Dell is finally current with its regulatory filings. The struggling computer maker on Tuesday filed its past due reports for fiscal 2007, which include an amended report for the first quarter of fiscal 2007, as well as reports for the second and third quarters of fiscal 2007, and the first and second quarters of fiscal 2008.
The reports contain restated financial information for fiscal years 2003 through 2006, including the quarterly periods within those years, and the first quarter of fiscal 2007. For the restated period, Dell reduced earnings by a total of $92 million.
The revisions were mostly blamed on the way the company recognized revenue on certain software products it sells, reported the Wall Street Journal. Dell said it historically recognized revenue from software licenses when products were sold, but deferred some revenue associated with support, the paper added.
Dell officials noted that by filing the reports, the company likely achieved compliance with NASDAQ’s continued listing requirements. As a result, Dell expects the stock exchange will send the company an acknowledgement to that effect in the near future.
Now that it is back on track from a regulatory filing perspective, Dell plans to resume its share repurchase program shortly after it reports its results for the third quarter. Dell’s annual meeting is slated for December 4, and the company said it will issue a proxy statement and other materials related to the meeting within the next week.
“The issue is that their financials are cleaned up, their SEC documents are filed and they are ready to go on with business,” Kim Caughey, analyst and portfolio manager at Fort Pitt Capital Group, told Reuters.