Dell delays 3rd-quarter filing
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Computer and server maker Dell Inc. said Thursday it is delaying the filing of its full third-quarter results as it continues to investigate some of its accounting practices.
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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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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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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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Computer maker Dell says it has delayed filing its second-quarter results because of an inquiry into its accounts.
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By Crayton Harrison, The Dallas Morning News  Sep. 12--Dell Inc.'s latest snafu has put yet another dent in the Texas computer giant's once sterling reputation.
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The telecommunications equipment maker, mired in accounting irregularities, has missed three self-imposed deadlines for correcting its financial reporting.
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Office Depot Inc , the world's second-largest office supplies retailer, said on Monday it would delay its third-quarter earnings release due to an independent review of its vendor program funds.
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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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(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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Dell announced early this morning it has received a notice from the NASDAQ stock exchange threatening the company with a possible de-listing if it continues to delay the filing of its quarterly 10-Q report.  Dell remains the target of an SEC probe, and may have to restate its earnings back several years.
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Computer Sciences Corp. has delayed filing its annual report with the U.S. Securities and Exchange Commission because it has found "significant" accounting errors over multiple years, the IT services provider announced Wednesday.
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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).
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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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Electronic Data Systems Corp. (EDS) could be facing more rough waters with its $8.8 billion U.S. Navy contract, as the IT services provider delayed release of its third-quarter results on Monday pending a review of the value of its assets used on the deal.
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Symbol Technologies said today that it will delay filing its third-quarter results for two weeks, and it revised results for the first nine months of the year downward by $13.3 million because of errors in how inventory levels were reported.
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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!