Timer event too slow?????

Hi all,

Is flash Timer class bound to frame rate or something because its too slow.

Take this code for example:

package
{
     import flash.display.Sprite;
     import flash.events.TimerEvent;
     import flash.system.System;
     import flash.utils.Timer;
     import flash.utils.setTimeout;
     
     public class MemoryTest extends Sprite
     {
          public var t:Timer;
          public var nm:Number = System.totalMemory;
          public var nc:uint = 0;
          public var date:Date;
          
          public function MemoryTest()
          {
               
               date = new Date();
               trace( "Start time: " + date.seconds );
                    
               t = new Timer( 1, 99999999 );
               t.addEventListener( TimerEvent.TIMER, timerEvent);
               t.start();
               
          }
          
          public function timerEvent(event:TimerEvent):void 
          {
               nc++;

               if( nc > 3000) 
               {
                    nc = 0;
                    //trace ((System.totalMemory-nm)/1024 + "KiB");
                    t.stop();
               }
               
               date = new Date();
               
               trace( t.currentCount, date.seconds );
          }
     }
}

The nc var should get to 3000 in 3 seconds but it needs about a minute and proccesor is not utilised above 30%. I set delay to 1 milisecond so why is it so slow?