Hollinger Can't Complete Annual Report
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Canadian media holding company  Hollinger Inc. HLGc.TO said on Friday it cannot complete its  2003 financial statements until its U.S.-based Hollinger  International Inc. HLR.N affiliate finishes its annual  financial report.
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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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Amex was hit by a technical problem, which prevented trading last Thursday.
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Morningstar is under investigation from the Securities and Exchange Commission for taking too long to correct inaccurate data it published regarding a single mutual fund.
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An accounting problem with SunTrust Banks' loan loss reserves could prevent the bank from completing its Sarbanes-Oxley Act reporting requirements by a Dec. 31 deadline.
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Newspaper publisher Hollinger International Inc. suffered a setback Friday in its legal battle against ousted CEO Conrad Black and several associates when a federal judge sharply scaled back its effort to
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DALLAS -- Dell Inc., the world's largest PC maker, has delayed filing its fiscal second-quarter financial report and suspended its share-repurchase program because of an ongoing federal accounting probe.
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Hollinger International faces the risk of suspension from the New York Stock Exchange as it delays filing its  2003 annual report.
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The year just ending has been a tough one for enterprise vendors of all stripes. It has been particularly challenging for the nascent supply-chain visibility field. Unfortunately, 2005 will bring more challenges and continued slow software sales, predicts Forrester Research's Noha Tohamy.
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com [04-11-2004]. Electronic Data Systems has postponed the release of its third quarter 2004 earnings for the second time, as it continues to negotiate with its auditor KPMG over the value
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Are undiagnosed problems hindering your financial performance?
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NEW YORK (CP) - Hollinger International Inc.&#39;s listing on the New York Stock Exchange appears secure, at least for now, despite the newspaper company&#39;s inability to file audited results for 2003 by a Thursday deadline.
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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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Twinkie maker Interstate Bakeries (IBC:NYSE - news - research) on Monday delayed filing its annual report for the second time, citing problems with its books that the company said could end up pushing it toward bankruptcy.
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Despite reporting record quarterly sales, growth rates still spell trouble.
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US food company Interstate Bakeries has said that it has had to delay filing its fiscal year report. The company had previously obtained an extension to last Friday for filing its Fiscal 2004 Form 10-K with
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Rupert Murdoch's News Corp.  has not yet reached an agreement to buy Dow Jones & Co. Inc., the company and its controlling Bancroft family said on Friday, countering a media report the two sides had completed their talks.