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Somebody Buy CA a Calculator

Somebody Buy CA a Calculator

Computer Associates just can't get it right. On June 14, one short month after going through the wrenching exercise of restating its tainted fiscal '99 and '00 results, admitting it had overstated $2.2 billion in revenues and acknowledging that earlier financial statements were also incorrect, the company, now supposedly fitted out with more accurate adding machines, quietly restated the first three quarters of fiscal '04. The latest results were certified by its shiny new interim CEO Ken Cron, the guy who replaced Sanjay Kumar, who certified the last bad crop of numbers. CA admitted improperly booking contract extensions after the fact, proving that bad habits are hard to give up. It said it had overstated revenues this time through by roughly $13 million and blamed its tighter new controls. Since CA hasn't been putting revenues from large contracts in the right quarter, it remains to be seen why the company only restated the last three quarters and not all the quarters going back to October 2001 when it changed its accounting practices unless, of course, it's the exponential impact.

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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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