“Dell today presented the Securities and Exchange Commission (SEC) with cleaned-up accounts for the years 2003-2006 and the first quarter in 2007. The restatements show that Dell earned $92m less net income than it had previously stated in earlier filings,” Drew Cullen reports for The Register.
“In August, the company said that it might have to write down up $50m-$150m to put right ‘accounting errors and irregularities.’ Unnamed senior executives were blamed for allowing, or asking for, the books to be cooked to show that quarterly targets were met,” Cullen reports.
Cullen reports, “In the context of Dell’s $12bn net income during the period, the writedown is a drop in the ocean. But what does it say for the company culture at the time, that such chicanery could be allowed to happen?”
Cullen reports, “In August, Dell said it had fired or retrained or reassigned or reprimanded those involved. It named no names… Goldman Sachs also reckons that Dell’s new retail channel will add $500m-$1bn in revenue over the next year (some margin of error, there). In recent weeks, Dell signed up Wal-Mart and Staples in the US.”
Full article here.
MacDailyNews Take: Some things deserve each other. For example, Dell PCs and Microsoft Windows go together like green on puke. And Microsoft, Dell, and Wal-Mart are a threesome made in hell.
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