Dell delays filing 401(k) statement
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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  said on Friday it  received a letter from Nasdaq saying the computer maker was not  in compliance with listing requirements because it was late in  filing its fiscal third-quarter report.
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Krispy Kreme Doughnuts Inc. (KKD.N: Quote, Profile, Research) on Monday delayed filing its quarterly financial report with the US Securities and Exchange Commission, citing an ongoing analysis of its accounting practices.
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NEW YORK - 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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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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(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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Likely to miss SEC deadline, could de-listing follow? Dell will once again hold back filing its 2007 financial statements to the US Securities and Exchange Commission (SEC) because it is yet to complete an internal investigation into its accounting practices.â¦
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In SEC filing Thursday, computer maker again says delay is result of ongoing investigations into accounting and reporting matters.
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The FASB delays stock option expensing by six months. That's just more time for Big Tech to lobby.
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With the stock market just sputtering along this year and the Federal Reserve raising interest rates, it may be time to review the holdings in your 401(k) retirement account.
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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) - Stock in Dell was rising Monday on news thatÂ founder Michael Dell plans to remain as CEO for several years, trim the number of managers reporting directly to him, and eliminate bonuses. "We have a tough couple of quarters ahead. We didn't get here overnight, and we won't fix things overnight either," Dell wrote in a memo to employees on Friday. "Last year ... we had great efforts but not great results. This is disappointing, and it is unacceptable." Dell pointed to several problems with the company, including an overgrown bureaucracy and operating expenses that had grown too fast. "We have great people ... but we also have a new enemy: bureaucracy, which costs us money and slows us down. We created it, we subjected our people to it, and we have to fix it!" Dell said. "I am asking each of you to look across your organizations and eliminate redundancies." On Monday, a corporate spokeswoman confirmed the authenticity of the memo, which had been leaked to media over the weekend. The company has been buffeted in recent days by the resignation of CEO Kevin Rollins last Wednesday,Â Michael Dell announcing he would take over that job, and the accusation inÂ a lawsuit by investorsÂ on Friday that 15 top executives had garnered millions of dollars by selling their stock after propping up the company's faltering revenue with secret payments from Intel. Even before those blows landed, Dell was wobbling on a threat by the Nasdaq stock exchange to drop its stock unless the company files its overdue quarterly earnings reports.Â Dell has delayed filing those numbers for the past two terms as it struggles to satisfy an investigation by the U.S. Securities and Exchange Commission (SEC) of its accounting practices. It is not yet clear if that investigation is related to the investors' charges that Dell hid payments by Intel in exchange for staying exclusively loyal to one brand of microprocessor in its PCs. When Michael Dell announced on Wednesday he would return to his position as CEO, the company was already in the midst of a reorganization plan that calls for $100 million in spending to improve the customer service practices that allow it to bypass retail stores with its famed "direct sales" business model. The company was also following Rollins' plan toÂ remake itself as "Dell 2.0,"Â trying to move beyond an enormousÂ notebook PC battery recall in August by focusing on industrial design, overseas factories, and a move to diversify its computers by using chips fromÂ AMD as well as those from Intel. In his Friday memo, Dell added new details to that strategy. He promised to turn around the company by focusing on the SMB sector, enterprise servers and storage, shorter design cycles for new products, and increased sales in emerging markets. He also made a few corporate changes, recalling Paul Bell from his job running the company's markets in EMEA (Europe, the Middle East and Africa) to lead Dell's new Americas group, which includes the fast-growing SMB sector. Dell also created a "global operations" division to focus on manufacturing and procurement. "I remember what it's like to start a company. We're moving fast. There is no luxury of time. The competitors are fierce. The difference is this time we have many new assets and some hidden ones that can be brought out," he wrote. Dell did not describe the hidden assets he would use to rescue his company's prospects, but he hinted that Dell had enough resources to outspend its competition. AlthoughÂ Dell handed the title of world's largest PC vendor to HP this year, it is still a corporate colossus. "When I started back in 1984, it was just me. But now we are blessed to have an awesome team, many great assets, and $11 billion or so," Dell said. Â
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The company told the SEC it will delay filing an audited earnings report for the fourth consecutive quarter.
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By Paul B. Johnson, High Point Enterprise, N.C.  Jun. 2--TRIAD -- Critics of the record Dell Inc. incentives package aren't quite ready to say "we told you so" after the computer giant announced major job cutbacks this week, but they're close to making that case.
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Your 401(k) plan may be costing you more than you think.
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WebMethods Inc. said yesterday it has delayed filing its quarterly financial results because an employee in one of its international subsidiaries has raised concerns about some of its business dealings.
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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.