Delphi Delays Quarterly Financial Report

Delphi Corp. said Wednesday it was postponing a quarterly financial report because of a federal investigation of $148 million in dealings with Electronic Data Systems Corp. (EDS) and another information technology company. Troy, Mich.-based Delphi, a former General Motors Corp. division and the world's largest auto parts supplier, disclosed Sept. 29 that the Securities and Exchange Commission was investigating its dealings with EDS, also a former GM division.

From The News and Observer

DETROIT — Delphi Corp. said Wednesday it was postponing a quarterly financial report because of a federal investigation of $148 million in dealings with Electronic Data Systems Corp. (EDS) and another information technology company.

Troy, Mich.-based Delphi, a former General Motors Corp. division and the world’s largest auto parts supplier, disclosed Sept. 29 that the Securities and Exchange Commission was investigating its dealings with EDS, also a former GM division.

Delphi said the transactions under investigation total $148 million. The company reported $28.1 billion in revenues for 2003.

“The audit committee of the company’s board of directors is conducting an internal review into the accounting treatment accorded to certain transactions with suppliers, including those for information technology services,” Delphi said in a filing with the SEC on Wednesday.

It said it was postponing its third-quarter 10-Q report because of the SEC case, its own internal probe and the inability of the accounting company Deloitte & Touche LLP to sign off on the financial report.

Delphi shares rose 4 cents Wednesday to close at $8.91 on the New York Stock Exchange, near their 52-week low of $8.10.

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