Resurrecting a time-worn practice of issuing really nasty press events at midnight (ok, 11:00 PM Eastern), Bank Atlantic announced "earnings" this evening.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--BankAtlantic Bancorp, Inc. today reported a net loss from continuing operations of ($38.4) million, or ($3.41) per diluted share for the quarter ended June 30, 2009, compared to a net loss from continuing operations of ($46.6) million, or ($4.15) per diluted share for the quarter ended March 31, 2009, and a net loss from continuing operations of ($19.4) million, or ($1.73) per diluted share for the quarter ended June 30, 2008. BankAtlantic Bancorp’s pre-tax loss from continuing operations was ($38.4) million, ($46.6) million and ($31.5) million for the quarters ended June 30, 2009, March 31, 2009 and June 30, 2008, respectively.
Uh, that would be "tonight, we tried to bury the story by issuing the press release at 11:00 PM when we hoped nobody would notice it."
And "earnings" is of course in quotes because well, they were losses, not earnings.
There's no law that says you have to release earnings at a reasonable hour when most people would be awake and actually see them, but this sort of nonsense reminds me of now-defunct American Home Loan, which was known to issue "good" press releases really late at night, and in one memorable incident they actually issued a press release the night of Good Friday (and no, it wasn't good.)
Hint to Bank Atlantic: There are people who are indeed awake at hours like this, and we'll plaster your release all over our blog so that hundreds of thousands of people will see it in the morning.