Public Companies Must Post Quarterly Results

[LASportsFan]

I think it is a requirement that public companies must post quarterly results. How come we never hear about earnings results for each quarter? The ABA is a publicly traded company. Don't they have to disclose their financial results to the public? How does Joe avoid this?

I'm really curious to see what you guys have to say about this one.

[StrongIsland]

LASportsFan,

Yes the ABA must report their quarterly and annual numbers. On the sec website you can find information pertaining to the prior two years up through September 30, 2006. The reporting requirement for the annual report is 90 days after the last day of the comapnies fiscal year, which in the case of the ABA is December 31. Our reports were due this weekend, but we elected to take the allowed 15 day extension to ensure our report is complete and accurate. It will be filed before April 15th of this year. Thank you

[a1sports]

IT wont make a difference what the ABA files, by the time they file the ABA might not be around. Look up the law suit filed by doyle et al and your answers all all there. Sure the law suits were dismissed but the shareholders are probably NOT too happy with what they learned this also includes big investment firms that put money in. Starting to sweat CFO? Never fool with other peoples money. Maybe something good will happen when people take a real look at the where the money went. AGAIN cant use public funds for personal use.

Take all the time you want, 15 days or 150 days. I cant wait to see what the shareholders think of all this.

ABA at 12 cents

[QC_Hawks_fan]

As of Apr 03, 2007 10:29 AM
OTCBB ABKB $0.12 -0.08 -40.00%
Open: 0.20 Prev Close: 0.20
Day High: 0.20 Day Low: 0.12
Year High: 2.71 Year Low: 0.15
Volume: 3,500
Market Cap: $3,240,000
Outstanding: 27,000,000
Quote delayed 20 minutes

[LASportsFan]

Here's an article from a Canadian journal:

Few sporting moguls in North America have taken their businesses public. You can hardly blame them. Shareholders want the returns that come from high profits and low costs. Fans want results, the kind often generated by outbidding everyone else for top talent. And fans who are shareholders—well, they don’t know what to do. They’re guaranteed some form of misery, but they hang on to the stock because to sell it would be disloyal.

None of that stopped Indianapolis businessman Joe Newman from taking an entire professional sports league public in January. The CEO of the seven-year-old American Basketball Association (OTCBB: ABKB) believes that while fan shareholders will want results, they’ll get them on a league-wide basis. That means they can root for their favourite team in peace. “It occurred to me,” says Newman, “that if we took this company public and got one or two million shareholders, even if they were buying one share of stock, they would be the same ones who would buy tickets, hats, sweatshirts, and say, ‘I’m going to support this league because I’m an owner of it.’”

The ABA used a reverse takeover of a shell company to go public, not an uncommon way for businesses looking for quick capital without the hassles of an IPO. In Canada, there are 164 shells currently on the TSX Venture Exchange, and 26 such companies were subjected to reverse takeovers last year. Doesn’t sound like much, but reverse takeovers are an important way of going public, especially in unstable market conditions, which could alter an IPO’s viability at the last minute.

Newman says the ABA needs money to increase its apparel and entertainment offerings, as well as continue its expansion. He hopes to have a 70-team league by the start of next season. The league started this season with 50, but is now down to 44, including two Canadian franchises, the Montreal Royal and Quebec Kebekwa (a phonetic spelling of Québécois), and two more Canuck teams set to be announced shortly for Mississauga, Ont., and Edmonton. A proposed franchise for Ottawa is in the works. The ABA also includes teams from Mexico and China.

Fast expansion has been the bane of more than one fledgling sports entity, with owners often relying on new franchise fees to keep their own teams afloat. It’s kind of like a giant pyramid where the dilution of quality eventually affects fan interest. But Newman believes the ABA’s expansion should strengthen the league rather than weaken it. More teams, he argues, means more regional rivalries and more team trips by bus, and the players on both teams are more likely to be recognizable at the local level. Indeed, there are more than a few former college stars playing who couldn’t get a full-time gig in the NBA, but each team can spend only US$120,000 on salaries, compared with the NBA’s cap of roughly US$53.1 million. To put that into perspective, Toronto Raptors star Chris Bosh will make more in one game next season than the ABA team salary cap. Newman’s biggest challenge is managing all that growth—the same as with any fast-growing business.

The ABA is certainly a big step below the NBA, but Newman says it’s just different: “The NBA is like eating seven nights a week at Ruth’s Chris Steak House. Pretty soon you’ll run out of money and you’re still hungry.”
[The ABA is like eating at McDonalds seven nights a week when you're a homeless bum. As soon as you use up your dollar on a cheeseburger, you're still going to be hungry and need to go back out on the street looking to peddle your next dollar for your next cheeseburger.]

That said, the ABA is a fast-paced game, with rules designed to reward risk-takers. Market players will also have to put up with risk if they take a shot with the ABA. Strange things tend to happen to companies on the OTC. Case in point: a few ABA execs recently tried to oust Newman by issuing a bogus press release stating that the league’s board of directors voted to remove him as CEO. Newman, however, is still very much in control, although not too happy about the dissent. “It did irreparable damage because I’ve had to deal with that question 30 times,” says Newman. “When you’re a mature company like a Wal-Mart or a Microsoft, you can take the kick in the teeth. For a new public company trying to gain some traction and a foothold, it was outrageous, disingenuous and wrong.”

