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Strategies & Market Trends : The coming US dollar crisis
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From: ldo799/13/2007 6:18:41 PM
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Storytellers will be working to spin this tomorrow:
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Dell delays 10-Q filing, cites restatement
By Ed Welsch
Last Update: 5:46 PM ET Sep 13, 2007
Dell Inc. (DELL) delayed filing its second-quarter financial statements with the Securities and Exchange Commission Thursday, citing its efforts in restating its past results.
The Round Rock, Texas, computer maker intends to file its restated financial documents by the first week of November and its delayed first- and second-quarter reports shortly afterward, according to a SEC filing.
Dell on Aug. 16 said it would restate four years of financial statements and reduce earnings by between $50 million and $150 million after an internal investigation found accounting irregularities and possible misconduct.
In a press release, Dell said at the time that it uncovered evidence that "account balances were reviewed, sometimes at the request or with the knowledge of senior executives, with the goal of seeking adjustments so that quarterly performance objectives could be met."
The company's auditors were also purposely misled, according to the release. The company said it fired some employees and re-assigned others, but didn't disclose the names of individuals involved.
Dell said it would reduce its net income for the fiscal 2003 through 2007 period by $50 million to $150 million from the previously report $12 billion in cumulative net income over the period. The cumulative reduction in earnings per share would be between 2 cents and 7 cents, compared to $4.78 a share over the period.

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