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[NOBODY_III]

Improperly Booked Revenue at Xerox Could Be More Than SEC Estimate
Updated: Friday, June 28, 2002 04:05 AM ET Printer-friendly version

A new audit of Xerox Corp. found that the company improperly accelerated far more revenue during the past five years than the Securities and Exchange Commission estimated in an April settlement with the company, people familiar with the matter told The Wall Street Journal.

The figure the SEC estimated then was $3 billion for the four years from 1997 through 2000. But the audit, which also looked at 2001, has found fresh accounting problems, these people said. The total amount of improperly recorded revenue over that five-year period, they added, could be more than $6 billion.

Xerox, which ordered the new audit as a result of the April settlement, is expected to file restated financial results for the five years as early as today. The restated financials are due to be filed by Monday.

The revised revenue figures for that period probably won`t directly reflect anything like a $6 billion figure, because the main problem with Xerox`s accounting was premature booking of revenue. Thus, much of the misbooked revenue in earlier periods will be shown in the restated results to be recouped in subsequent periods.

Xerox spokeswoman Christa Carone declined to comment on the $6 billion figure, but said the impact on Xerox`s 1997 through 2001 results would be a reduction of "less than $2 billion" in revenue out of the total of $92.5 billion the company had previously reported for that period.

Coming on the heels of the revelations of a massive accounting error at WorldCom Inc., the bigger-than-expected problems at Xerox represent another case of a major U.S. company long bolstering its results with bogus accounting.

The fresh Xerox audit was conducted by PricewaterhouseCoopers LLP, which took over as the copier company`s auditor last October after Xerox fired longtime auditor KPMG LLP. A Pricewaterhouse spokesman declined to comment.

The impact on Xerox`s profit over the five-year period from the larger revenue revisions couldn`t be determined. In its April complaint, the SEC estimated that accounting improprieties had boosted pretax profit at Xerox by $1.5 billion from 1997 through 2000. Analysts have said the restatements, by shifting revenue from past years, may actually boost Xerox`s revenue and profit this year and in future years.

Neither admitting nor denying wrongdoing, Xerox settled the SEC charges in April, paying a $10 million civil penalty, the largest in history levied against a company for financial-reporting violations.


-- Wall Street Journal staff reporters Mark Maremont and James Bandler contributed to this report.

Copyright 2002 Dow Jones & Company, Inc.

Quelle: Quicken.com

[Performancebomber]

Wird wohl nicht die letzte Ami-Klitsche gewesen sein.

[_Spock_]

Gegen diese Schei... Ami-Läden nehmen sich die Nemax-Firmen ja
bald wie der Hort der Ehrlichkeit aus

[NOBODY_III]

Wolken über der US-Wirtschaft ?

28.06. / 12:55


Der US-Schatzmeister Paul O`Neill hat heute mitgeteilt, daß er weiter davon ausgehe, daß die US-Wirtschaft - trotz der aktuellen Bilanzierungsvorwürfe gegen WorldCom und Xerox und der Angst vor weiteren Terroranschlägen seine Wachstumsprognosen

erfüllen werde. O`Neill bekräftigt seine Wachstumsprognosen von

3,0 - 3,5 % für die US-Witrschaft. "Es handele sich um dunkle Wolken, die aufgezogen seien", so O`Neill - diese könnten die US-Wirtschaft im Gesamten jedoch noch nicht erschüttern.

Quelle: BörseGo

[NOBODY_III]

Soros warnt vor dem double dip

http://www.spiegel.de/wirtschaft/0%2C1518%2C203079%2C00.html

[F 50]

Dunkle Wolken ist gut, der hat TYCO, ENRON und die vielen Leichen, die evtl. noch ermittelt werden vergessen.

Vor kurzem hieß es noch ENRON sei die Spitze des Eisbergs. Mit den wenigen bisher aufgedeckten Bilanzierungsbetrügereien befinden wir uns immer noch an der Spitze des Eisbergs.

[NOBODY_III]

Der Markt-Forscher: Schluß mit dem Starkult!

http://www.spiegel.de/wirtschaft/0%2C1518%2C203080%2C00.html