For companies with $1 million in assets and at least 500 stockholders, the Securities and Exchange Commission requires regular reports. Some 10,000 companies file such reports, listed in the annual Directory of Companies Required to File Annual Reports. To obtain the directory and other reports write: Public Reference Section, Securities and Exchange Commission, 450 Fifth St N.W., Washington, D.C. 20549. For general information, call (202) 272-2650.

Among the most useful SEC filings for journalists are the 10K, 10Q, 8K and the proxy statement. Chris Welles, who has been writing about business and economics for more than 30 years says that "no single body of information is more crucial to the understanding of a corporation than its financial statements."

10K

This annual report discloses the financial performance of the company and includes management's analysis of the company's performance. It covers the company's finances, ownership, major contracts, management history, salaries and other compensation paid to the major officers.

Chris Roush says that if a company does not meet the filing deadline the lateness may be a sign that the business is in some kind of financial distress. Welles says that when he is to write about a company the first step he takes is to obtain the 10K, the annual report and the proxy statement.

10-Q

The 10-Q is filed at the end of the first three quarters of a company's fiscal year. It, as well as the 10-K, can include pending litigation and possible risk factors associated with the business.

8-K

This document has attracted journalists' attention in recent years because the 8-K must be filed soon after a materially important even occurs at the company—the sale or acquisition of a business, the resignation of a board member, action taken by a regulatory agency against the company. In the 8-K a board member of Hewlett-Packard filed, he reported that the company had failed to disclose his reason for leaving: He disagreed with the company's decision to conduct a secret investigation about leaks to reporters. This alerted reporters to a story that resulted in the resignation and indictment of the company chairman and others.

Proxy Statement (14-A)

The 14-A, an SEC-mandated document, is sent to all stockholders about six weeks before an annual meeting. It contains the salaries and bonuses of the five top company officers and the stockholdings of most senior executives, which is a basic story for reporters who look for how much their compensation rose or fell.

Executives of the company must detail extra benefits the company provides them, such as country club memberships and the costs involved in flights on the company jet. The 14-A lists any deals between the firm and its management or directors. It contains biographies of the directors, some of whom are from outside the company and can become good sources.