Dell in compliance with Nasdaq listing requirements

by Agam Shah

November 1, 2007 —

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
on Thursday 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 Tuesday filing of restated earnings reports from fiscal
2003 to the first quarter of 2007, the company said in a statement. Nasdaq earlier
set a deadline of Nov. 12 for Dell to file the earnings reports.

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

IDG News Service