Dell in compliance with Nasdaq listing requirements

Dell received a notice that it was in compliance with the listing requirements of Nasdaq
  • (IDG News Service)
  • — 02 November, 2007 08:30

After facing delisting on Nasdaq multiple times for failing to file earnings reports with the U.S. Securities and Exchange Commission on time, Dell announced this week it is fully compliant with the stock exchange's listing requirements.

The company received a notice from The Nasdaq Stock Market that it regained compliance after its filing of restated earnings reports from fiscal 2003 to the first quarter of 2007, the company said. Nasdaq earlier set a deadline of November 12 for Dell to file the earnings reports.

Dell restated its earnings after completing an internal accounting investigation. The company cut its cumulative net income by US$92 million from a previously reported net income of US$12 billion and reduced revenue by US$359 million from the previously reported US$196.2 billion for the restatement period.

The SEC is still investigating Dell for accounting errors for certain periods prior to fiscal year 2006.

Dell is trying to restructure amid the accounting scandal, personnel changes and slow growth in the U.S. PC market. In January, Michael Dell returned as CEO in an effort to revive the company after Kevin Rollins resigned. In May, Dell announced it would cut 10 percent of its workforce. It is also battling Hewlett-Packard, which is closing in on Dell's position as the leading U.S. PC vendor, according to surveys.

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Agam Shah

IDG News Service
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