BE: BearingPoint was KCIN: KPMG CONSULTING
- Rande
- Rande
- KLR
- DennisL
- KLR
- JenL_2
- Q_out
- KLR
- JenL_2
- Sinewave
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» Rande - Re: Re: Re: KPMG...
In response to message posted by morrisgara:It was a rhetorical question. I wouldn't expect anyone who delights in taking anonymous pot shots at others to ever have what it takes for such disclosure (or to be truthful about it in any event, given the general profile and, in this case, the particular history).
-- posted by Rande
» Rande - KPMG CONSULTING COMPLETES GLOBAL BROADBAND CENTERS IN US
KPMG CONSULTING COMPLETES GLOBAL BROADBAND CENTERS IN US4/24/2001 8:07:00 PM
Apr 24, 2001 (AsiaPulse via COMTEX) -- (For a full text of statement, contact www.asianet.com.au)
MCLEAN, Va., April 24 /PRNewswire-AsiaNet/ -- KPMG Consulting, Inc. (KCIN) , one of the world's largest consulting firms, today announced the opening of its Northeast Broadband Solution Center in Liberty Corner, N.J., now one of four commercially operational Broadband Solution Centers in the country that are part of the company's global initiative to offer fully equipped solution centers in which the company works with clients to build, test and demonstrate innovative solutions, help to reduce risk and assist in accelerating deployment schedules for customers.
The launch of KPMG Consulting's northeastern center, which joins existing centers in Denver, Co., McLean, Va., and Mountain View, Calif., completes KPMG Consulting's U.S. build-out. Two others center are located in Europe and Australia. The Broadband Solution Centers offer customers across all industries the opportunity to design and test solutions including customer relationship management, supply chain, managed services and mobile solutions.
"The Broadband Solution Centers provide our customers with the platform to develop systems within hours instead of weeks," said Judith List, senior vice president, KPMG Consulting. "The Broadband Centers reduce the burden on companies by making it possible for us to simulate the client's network and operational environment so that they can build and test the technologies that they are considering for implementation. The Centers eliminate the leap of faith that most companies take from concept to large scale deployment, and could also decrease the time-to-market for new systems."
KPMG Consulting's Broadband Solution Centers enable virtual communication, allowing customer engagement teams to collaborate across multiple locations. The centers accommodate large scale projects and enable KPMG Consulting and our customers to:
* Leverage technology resources like Unix and Windows servers, house
development environments, and establish extranet environments to
communicate with client environments;
* Demonstrate solutions alternatives and solutions developed for clients
in state-of-the-art presentation facilities; and
* To work in fully-capable, client-secure project rooms to develop
leading-edge solutions that are unique to the client enterprise.
Each center is comprised of a prototype IP-based telco central office and server farm in a computer room facility, adjoining project rooms and lab areas, an operation center/theater, state of the art presentation areas, and software development areas and offices.
"In today's market, few companies have the resources to build facilities in which they will be able to explore options for creating efficiencies or managing costs or generating new revenues using broadband technologies," said Brian Snarzyk, senior vice president, Solutions Infrastructure, KPMG Consulting. "The centers allow clients to evaluate the changing mix of technology solutions that will help move their businesses forward, by giving them a design, development and testing environment that is outside of their own infrastructure, but still allows them to access or replicate the resources they need from their environment in order to seamlessly address the next business challenge."
For more information on the KPMG Consulting Broadband Solution Centers, please call 1-866-FORKCIN.
About KPMG Consulting, Inc.
As of February 8, 2001, KPMG Consulting, Inc. is an independent consulting company, no longer affiliated with KPMG LLP, the tax and audit firm. KPMG Consulting should be referenced as such in the first and all subsequent references.
KPMG Consulting, Inc. (KCIN) , based in McLean, Virginia, is one of the world's largest consulting companies with more than $2 billion in annual revenues. Our more than 9,100 professionals provide business and technology strategy, systems design and architecture, applications implementation, network and systems integration, and related services that enable clients to leverage technology for stronger return on investment, and real, sustainable competitive advantage. We serve more than 2,500 clients, including global companies, Fortune 1000 companies, small and medium-sized businesses, government agencies and other organizations, through six industry-focused lines of business, including: financial services, consumer and industrial markets, high tech, communications and content, public services and health care.
-- posted by Rande
» KLR - KPMG Consulting tops estimates
KPMG Consulting tops estimatesBy Chris Kraeuter, CBS.MarketWatch.com
Last Update: 6:04 PM ET May 1, 2001
MCLEAN, Va. (CBS.MW) -- KPMG Consulting reported third-quarter operating net income that was much better than expected as revenue grew 19 percent on a sequential basis.
Shares rose as high as $17 in Tuesday's after-hours trading session after closing the day up 31 cents at $15.92. These prices, though, are still below the company's Feb. 2 initial public offering price of $18 a share.
The high level for the shares since that time was $24.25, established on Feb. 8.
