Dell says internal audit is nearly complete
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(InfoWorld) - Dell is in the final phases of an internal audit of its finances, the company said Thursday as it told the U.S. Securities and Exchange Commission it will delay filing an audited earnings report for the fourth consecutive quarter. The company began the audit in an effort to comply with accounting investigations by the SEC and theÂ U.S. Attorney for the Southern District of New York. Although the investigations have not yet led to a conclusion, Dell has already felt the impact on its bottom line -- the company spent $46 million on the investigation during the latest quarter alone. Dell is also staving off a threat by the Nasdaq stock exchange to delist its stock as punishment for failing to file official quarterly reports, called Forms 10-Qs, for the second, third, and fourth quarters of fiscal 2007, and now the first quarter of fiscal 2008. At the same time,Â Dell has been struggling in the marketplace. On May 31, the company announced a plan toÂ lay off 10 percent of its 88,100 workers, in a continuing search for richer profits. The company earned $759 million for the first quarter compared to $762 million in the same quarter last year. However, those numbers are subject to change if Dell management decides to restate its earnings, the company warned in the SEC filing. The company's audit committee stated in March that it hadÂ found evidence of misconductÂ and accounting errors, and now says it is reviewing each of those errors and proposing corrections. The committee will then decide whether to restate earnings. Dell management will also determine whether there is "a material weakness in the company's internal controls over financal reporting" and whether its "disclosure controls and procedures are not effective," the filing said. A company spokeswoman declined to give further details on the audit committee's progress, saying that the latest SEC report is just a formal confirmation of Dell's warning in May that its first-quarter results were only preliminary.
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"OK" results aren't good enough for Dell anymore. That's great news.
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Dell said Thursday it would delay filing its quarterly report with securities regulators because of investigations into accounting practices.
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Dell is in the final phases of an internal audit of its finances, the company said Thursday as it told the U.S. Securities and Exchange Commission it will delay filing an audited earnings report for the fourth consecutive quarter.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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MacCentral - Dell Inc. took the wraps off its holiday lineup on Thursday, showing new printers, plasma televisions and music players that will soon be available through its Web site.
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NEW YORK - Computer and server maker Dell Inc. said Thursday it is delaying the filing of its full third-quarter results as the company and regulators continue to investigate some of its accounting practices.
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(InfoWorld) - Dell told government regulators on Monday that it cannot file a financial statement for its 401(k) plan, as the company continues to struggle with an investigation of its accounting practices. Dell hasÂ missed the deadlines for filingÂ its past three quarterly earnings reports, called Form 10-Qs, and its annual report, Form 10-K. That has earned it a series of warnings that the Nasdaq stock exchange may stop trading Dell securities. The company's trouble started last year when the U.S. Securities and Exchange Commission began an investigation into Dell's accounting practices. The U.S. Attorney for the Southern District of New York has launched a similar effort. To comply with investigators' demands, Dell initiated an internal audit, which has already foundÂ evidence of misconduct and accounting errors. As long as those investigations continue, Dell says its earnings reports will be only preliminary, not officially audited. The company has not yet decided whether it will have to restate past figures, but said in June it was nearing the end of its internal inspection. In the meantime, the company's results continue to sour, as Dell falls farther behind rival Hewlett-Packard in market share. In an effort to recapture profit, DellÂ announced deep layoffs in May, cutting 10 percent of its 88,100 jobs. The latest form Dell missed is for a financial statement called Form 11-k, describing the status of the 401(k) retirement savings plan for Dell Inc. and for Dell Financial Services LP. The company declined to file it because of the ongoing investigation, the same reason it gave for missed deadlines to file recent quarterly earnings reports, said Dell spokesman Bob Pearson. Dell missed the deadline "due to the questions raised in connection with the independent investigation being conducted by the Audit Committee of the company's Board of Directors," the company said in an SEC filing submitted Monday. "Management is committed to resolving the issues raised in connection with the investigation, and is working diligently to file the delayed reports as soon as possible," Dell said. Â
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(InfoWorld) - Dell Inc. Tuesday pointed to its adoption of processors from Advanced Micro Devices Inc. (AMD) for pushing it to US$677 million in profit for the third quarter, though the company has delayed reporting final numbers due to an accounting investigation by the U.S. Securities and Exchange Commission (SEC). Dell's preliminary results mark anÂ improvement over the third quarter last year, when it reported $13.91 billion in revenue and a profit of $606 million. Dell reported revenue of $14.38 billion for the quarter, which ended Nov. 3, 2006. Dell did not offer an official comparison to the year-earlier figures, however. Dell reported earnings of $0.30 per share for the third quarter in 2006, beating the estimates of analysts who had expected Dell to earn $0.24 per share on revenue of $14.44 billion, according to a survey by Thomson Financial. The company was scheduled to report its earnings last Thursday, but delayed the move because it was trying to cooperate with investigations by the SEC and the U.S. Attorney for the Southern District of New York. Company leaders had cited the same reason after they missed a deadline for notifying the SEC of their second quarter earnings. They have still not filed that report, called a Form 10-Q. Company executives were not available to comment on the results. The company filed the numbers in a press release only, skipping the traditional conference call with reporters and analysts. Dell pointed to its success in selling computers powered by AMD processors for its impressive numbers. After missing its earnings target for the first quarter, Dell said in May it would finally diversify from selling computers with chips from Intel Corp. Still, Dell is having a rocky year. In June, Chief Executive Kevin Rollins promised to rebound from weak earnings by investing $100 million in customer service and by using fewer rebates in setting PC prices. But in August, Dell was forced to recall 4.1 million defective laptop batteries. Next, Dell acknowledged it was under investigation by the SEC, and, last week, lost its status as world's largest PC vendor to rival Hewlett-Packard Co.(HP). HP turned up the pressure last week when it reported net income of $1.7 billion for the fourth quarter, more than four times its mark for that period last year. Â
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Dell Inc.  unveiled on Thursday quarterly earnings and revenue that topped analysts' expectations and plans to cut about 10 percent of its work force, sending its shares up 6 percent.
