Dell Delays Filing of Full 3Q Results
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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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DETROIT (Dow Jones)-- Delphi Corp. (DPH) will delay filing its third quarter 10-Q statement with the US Securities and Exchange Commission until an internal investigation over payments with a technology provider is resolved.
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(InfoWorld) - Just two weeks afterÂ revealing that some employees had falsified corporate revenue to meet earnings targets, Dell reported a profit of $733 million for its fiscal 2008 second quarter, up 46 percent from its mark of $502 million for the same period last year. The strong result was driven by sales to enterprise customers, an increase in the selling prices of Dell PCs, and a drop in component costs, the company said. Dell recorded revenue of $14.8 billion for the quarter ending Aug. 3, generating earnings of $0.32 per share. Both figures were above Wall Street expectations of $14.63 billion revenue and $0.30 earnings per share, according to analysts surveyed by Thomson Financial. However, Dell warned investors to be cautious when comparing the figures to past quarters because the company plans to restate its earnings for the past four years. Dell plans to revise its quarterly and annual financial statements for fiscal 2003, 2004, 2005, 2006, and the first quarter of 2007. The company also plans to share a number of earnings reports it delayed filing during its internal investigation of the accounting fraud, including the last three quarters of fiscal 2007 and the first quarter of fiscal 2008. The Nasdaq stock market has given Dell a deadline of Nov. 12 to file those reports in order to meet requirements for a publicly traded stock. In addition, the U.S. Securities and Exchange Commission (SEC) plans to continue its own investigation of Dell's bookkeeping practices. Dell's accounting problems were more than a mere distraction, costing the company $59 million to pay for its internal audit over the past quarter. Also detracting from its profit was $102 million in stock option payments, the company said. Despite its troubles, Dell is making progress on a long-term plan to reduce its operating expenses, CEO Michael Dell said in a statement. The company will do that through layoffs, improved productivity, and investments in its infrastructure. In May,Â Dell announced it would lay off 8,800 people, about 10 percent of its workforce. Over the past quarter, the company has made a series of acquisitions, includingÂ ASAP Software, SilverBack Technologies, andÂ Zing Systems. In recent months, Dell has also made a major change in its business plan by augmenting its online direct-sales model with deals to sell its PCs through retail partners such as Wal-Mart in North America and South America, Bic CameraÂ in Japan, and Carphone Warehouse in the U.K.
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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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Dell Inc. DELL.O said on Thursday it   received a delisting notice because it was late in filing a   quarterly financial report and plans to request a hearing   before a Nasdaq panel.
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Dell said Monday that it would delay the filing of its 10-Q report with the Securities and Exchange Commission, possibly setting the company up for a delisting notice by the NASDAQ in the coming days.
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Shares of Dell Inc. DELL.O slid more  than 3.5 percent before the bell on Friday after the top  personal computer maker reported earnings that reflected soft  sales in the consumer market and offered an outlook that  disappointed Wall Street.
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In SEC filing Thursday, computer maker again says delay is result of ongoing investigations into accounting and reporting matters.
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Dell  said on Friday it  received a letter from Nasdaq saying the computer maker was not  in compliance with listing requirements because it was late in  filing its fiscal third-quarter report.
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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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Nortel Networks Corp. NT.TO, one of  the world's biggest telecoms equipment makers, has again  delayed filing its restated financial results, mainly because  of revenue reporting issues, the company said on Thursday .
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By Bloomberg, AP and Staff Reports  Dell Inc., the world's largest personal-computer maker, may be delisted from the Nasdaq Stock Market because of a delay in filing its quarterly report.   Dell plans to request a hearing to respond to a Sept.
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Dell said that it was delaying the filing of its second-quarter financial report as it works to cooperate with a widening investigation into its accounting practices.
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Q3 inventory corrections put pressure on vendors to perform in Q4
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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.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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The Electronic Data Systems Corporation announced yesterday that its quarterly financial report would be delayed because of a dispute with its auditors over the company&#39;s troubled computer services contract with the United States Navy.
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Electronic Data Systems Corp. postponed release of its third-quarter earnings for the second time in two weeks yesterday, as the computer services giant attempted to address questions raised by its auditors about a Navy contract.