You can implement a sleep function like this:
function sleep(counter: int, subsequentFunction: Function, args: Array): void
{
if (counter > 0)
callLater(sleep, [counter - 1, subsequentFunction, args]);
else
callLater(subsequentFunction, args);
}
Call it with the function which should be processed after the pause.
// call trace('Hello') after 100 cycles
sleep(100, trace, ['Hello']);
// call myFunction() after 50 cycles
sleep(50, myFunction, []);