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(InfoWorld) - Dell plans to report its third quarter financial results later today once the U.S. stock market closes, after delaying the announcement by nearly a week due to accounting troubles. The PC maker had previously planned to file its earnings on Nov. 16, but said it wasÂ sidetracked by ongoing investigationsÂ from its own internal audit committee and by the U.S. Securities and Exchange Commission (SEC) into certain accounting and financial reporting matters. The accounting issues come at an awkward time for Dell. The company has reported a string of disappointing financial quarters, and recentlyÂ lost its title as the world's largest PC vendorÂ to Hewlett-Packard. Dell also faces some pressure to report solid earnings on Tuesday, since HP last weekÂ reported its net profit quadrupledÂ compared to a year earlier. Dell plans to release a third quarter earnings statement on Tuesday, but does not plan to host a conference call, it said in a statement. Future earnings announcements will be pushed back by a week compared to Dell's previous schedule. Last week, Dell announced that anÂ SEC inquiry into its accountingÂ had become a formal investigation. The PC company vowed to cooperate with the investigation and regain compliance with all SEC filing requirements as soon as possible.ADVERTISEMENTNEW IT SERVICES FROM IBM: EASIER TO BUY AND IMPLEMENTDiscover a simpler, more cost-effective way to get the solutions your company needs to grow more flexible and efficient.
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Yesterday's release by Dell Computer of very preliminary earnings numbers for its previous fiscal quarter may give investors at least a handful of data to help them understand the turmoil from which it may be recovering...if it is recovering. The company doesn't appear to be hemorrhaging, and there seems to be at least some good news. But it's hard not to keep seeing question marks and unresolved issues.
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With the prospect of substantial financial corrections still looming over Dell Computer, analysts late yesterday were given a preliminary fourth-quarter fiscal year 2007 earnings report, on top of a recently issued third-quarter report that still remains preliminary. Those who were able to do the math for themselves came to a daunting conclusion: Dell's not growing.
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Dell completed an internal accounting investigation Tuesday and&#160;restated its financial results&#160;from fiscal 2003 to the first quarter of 2007, bringing it into compliance with listing requirements specified by the Nasdaq stock exchange.For the restatement period, Dell cut its cumulative net income by $92 million from a previously reported net income of $12 billion, said Dell spokesman Bob Pearson. The cumulative change to earnings per share was $0.03 from the previously reported $4.78, he said.Dell also reduced revenue by $359 million from the previously reported $196.2 billion for the restatement period, Pearson said.While it was carrying out its own probe of accounting problems during the quarter and under investigation by the U.S. Securities and Exchange Commission (SEC),&#160;Dell faced delisting&#160;on the Nasdaq multiple times for failing to file earnings reports to the SEC on time. The&#160;SEC is still investigating Dell&#160;for certain periods prior to fiscal year 2006. Dell will continue to cooperate and work with the SEC on the investigation, Pearson said.Among a string of filings Tuesday, Dell said in a 10-Q/A filing for the quarter ended May 5, 2006, that it recognized the wrong amount of revenue from certain transactions or recognized revenue in the wrong period. In some cases, Dell prematurely recognized revenue before it settled the terms of sale with a customer, Dell said in the filing.Dell is trying to restructure amid the accounting scandal, personnel changes, and slow growth in the U.S. PC market. In January,&#160;Michael Dell returned as CEO&#160;after Kevin Rollins resigned in an effort to revive the company. In May, Dell announced it would cut 10 percent of its workforce. It is also battling Hewlett-Packard, which is closing in on Dell&#39;s position as the leading U.S. PC vendor, according to a recent IDC study.
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Dell Inc. DELL.O Chairman Michael   Dell on Tuesday threw his support behind Chief Executive Kevin   Rollins and promised the computer maker was "working   diligently" to resolve its mounting problems.
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By Crayton Harrison, The Dallas Morning News  Sep. 12--To troubleshoot their glitchy computer company, Dell Inc. executives are installing an upgrade.
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NEW YORK, November 12  - Dell Inc (DELL.NAS), the world&#39;s largest PC maker, has reported 25% growth in its third-quarter profits this year, boosted by continued market share gains and reduced PC component costs.
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Dell Inc. , the world's second-largest personal computer maker, reported on Tuesday quarterly earnings per share that topped Wall Street's average estimate, sending its stock up nearly 10 percent.