Dell Files Delinquent Reports

SAN FRANCISCO -- Dell(DELL) filed its delinquent financial reports Tuesday, taking a long-awaited step in getting its house back in order.

Tuesday's earnings report filings -- which Dell had delayed as it conducted an internal investigation into its bookkeeping -- should bring the PC maker back into compliance with Nasdaq listing requirements and pave the way for the company to resume stock buybacks.

Dell also will finally reopen the lines of communications with investors, by holding its first conference call in a year when it reports its quarterly earnings next month.

Shares of Dell gained 2.3%, or 69 cents, to $30.49 in extended trading Tuesday.

Dell said Tuesday that its investigation involved the manipulation of reserve and accrued liability accounts in order to meet financial targets.

"According to the investigation, these activities typically occurred in the days immediately following the end of a quarter, when the accounting books were being closed and the results of the quarter were being compiled," read Dell's filing with the SEC Tuesday.

The adjustments ranged from hundreds of thousands of dollars to several million dollars and "were viewed at times as an acceptable device to compensate for earnings shortfalls that could not be closed through operational means," the filing continued.

In all, the restatement shaves $359 million from the $196.2 billion that Dell generated between 2003 and the first quarter of 2007, equivalent to 0.18% decline according to Dell spokesperson Bob Pearson.