Dell completed an internal accounting investigation this week and restated its financial results from fiscal 2003 to the first quarter of 2007, bringing it into compliance with listing requirements specified by the Nasdaq stock exchange.

For the restatement period, Dell cut its cumulative net income by US$92 million from a previously reported net income of US$12 billion [B], said Dell spokesman Bob Pearson. The cumulative change to earnings per share was US$0.03 from the previously reportedUS $4.78, he said.

Dell also reduced revenue by US$359 million from the previously reported US$196.2 billion for the restatement period, Pearson said.

While it was carrying out its own probe of accounting problems during the quarter and under investigation by the U.S. Securities and Exchange Commission (SEC), Dell faced delisting on the Nasdaq multiple times for failing to file earnings reports to the SEC on time. The SEC is still investigating Dell for certain periods prior to fiscal year 2006. Dell will continue to cooperate and work with the SEC on the investigation, Pearson said.

Among a string of filings Tuesday, Dell said in a 10-Q/A filing for the quarter ended May 5, 2006, that it recognized the wrong amount of revenue from certain transactions or recognized revenue in the wrong period. In some cases, Dell prematurely recognized revenue before it settled the terms of sale with a customer, Dell said in the filing.

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 after Kevin Rollins resigned in an effort to revive the company. 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 a recent IDC study.