The ABA, with reported revenues of roughly US$20 million, isn’t going to appeal to high rollers. In its first six weeks of trading, the stock dropped from an opening price of US$2.71 to less than 70¢—about the same level as the rival United States Basketball League. Not exactly a promising start, but where else can you own a piece of a league for less than the price of a cup of coffee?
[I'd rather buy the cup of coffee ("cup of Joe"). At least I know I'm getting something for my money there.]
----------------------------------------------------------------------

[preeths]

Cup of coffee? You'd be lucky to get a handful of gum for the price of ABA stock today.

[a1sports]

"A few ABA execs recently tried to oust Newman by issuing a bogus press release "


Nothing like checking facts would ever stop a writer or maybe Joe hypnotized him as he does everyone else.

The ABA board ( Doyle group) legally filed a law suit after leagllay removing Joe from the Board. It wasnt untill they all dropped there law suits and ran away from him that he stayed as CEO.

Lets just wait out the next few weeks and see what Joe will be the CEO of.

[jamesaba]

Here's an article from a Canadian journal:

Few sporting moguls in North America have taken their businesses public. You can hardly blame them. Shareholders want the returns that come from high profits and low costs. Fans want results, the kind often generated by outbidding everyone else for top talent. And fans who are shareholders—well, they don’t know what to do. They’re guaranteed some form of misery, but they hang on to the stock because to sell it would be disloyal.

None of that stopped Indianapolis businessman Joe Newman from taking an entire professional sports league public in January. The CEO of the seven-year-old American Basketball Association (OTCBB: ABKB) believes that while fan shareholders will want results, they’ll get them on a league-wide basis. That means they can root for their favourite team in peace. “It occurred to me,” says Newman, “that if we took this company public and got one or two million shareholders, even if they were buying one share of stock, they would be the same ones who would buy tickets, hats, sweatshirts, and say, ‘I’m going to support this league because I’m an owner of it.’”

The ABA used a reverse takeover of a shell company to go public, not an uncommon way for businesses looking for quick capital without the hassles of an IPO. In Canada, there are 164 shells currently on the TSX Venture Exchange, and 26 such companies were subjected to reverse takeovers last year. Doesn’t sound like much, but reverse takeovers are an important way of going public, especially in unstable market conditions, which could alter an IPO’s viability at the last minute.

Newman says the ABA needs money to increase its apparel and entertainment offerings, as well as continue its expansion. He hopes to have a 70-team league by the start of next season. The league started this season with 50, but is now down to 44, including two Canadian franchises, the Montreal Royal and Quebec Kebekwa (a phonetic spelling of Québécois), and two more Canuck teams set to be announced shortly for Mississauga, Ont., and Edmonton. A proposed franchise for Ottawa is in the works. The ABA also includes teams from Mexico and China.

Fast expansion has been the bane of more than one fledgling sports entity, with owners often relying on new franchise fees to keep their own teams afloat. It’s kind of like a giant pyramid where the dilution of quality eventually affects fan interest. But Newman believes the ABA’s expansion should strengthen the league rather than weaken it. More teams, he argues, means more regional rivalries and more team trips by bus, and the players on both teams are more likely to be recognizable at the local level. Indeed, there are more than a few former college stars playing who couldn’t get a full-time gig in the NBA, but each team can spend only US$120,000 on salaries, compared with the NBA’s cap of roughly US$53.1 million. To put that into perspective, Toronto Raptors star Chris Bosh will make more in one game next season than the ABA team salary cap. Newman’s biggest challenge is managing all that growth—the same as with any fast-growing business.

The ABA is certainly a big step below the NBA, but Newman says it’s just different: “The NBA is like eating seven nights a week at Ruth’s Chris Steak House. Pretty soon you’ll run out of money and you’re still hungry.”
[The ABA is like eating at McDonalds seven nights a week when you're a homeless bum. As soon as you use up your dollar on a cheeseburger, you're still going to be hungry and need to go back out on the street looking to peddle your next dollar for your next cheeseburger.]

That said, the ABA is a fast-paced game, with rules designed to reward risk-takers. Market players will also have to put up with risk if they take a shot with the ABA. Strange things tend to happen to companies on the OTC. Case in point: a few ABA execs recently tried to oust Newman by issuing a bogus press release stating that the league’s board of directors voted to remove him as CEO. Newman, however, is still very much in control, although not too happy about the dissent. “It did irreparable damage because I’ve had to deal with that question 30 times,” says Newman. “When you’re a mature company like a Wal-Mart or a Microsoft, you can take the kick in the teeth. For a new public company trying to gain some traction and a foothold, it was outrageous, disingenuous and wrong.”

The ABA, with reported revenues of roughly US$20 million, isn’t going to appeal to high rollers. In its first six weeks of trading, the stock dropped from an opening price of US$2.71 to less than 70¢—about the same level as the rival United States Basketball League. Not exactly a promising start, but where else can you own a piece of a league for less than the price of a cup of coffee?
[I'd rather buy the cup of coffee ("cup of Joe"). At least I know I'm getting something for my money there.]
----------------------------------------------------------------------

Reported Revenues of 20 million? The prospectus from last year said 400,000. Where is the league getting 20 million from? They have no sponsors, they lost their website with the paying ads, and you can't tell me Susie-Q is selling that much!

More like a bogus projection to lure in shareholders I guess.