As a practical matter very unlikely, if earnings were bad they would release earnings and have the conference call on the same day. This way the bad news would all occur in one day. The very fact that they split up the two indicates that earnings are good and they want to give their stock a jump-start.
Well, I don't agree with your reasoning but I do think the earnings here are immaterial unless they are really, really, really horrendous -- which is possible. But the expectation is bad and they never make money in 3Q anyway (or 1Q or 2Q).
Bottom line is this company is still barely treading water and comps are declining terribly. 2008 will be a disaster, IMO. I don't see how they survive. The de-listing from the NYSE will just accelerate things.