Dell's Financial Reporting Woes Persist
238156
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.
755867
As Apple and Dell continue wrestling with the degree of false value unreported options grants gave their respective companies, both announced they would be delaying their quarterly earnings filings with the US Securities and Exchange Commission.
744912
(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
407394
DALLAS -- Driven by solid sales of laptops and a more diverse product line, computer maker Dell Inc. finally had some good news for investors amid an ongoing federal investigation of the company's accounting and financial reporting.
253156
Dell Inc. , the world's  second-largest personal computer maker, on Thursday reported  quarterly earnings per share that topped Wall Street's average  estimate, though revenue was short of expectations.
642544
Still gasping fromÂ the resignation of its chief executiveÂ in January andÂ an ongoing investigation of its accounting practices, Dell reported fourth quarter profits of $673 million, down sharply from the $1 billion it reported for the same period last year.
247938
Dell said Thursday it would delay filing its quarterly report with securities regulators because of investigations into accounting practices.
696341
The stock exchange decides to let Dell shares continue to trade, despite the failure of the beleaguered PC maker to meet its listing requirements.
535693
DALLAS ---- Dell 's fourth--quarter profits plunged 33 percent because of weak sales of laptops and notebooks, and the personal computer maker still faces an unresolved federal accounting probe, customer service complaints, several shareholder lawsuits and stiff competition from rivals.
257859
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!
300557
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.
39042
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.
508743
(InfoWorld) - In the wake of Dell Inc.'s disclosure Monday that it might have to restate recent earnings statements because of discoveries made by the U.S. Securities and Exchange Commission (SEC), company founder and chairman Michael Dell has defended his embattled chief executive, Kevin Rollins. "Kevin has done an outstanding job as chief executive," Dell told a crowd at the company's annual Technology Day meeting in New York Tuesday. "We run the company together, so if you want to blame somebody, you can blame me too." Dell will delay filing its quarterly Form 10-Q to the SEC until it answers questions raised by an SEC investigation into its accounting and financial reporting practices, the company said Monday. The U.S. Attorney for the Southern District of New York has opened a separate investigation, involving documents filed from 2002 to the present. Both offices have raised the possibility of misstatements in prior period financial reports. Dell has already announced a preliminary earnings report for the second quarter, highlighted by a 51 percent drop in profit from the same period last year. Form 10-Q is the formal quarterly earnings report required of every publicly traded company. Asked whether he would heed calls from analysts and investors to resign, Rollins said he disagreed with the sentiment, then turned the podium over to his boss. "Any press speculation on that is completely useless. Feel free to speculate, but it's not going to happen," Dell said. "The CEO is chosen by the board of directors and the shareholders, and I'm the largest shareholder, so you can do the math." Dell and Rollins declined to give further details on the investigations, saying only that they were cooperating fully.
172004
Dell's  disappointing  quarterly earnings report is the latest event to highlight the  differences between it and competitor Hewlett-Packard ,  whose results beat Wall Street expectations, analysts said.
758962
(InfoWorld) - Shortly after theÂ resignation of its chief executive, Dell was reeling from another blow when a group of investors filed a lawsuit on Wednesday alleging that the company had used illegal accounting methods to hide secret kickback payments paid by Intel. The payments from Intel were meant to ensure that Dell used only Intel processors in its PCs, according to the suit. The investors filing the suit asked the U.S. District Court in Austin, Texas, to give the case class-action status, saying that Dell shareholders were harmed when Dell inflated its profits. Intel denies the charges. A Dell spokeswoman said the company did not comment on pending litigation. In May, Dell announced it would also began sellingÂ PCs and servers using chips from Intel's rival, Advanced Micro DevicesÂ (AMD). The investors claim that Dell's profits were inflated by hundreds of millions of dollars, The Wall Street Journal reported on Friday. Dell is struggling through a brutal series of events, culminating in the resignation on Wednesday of CEO Kevin Rollins after just two years at the helm. The company's founder and namesake, Michael Dell, will resume that job, taking up the fight to convince Wall Street that he can turn around sinking profits. After missing its earnings targets for recent quarters,Â Dell lost its mantleÂ as the world's largest PC vendor to its surging rival Hewlett-Packard. The new accusation echoes several ongoing lawsuits against the two companies. In August, regulators from the U.S. Securities and Exchange Commission (SEC) and the U.S. Attorney for the Southern District of New York launched anÂ investigation of Dell's accounting practices. Since then, Dell has failed to file its quarterly earnings numbers for the periods ending Aug. 4, 2006 and Nov. 3, 2006, leading the Nasdaq stock exchange to decree it will drop Dell from its listing board unless the company opens its books by March 14. And in December, a U.S. judgeÂ ordered Intel to share informationÂ about its overseas business practices to answer charges by AMD that it paid illegal cash rebates and discounts to dissuade PC vendors and retailers from using AMD's processors. That case is scheduled to be argued in court in April 2009. Intel denied the new allegations, saying they were merely a copy of the AMD case, and that it had already refuted those charges. "We've conducted a preliminary review of the matter, and at first glance it appears that some of the allegations with regard to Intel may be made up," said Intel spokesman Chuck Mulloy. "While they rehash antitrust allegations from other cases, there is no [new] antitrust claim. Intel denies the plaintiffs' allegations and plans to move quickly to defend itself." As evidence that it has no connection to Dell's accounting practices, Mulloy said that Intel has not been contacted by investigators from the SEC or the Department of Justice.
158877
A new investor lawsuit against Dell  Inc. accuses the computer maker of improperly accounting for  hundreds of millions of dollars in payments from long-time  partner Intel Corp., a plaintiffs' attorney said on Friday.
631826
(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.