EDS delays results for third time
Five more days please
Services giant EDS has asked the Securities and Exchange Commission for a third extension to the deadline for posting its financial results. The firm has delayed posting results for the third quarter ended 30 September twice already.
It first asked for more time in October and then again in early November. KPMG, its auditor, is still trying to work out how much the troubled contract with the US Navy has cost the company. The latest extension gives the beancounters until 15 November to sort out the mess.
Last week EDS said the investigation into the Navy Marine Corps Intranet was continuing and a new investigation was looking at quarterly bonus payments in 2003 and 2004. It continues to hope the delay will not affect full year earnings.
The Navy contract is worth over $8bn and KPMG is assessing the write-down value of $700m in related assets. The contract is being investigated by the SEC and has already cost EDS $500m. ®
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