Feeds

Systemax readies books

Delayed accounts nearly finished...

  • alert
  • submit to reddit

Combat fraud and increase customer satisfaction

Systemax, Simply Computer's saviour, will have restated accounts ready by the end of the month after problems at its UK arm forced it to review seven quarters worth of results.

Steven Goldschein, chief finance officer at New York-based Systemax, told El Reg: "We are on track to have figures ready by March 30, we're making good progress." He said he did not expect any further changes to management or strategy at its British subsidiary Misco, formerly Simply Computers.

Last month Systemax blamed its UK subsidiary for a sizeable hole in its accounts which will force it to restate accounts for the first three quarters of 2004 and the whole of 2003.

Income for the year 2003 is likely to be reduced by as much as $2.5m and income for the first nine months of 2004 will be lower by $1.3m to $1.6m, it said.

Systemax cited "certain errors in accounting for inventory at its UK subsidiary". It is reviewing internal controls to ensure such a thing doesn't happen again. It has made changes to senior management and the UK is business is now under the direct control of Systemax's US subsidiary TigerDirect.®

Related stories

Simply Computers changes name
Simply Computers suffers big redundancies
Misco pulls plug on Scotland

3 Big data security analytics techniques

More from The Register

next story
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
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
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
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
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.
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.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.