Feeds

Apple and Juniper results overshadowed by SEC

Warnings and postponements

Boost IT visibility and business value

The shadow of an SEC probe into irregular share allocations by public companies loomed over both Apple Computer and Juniper Networks Wednesday, as they reported their latest financial results.

Juniper delayed reporting a second quarter profit and filing its 10-K after an internal investigation found discrepancies between share awards and their recorded allocation dates.

The company expects to incur additional non-cash charges for the allocations, but is not yet able to determine what that amount will be. Additionally, Juniper said it was not in a position to say whether it would be forced to re-state earnings.

The network infrastructure provider said it would not file its second-quarter report until after the completion of the full investigation. During its scheduled conference call with Wall St analysts, Juniper said it was not yet able to determine when irregular share options had been awarded.

Over to Apple, who has found irregular stock option grants were made between 1997 and 2001. While Apple said the irregularities identified are unlikely to force an adjustment of its results, this could change pending the discovery of additional irregularities. An independent counsel has been hired by Apple's outside directors to investigate allocations.

"If additional irregularities are identified by the independent investigation, a material adjustment to the financial information could be required," Apple warned.

The statement came as Apple announced third-quarter net income jumped 48 per cent while revenue increased 24 per cent, and the company projected fourth quarter revenue to come in between $4.5bn and $4.6bn.®

Maximizing your infrastructure through virtualization

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.