*NEWS*DELL PROFITS DOWN 36%

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*NEWS*DELL PROFITS DOWN 36%

 user 2006-08-21 at 1:08:00 pm Views: 53
  • #16078

    Dell profit down 36% for quarter
    August 2006,Dell Inc. on Thursday posted disappointing second-quarter earnings amid a regulatory probe.
    The
    Round Rock, Texas-based company, whose second-quarter profit fell 36
    percent to $605 million, this week voluntarily recalled 4.1 million
    potentially flammable batteries supplied by Sony Corp.Dell said
    Thursday it was cooperating with an informal investigation by the
    Securities and Exchange Commission over “accounting and financial
    reporting matters for certain past fiscal years.”CEO Kevin Rollins said
    Dell received a letter from the SEC in August 2005 “asking us about a
    fairly broad level of questions on some revenue recognition.”"We’re
    complying with that informal investigation,” he said. “That’s about all
    we know. We don’t think there are going to be any issues that are
    material that we’re going to have to worry about.”Dell reported
    earnings of 22 cents a share on sales of $14.1 billion, enough to meet
    the lowered expectations of analysts polled by Thomson Financial. In
    the same period a year ago, Dell had earnings of 38 cents a a share on
    sales of $13.4 billion.• Hewlett-Packard Co.’s stock surged to a new
    year high Thursday after the computer and printer maker reported a
    third-quarter profit that beat expectations.H-P shares rose 72 cents,
    or 2.1 percent, to close at $35.15 on the New York Stock Exchange.For
    the three months ended July 31, H-P earned $1.38 billion, or 48 cents a
    share, compared with $73 million, or 3 cents a share, in the same
    quarter last year.The year-ago numbers were dramatically lower because
    of a tax charge that resulted when the Palo Alto, Calif.-based company
    pulled $14.5 billion from foreign earnings and “repatriated,” or
    reinvested, those profits in the United States.Sales in the fiscal
    third quarter rose 5 percent to $21.89 billion from $20.76 billion last
    year. If not for currency fluctuations, sales would have increased 6
    percent.Excluding one-time items, the company earned $1.48 billion, or
    52 cents per share, up about 40 percent from the year-ago
    quarter.Analysts were expecting the company to earn $1.37 billion, or
    47 cents a share, on sales of $21.8 billion, according to a Thomson
    Financial survey.