EDS Delays Earnings Release in Face of Audit
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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.
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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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(InfoWorld) - Dell Inc. has delayed filing its quarterly earnings report with the U.S. Securities and Exchange Commission (SEC) and may have to restate past earnings statements, the company said Monday. Dell's board of directors began an internal financial audit after learning in August 2005 that the SEC had begun an investigation of the company's revenue recognition and accounting practices for past fiscal years, Dell executives acknowledged Aug. 17 while announcing preliminary results for the second quarter. Since then, Dell learned of a second investigation when the U.S. Attorney for the Southern District of New York subpoenaed the company's financial reporting documents for the years from 2002 through today, said Dell spokesman TR Reid. Neither the SEC nor New York State has announced the results of their investigations, but Dell's internal audit has now revealed that the company may have misstated prior financial reports, including accruals, reserves and other balance sheet items. Until it settles those questions, the company cannot file its SEC Form 10-Q, which confirms its quarterly results, Reid said. Those preliminary results were bad even before Monday's news. Dell earned only US$502 million in profits for the second quarter of 2006, a drop of 51 percent below that period last year. The decline was a casualty of cutting prices in a slow market, Dell Chief Executive Officer Kevin Rollins told analysts in August. Dell, the world's largest PC vendor, has felt increasing competitive pressure from Hewlett-Packard Co. at the same timeÂ chip makers like Intel Corp. have been cutting prices on processors, helping to drive down PC prices. And on Aug. 14, Dell announcedÂ the largest recall of consumer electronics in U.S. history, recalling 4.1 million notebook batteries that suffered from a defect causing them to overheat and sometimes catch fire. Dell is cooperating with both investigations and "will take any appropriate remedial or corrective actions to address any problems," company chairman and founder Michael Dell said in a release. The company has also suspended its share repurchasing program and a meeting with analysts scheduled for Sept. 13. Â
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OTTAWA - Nortel Networks has announced that it&#39;s once again delaying the release of financial reports. The company is currently reviewing its accounting for the past four years.
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PC seller also misses deadlines for filing its past three quarterly earnings reports and its annual report, as it struggles with an accounting practices investigation.
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SunTrust Banks Inc., the Atlanta-based bank that last week acquired the parent of Central Carolina Bank, announced that it will delay the release of its third-quarter earnings.
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Accounting scandal continues to drag out as company once again delays reporting results for first half of 2004 and all of 2003.
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Dell Inc  said on Thursday it is delaying its fiscal 2008 second-quarter report until it has completed a financial restatement process.
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Electronic Data Systems , the worldâs No. 2 technology services firm, on Tuesday said it plans to seek a filing extension for its twice-delayed quarterly report from the US Securities and Exchange Commission.
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Office-supply retailer OfficeMax Inc.  on Wednesday said it was postponing the release of fourth quarter and full year 2004 earnings until late February at the earliest, pending the conclusion of an internal investigation into improper billing.
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WHITEHALL&#39;S biggest computer services contractor, Electronic Data Systems, has postponed its earnings announcement after auditors forced it into considering an investment writedown for its loss-making $8bn (Â£4.
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Electronic Data Systems Electronic Data Systems which had delayed its quarterly earnings several times, said on Monday it lost $153 million in its third quarter after taking a loss on a large Navy contract.
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Dell Inc said it would delay filing latest quarterly earnings report with the US Securities and Exchange Commission because of an ongoing accounting probe by the federal regulator.
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The accounting disaster at Nortel Networks -- which has already resulted in several firings - deepened today as the company said it is again delaying the release of its financial statements and restatements.
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Electronic Data Systems Corp., a provider of outsourced computer services, said Wednesday that it is further delaying the release of its third-quarter earnings pending a review of charges related to its Navy Marine Corps Intranet account.
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Electronic Data Systems Corp. (EDS (Profile, Products, Articles)) could be facing more rough waters with its $8.8 billion US Navy contract, as the IT services provider delayed
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IT services provider Electronic Data Systems yesterday reported a net loss of $153 million for the third quarter, with earnings hit in part by an asset impairment charge of $375 million connected with EDS's N/MCI project.