Dell Restating $92 Mln in Earnings

By Geoff Duncan October 31, 2007

U.S. computer maker Dell has announced it will restate more than $92 million it reported in net income over between 2003 and 2006, along with the first quarter of 2007. The announcement comes two months after an internal audit found company executives had altered come quarterly financial numbers to make the company’s books look better than they were—and thus meet Wall Street earnings expectations.

Dell plans to file several late quarterly and annual financial reports with the Securities and Exchange Commission; the company believes the filings will put it in compliance with NASDAQ’s continued listing requirements. In a statement, a company spokesperson said the re-stated earnings represent only a small fraction of the company’s overall earnings during the period.

The internal audit and restated earnings come after Michael Dell resumed control of the company which bears his name; Dell stepped down in 2004, with Kevin Rollins taking over as CEO. Michael Dell resumed his role as CEO in February of this year.

Former Digital Trends Contributor

Geoff Duncan writes, programs, edits, plays music, and delights in making software misbehave. He's probably the only member…

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