KPMG Consulting (KCIN: news, msgs, alerts) , a spin-off from the tax and audit firm KPMG LLP, reported third-quarter operating net income of $42.1 million, or 34 cents a share, compared with $20.9 million, or 7 cents a share, during the previous quarter. Operating net income excludes one-time non-operating items, like equity losses.
Analysts surveyed by First Call/Thomson Financial expected operating earnings of 25 cents a share.
According to a company statement, results were driven by consulting to the public services, communications and content, and high technology industries.
Cash operating earnings, which exclude goodwill and asset amortization, were 37 cents a share compared with 11 cents a share during the previous quarter.
The actual loss was $101.7 million, or 83 cents a share, compared with a loss of $53.4 million, or 70 cents a share, during the previous quarter.
Revenue was $750.9 million compared with $702.6 million during the previous quarter.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco
-- posted by KLR
» KLR - No Trick Shots, Just Trust ... KPMG Consulting
[KPMG Consulting Headgear?? - WOWSA!
]No Trick Shots, Just Trust ... KPMG Consulting, Inc. Launches First-Ever Television Ads
MCLEAN, Va., July 17 /PRNewswire/ -- Do not attempt to adjust your television set. That trap shot Phil Mickelson holes in KPMG Consulting's first-ever TV spots as a public company this weekend really took place.
(Photo: http://www.newscom.com/cgi-bin/prnh/2000... )
With KPMG Consulting CEO Rand Blazer holding the pin, Mickelson sinks a shot on the edge of a bunker by turning his back to the pin and swinging in the opposite direction. Using a wedge, the ball travels behind and over Mickelson's head and lands square in the cup.
"As incredible as the shot was, the fact that Phil holed it on the third take of filming was absolutely astounding," said Blazer. "The shot exemplifies one of KPMG Consulting's basic messages, which is no matter where you aim, you can trust us to help keep your enterprise on target."
The spots, which will air twice Saturday and twice Sunday during ABC's coverage of the British open, are the first commercials ever run by KPMG Consulting as a public company. The second commercial features an equally stunning shot by Mickelson. That shot features Blazer barely three feet in front of Mickelson while he lobs a shot over Blazer's head onto the green and into the cup.
"That spot emphasizes trust as a hallmark of KPMG Consulting in its relationships with its clients," says Blazer.
Mickelson, the world's number two golfer behind Tiger Woods, signed a multi-year endorsement contract with KPMG Consulting in December 2000, in which he wears KPMG Consulting headgear while on tour and at company-sponsored events.
The two thirty-second spots are the result of that close relationship and the camaraderie between both Mickelson and Blazer.
"That took a lot of nerve on the part of Rand," said Mickelson, "but Rand has always impressed me as a person who is willing to go the extra mile to prove a point, especially when it proves a point about KPMG Consulting's corporate culture."
About KPMG Consulting
As of February 8, 2001, KPMG Consulting, Inc. is an independent consulting company, no longer affiliated with KPMG LLP, the tax and audit firm. KPMG Consulting should be referenced as such in the first and all subsequent references.
KPMG Consulting, Inc. (Nasdaq: KCIN), based in McLean, Virginia, is one of the world's largest consulting companies with more than $2 billion in annual revenues. Our more than 10,000 employees provide business and technology strategy, systems design and architecture, applications implementation, and network and systems integration, designed to enable clients to leverage technology for stronger return on investment and enhanced service to their own customers, vendors and employees. We serve more than 2,500 clients, including global companies, Fortune 1000 companies, small and medium-sized businesses, government agencies and other organizations, through industry-focused lines of business, including: financial services, consumer and industrial markets, high tech, communications and content, public services and health care.
For more information about KPMG Consulting, visit our Web site at http://www.kpmgconsulting.com . For news media, visit http://kpmgconsulting.com/news/media-con... .
To view/download the commercial spots or photos from the ads, visit http://kpmgconsulting.com/news/press-rel... .
-- posted by KLR
» JenL_2 - KPMG Consulting : KCIN
This from 12/10 Barron's Online:KPMG Consulting Inc. (KCIN-Nasdaq)
By Wachovia Securities (18.00, December 5, 2001)
We are raising our rating on shares of KPMG to Buy from Market Perform based on a compelling relative valuation to other publicly traded "Big-5" companies.
KPMG's business model also offers notable upside leverage to an improvement in economic activity, which should drive increased information technology spending.
KPMG derives about one-third of its revenue from government agencies, which are enjoying enhanced spending power. This should provide downside earnings protection until commercial IT spending takes hold.
Shares currently trade at 1.4 times revenue (based on 2002 estimates), which compares to industry leader Accenture at 2.1 times revenue. While a modest discount is appropriate (due to a relatively weaker market position and balance sheet), we believe a 67% discount is too large.
Based on pre-Internet era valuation parameters, the shares of leading IT consultants, which both these companies are, should trade in the range of 2.5 to 3 times forward revenue.
