UPDATE 2-Dell to resume buybacks, files restated results

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By Philipp Gollner

SAN FRANCISCO, Oct 30 (Reuters) - Dell Inc (DELL.O: Quote, Profile, Research, Stock Buzz) said on Tuesday it expects to resume share buybacks after reducing reported net income by a total of $92 million in restated financial results for periods from fiscal 2003 through the fiscal first quarter of 2007.

The cut in profit was less than Dell had said was possible, and its shares rose 1.8 percent in after-hours trade. The company filed overdue financial reports with the U.S. Securities and Exchange Commission on Tuesday and said it expected to be in compliance with Nasdaq listing requirements.

It plans to file third-quarter results at the end of November and then will resume the stock buybacks.

"The issue is that their financials are cleaned up, their SEC documents are filed and they are ready to go on with business," said Kim Caughey, analyst and portfolio manager at Fort Pitt Capital Group, which manages about $1.2 billion, including Dell shares.

"Business includes share repurchases, and we're very, very happy about that," Caughey added.

The world's second-largest computer maker had said in August that its restatements, following a yearlong internal audit of its accounting, could reduce net income for the restatement period by $50 million to $150 million.