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'Complexity' Keeps Dell from Reporting its Quarter; SEC Probe - Uh-Oh - Gets Serious
Dell's fortunes just soured again - just when Wall Street was starting to think of it as a turnaround story

Dell's fortunes just soured again - just when Wall Street was starting to think of it as a turnaround story even if it hasn't really done much to deserve that assessment.

Anyway, first off, that 16-month-old SEC investigation that Dell tried to keep quite and didn't tell anybody existed until this past August has turned formal, suggesting there are problems with its books and how it recognizes revenues.

However, Dell claims this has nothing to do with the second problem, which is that it can't get its numbers out.

It was supposed to report its third fiscal quarter Thursday, but "the level of complexity the company is facing," it said, " in the preparation of its preliminary results" defeated it.

Apparently its adding machine gave out under the demands of the ongoing SEC investigation and the company's own audit committee investigation "into certain accounting and financial reporting matters."

A couple of months ago Dell said the audit committee had issues with some "accruals, reserves and other balance sheet items" that could impact past results - oh, yes, and the US Attorney's Office in New York had subpoenaed some documents.

It doesn't help, Dell said Thursday, that it hasn't filed its second-quarter 10-Q yet.

It's promising to post its results by the end of the month - which gives it two weeks - but says it won't have a conference call - where people might ask questions - it'll just put out a press release. None of which is good, especially since earnings are expected to be a bummer, down, oh, maybe 38% year-over-year on revenues up marginally.

Dell also said that ongoing forward it.

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SYS-CON's Security News desk trawls the world of security for news of software, hardware, products, and services that seems likely to be of interest to infosec professionals and summarizes them for easy assimilation by busy IT managers and staff.

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even if it hasn't really done much to deserve that assessment. Anyway, first off, that 16-month-old SEC investigation that Dell tried to keep quite and didn't tell anybody existed until this past August has turned formal, suggesting there are problems with its books and how it recognizes revenues.




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