Dell to restate four years of results

Dell Inc said on Thursday it would restate four years of financial results, reducing net income for the period by as much as $150 million, after a lengthy audit found that top executives sought accounting adjustments to reach quarterly performance goals, according to a report by Reuters.

Dell said it expects the restatements to also reduce revenue by 1% or less per year for the period under review.

The review "identified evidence that certain adjustments appear to have been motivated by the objective of attaining financial targets," Dell said, adding that the changes "typically occurred at the close of the quarter."

The company said the investigation raised questions about a number of accounting matters, mainly involving adjustments to reserve and accrued liability accounts.

A Bloomberg report, quoting analysts, said founder Michael Dell, who took over again in January after ousting CEO Kevin Rollins, can now focus on reviving sales and fighting bigger rival Hewlett-Packard.