Dell set to report Q3 results despite accounting woes
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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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The electronics company warns on third-quarter earnings.
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Computer maker Dell says it has delayed filing its second-quarter results because of an inquiry into its accounts.
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Stock futures pointed to flat open on  Friday after top personal computer maker Dell Inc. DELL.O  posted earnings that reflected slow sales in the consumer  market and offered an outlook that disappointed Wall Street.
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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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By MATT SLAGLE  DALLAS - Dell Inc., which is the subject of a federal probe into its finances, said Thursday that fourth-quarter profits plunged 33 percent due to weak sales of laptops and notebooks, which account for the lion's share of its revenues.
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But only on a preliminary basis After pulling all-nighters over the weekend, Dell's crack team of accounting nerds managed to finish off the company's third quarter results - well, almost.â¦
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SAN FRANCISCO - Dell Inc. continued to outpace the rest of the IT industry in the company's third quarter with sizzling growth in shipments, revenue, and net income adding up to the best quarter yet for the hardware vendor, the company said Thursday.
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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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(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.
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File by 16 July or risk de-listing Dell has said its conditional listing on Nasdaq will come to end on 16 July, effectively forcing the computer maker to file its late financial reports with the US Securities and Exchange Commission (SEC).â¦
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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.
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Fueled by surging demand from business customers in the latest quarter, Dell Inc. is geared to post third-quarter earnings in line with Wall Street expectations, though analysts say declining component prices
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As a result of an S.E.C. inquiry, Dell said it was delaying the release of its third-quarter financial results until the end of the month.
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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. on Thursday reported  quarterly earnings and revenue that topped analysts&#39;  expectations and announced plans to cut about 10 percent of its  work force over the next year.
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U.S. stocks looked set to rise slightly on Wednesday, with stock index futures pointing higher after Dell Inc.  reported better-than-expected earnings, setting the stage for gains by technology shares a day before the Thanksgiving holiday.