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07 May 2001
In a statement issued on 16 April, the firm claimed that it generated profits of about 40 cents a share, around $230m (£160m), for the 12 months to 31 March 2001. But a later revised statement posted last week altered this figure to 16 cents a share, or $90m (£130m).
According to a report in the New York Times, CA said the mistake occurred when the person who prepared a chart for the statement inserted the wrong number from a spreadsheet.
The newspaper published an article this weekend which quoted former employees and analysts as saying that CA had a long history of using accounting manoeuvres to overstate profits, a charge that CA has denied.
Last year, the company changed an initial statement that it made revenues of $2.13bn (£1.5bn) to $1.91bn (£1.3bn) after including some contracts that had been signed in the previous three months, but had already been included in previous figures.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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