Consumer Electronics
Dell (DELL) Share Up After Hours On Restatement
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Dell (DELL) finally filed its past financial statements including past due periodic reports with the U.S. Securities and Exchange Commission. Those reports contain restated financial information for Fiscal 2003, 2004, 2005 and 2006 (including the interim periods within those years), and the first quarter of Fiscal 2007.
Dell believes that, with the filing of these reports, it will achieve compliance with NASDAQ’s continued listing requirements, and expects that NASDAQ will send the company an acknowledgement to that effect in the near future.
According to MarketWatch the restatement cut Dells earnings by $92 million, and its earnings-per-share by 3 cents for the combined period of its 2003, 2004, 2005 and 2006 fiscal years, and the first quarter of its 2007 fiscal year.
Dell’s shares are up over 2% after hours to $30.40 which is above the stock’s previous 52-week high.
As 24/7 Wall St. wrote earlier, the will allow the company to resume its share buy-back.
Douglas A. McIntyre
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