Islandia, N.Y. (May 7, 2004) -- Computer Associates International Inc. said that it would report its final fourth quarter and year-end results one to two weeks later than originally scheduled and would amend its previous filings to defer roughly $9 million in revenue.
In a statement Thursday, CA chief operating officer Jeff Clarke said that the rescheduling of final fourth quarter and year-end results, originally scheduled for May 12, was a result of "the manpower reallocation" due to its April restatement of financial results for CA's 2000 and 2001 fiscal years.
The troubled software firm, which has been under investigation related to premature revenue recognition, last month restated $2.2 billion in revenue that it prematurely booked during fiscal 2000 and 2001.
"This effort, which consumed thousands of person hours, unfortunately necessitated a delay in reporting current results," Clarke said.
The company will also revise previous filings to defer some $4 million of previously recognized revenue in the second quarter of fiscal 2004 and $5 million in the third quarter of fiscal 2004. The revision is due to an adjustment in the way the company calculates subscription revenue. The $9 million in revenue will be recognized in subsequent periods.
The company expects to file its audited annual report and amended quarterly reports by June 14. In preliminary results released Thursday, CA said that it expects revenue for the fourth quarter to be about $850 million, compared to previous guidance of $845 million to $865 million, and revenue for the full fiscal year of roughly $3.28 billion, compared to previous guidance of $3.29 billion to $3.31 billion.
-- WebCPA staff
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access