a freely licensed information exchange standard created by an international not-for-profit consortium for the definition and exchange of financial and performance reporting information. The U.S. Securities and Exchange Commission, in addition to other regulatory agencies worldwide, is a strong proponent of this interactive exchange of data.
EarningsDirect is specifically designed for investor relations professionals who are seeking a non-technical way to leverage the standard and target their investment message direct to financial markets. For Q2 2006 earnings season onwards, Business Wire members will be able to download a simple Excel template, populate it with key data from their earnings release and upload the completed template to Business Wire’s secure servers.
Business Wire’s systems use proprietary technology provided by CoreFiling, a joint venture of Business Wire and DecisionSoft, to convert these templates into “Intelligent Financial Statements,” a special PDF document that provides the earnings information in a way that can be read concurrently by individuals and IT systems. CoreFiling employs some of the world’s leading XBRL specialists.
The Level 1 EarningsDirect offering includes around 100 basic financial concepts that are integral to all earnings statements and can be completed by registrants in less than 30 minutes. The XBRL-enabled data, along with the full-text news release, will be transmitted over Business Wire’s NX platform to all market-moving news services, financial information providers, the professional investment community, and web portals.
“This announcement marks the point that XBRL suddenly becomes relevant to investor relations professionals all over the world,” said John Turner, CoreFiling’s CEO. “The powerful combination of EarningsDirect and Business Wire’s exclusive NX distribution platform means that market sensitive information will be instantly, accurately and unambiguously available to all key audiences, forever changing the dynamics of how investors access and analyze financial data.”
“For clients who may be intimidated by XBRL, EarningsDirect represents a simple and easily understood introduction to this dynamic technology,” Turner added. “For many companies the EarningsDirect platform may be all they ever need to create more accessible and usable information for investors.”
To encourage corporate issuers to take advantage of XBRL, and get their key financial data into the media and the financial models of investors within seconds, Business Wire will be offering its EarningsDirect Level 1 product at no charge to members who transmit earnings releases during the second and third quarters this year, beginning in April, 2006.
Advanced versions of EarningsDirect are also available for clients seeking more sophisticated XBRL solutions.
EarningsDirect Level 2 is industry-specific, satisfying specialized sector-focused financial requirements, and offering a higher degree of data granularity. All Level 1 features are integrated into EarningsDirect Level 2.
EarningsDirect Level 3 involves the creation of tailored templates to meet the specific disclosure needs of particular clients. This work is carried out by XBRL specialists from CoreFiling.
Business Wire’s EarningsDirect offering contains embedded XBRL from the US GAAP XBRL taxonomy. European versions of the service, including the United Kingdom, Germany and France, will be available shortly.
About Business Wire
Business Wire was founded in 1961 by Chairman Lorry I. Lokey, veteran journalist and public relations executive. The company’s multi-channel delivery network, with access to some 60 international and national news agencies, financial information providers and Web-based news services throughout North America, Europe, Asia, Latin America, the Middle East and Africa, provides real-time, simultaneous access to key audiences – the news media, trade publications, institutional and individual investors, business-to-business decision-makers and consumers.
Business Wire electronically disseminates some 1,000 full-text news releases daily to the media, the Internet, online services and databases, and the global investment community in 150 countries in 45 languages. Business Wire has 24 U.S. offices, Frankfurt, Paris, London, Brussels, Sydney and Tokyo offices, and reciprocal offices throughout the world.