Feeds

Bull says accounting error rumours are, er, bull

Speeds divestment

  • alert
  • submit to reddit

High performance access to file storage

French computer maker Bull has denied reports that it found an accounting error which inflated its net cash position by 100 million euros ($93 million).

"Following recent announcements in the press, Bull would like to state that the published results were not caused by an accounting error," the company said.

It went on to add that "during a recent update (in its accounts) some weeks ago, an error was corrected which didn't significantly impact the situation of the company". There were no details on the size of the cock-up.

The statement followed a report in today's The Wall Street Journal that a mistake in Bull's accounts caused the artificial net cash inflation, though it is unclear how this error was spotted or where it originated.

Meanwhile, Bull is looking at offloading its CP8 smart card business sooner than expected. The sale is now tipped to take place in the next two weeks instead of at the end of February, according to the WSJ, and Bull wants to flog the whole lot, instead of keeping a minority stake.

It hopes to sell the CP8 business for more than 500 million euros, though it would be willing to take a lower offer, a source familiar with the situation blabbed.

Last month Bull warned it expected to post a loss of between 100 million euros and 150 million euros for the year 2000. ®

Related Stories

Bull scores Itanium server architecture from NEC
Bull splits to tackle poor sales
L&H files for Chapter 11

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.