Need help getting timer to create a pause

I know you can trigger a function by adding through a timer like this i ActionScript3:

myTimer.addEventListener(TimerEvent.TIMER_COMPLETE, timerDone);

But what I’m trying to do is just have a timer create a delay in between a couple of statements within the same function. Is that possible? And if so, could someone explain how to code it?

Something very simple would do, like

public function changeVar():void
{
myVar = “red”
xxxTIMER CODE HERE
myVar = “blue”
}

How do I leave myVar equal to red for 5 seconds and then have it change to blue?

Thanks