Does this function only gets called once and that too at the init of
your application ? If that is the case you can create a custom
preloader and dispatch the Event.COMPLETE when your method has
finished doing stuff.

There are many examples over the net you can see to get the idea of
what I'm talking about. One such example is at the following link --
http://www.flexer.info/2008/02/07/very-first-flex-preloader-customization/

If your method can be called multiple times and does not necessarily
happen at the init stage, try creating a popup and show it at the
application level. In the pop-up just keep a loading animation.

Let me know if you face any issues.

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