Our price-target us $25, which is just two times estimated 2002 revenue.
-- Edward S. Caso, Jr., CFA
-- Clinton D. Fendley, CPA
Subscribe to WSJ & Barron's Online @ http://www.wsj.com
<img src="http://pvcharts.quicken.com/bin/icenter...." width=470 height=250>
KCIN, S&P500, DJIA, Nasdaq YTD Chart
.....Jen
-- posted by JenL_2
» Q_out - Re: KPMG Consulting : KCIN
In response to message posted by JenL_2:New 52-week high.
http://stockcharts.com/def/servlet/SC.we...
Andersen's losses are gains for the other big 4.
<img src="/files/mysites/qout/bhoestarts.gif" width=53 height=34 align="left">
Q_out
DISCLAIMER: My words and observations are general in nature, and are not meant as specific investment advice. Individuals should consult with their own advisors for specific investment advice.
-- posted by Q_out
» KLR - I Am Not Related ...
KPMG Consulting Inc. to change name KPMG Consulting, which split off from KPMG in 2000, and went public a year later, has the right to use the KPMG name until 2005, but has decided to adopt a new name much sooner. "The time to do it is now," spokesman John Schneidawind told Reuters. "The sooner the better." The scandal enveloping auditor Andersen over its treatment of Enron's books, which has brought the conduct of all accountants into the spotlight, was a factor in deciding to change the name, he said. Unlike rival consultant Accenture The McLean, Virginia-based firm, with about 10,000 workers, is hiring a brand name consultant to come up with a new name. The new name, as yet undecided, will be launched as soon as possible, Schneidawind said, after the firm has been through trade mark checks to make sure the name is original. 13:03 03-13-02
NEW YORK, March 13 (Reuters) - KPMG Consulting Inc.
-- posted by KLR
» JenL_2 - KPMG SEC Investigation
Is the SEC on a Witch Hunt? This from 5/6 WSJ & published at MSNBC.com:raising new ethics questions
By Scot J. Paltrow
THE WALL STREET JOURNAL
May 6 — A private meeting 10 days ago by Securities and Exchange Commission Chairman Harvey Pitt with the head of KPMG LLP, which for years was his law client and now is under SEC investigation, has triggered new concern about whether he is abiding by ethics rules requiring him to stay out of matters directly affecting former clients.
MR. PITT ALREADY has drawn criticism in recent months from investor groups, members of Congress and others for meetings with other former clients on issues pending before the SEC that could have major financial impact on them. Ethics rules generally ban SEC officials from participating in matters that relate specifically to recent former clients, and generally require officials to avoid giving even the appearance of a conflict.
Mr. Pitt has vigorously rejected such criticism, denying that he has exerted influence on behalf of former clients or given them undue access to him.
Mr. Pitt’s meetings with former clients come at a sensitive time, when the financial markets have been hit with a cascade of developments that have shaken investor confidence. Mr. Pitt took office shortly before the Enron Corp. scandal broke, which was soon followed by disclosures of widespread questionable accounting at other big corporations, and evidence that Wall Street securities analysts knowingly misled investors. Under Mr. Pitt, the SEC hasn’t been aggressive enough in pursuing reforms, critics say, though some acknowledge that he has taken a more active role recently. Mr. Pitt and other SEC officials have declined requests for interviews on their compliance with ethics rules.
The meeting causing new concern about Mr. Pitt’s activities came on April 26, when he met privately with Eugene D. O’Kelly, who days earlier had been named KPMG’s new chairman and chief executive. The meeting was meant to be a courtesy call. But in an e-mail memo Mr. O’Kelly sent Wednesday to KPMG’s staff, which was reported first by Bloomberg News, he stated that he discussed with Mr. Pitt the SEC’s pending investigation of KPMG’s audits of Xerox Corp. He said he argued that the SEC shouldn’t take any action. The SEC’s enforcement division is investigating accounting practices that allegedly enabled Xerox to falsely boost its reported pretax profit by $1.5 billion from 1997 through 2000. The purpose of the memo was to warn employees about potentially unfavorable media coverage relating to the SEC’s investigation.
Mr. O’Kelly’s e-mail stated, “I wanted him [Mr. Pitt] to know the priority we place on KPMG’s relationship with the SEC and the importance of open dialogue. In that spirit, I expressed that we continue to stand by our audit work and client service teams led by Mike Conway and Ron Safran [leaders of the KPMG team that audited Xerox] and strongly believe we fulfilled our professional responsibilities as independent auditors. Furthermore, any action that the [SEC] staff might take is in our view fundamentally unfounded and would pose serious disruption at this juncture in the capital markets.”
In a statement, Mr. Pitt firmly denied that the Xerox case came up. “Neither Mr. Kelly nor I discussed any enforcement matter, including Xerox.” In a statement issued Sunday, KPMG said initial reports of the meeting “took the internal memo and the SEC meeting out of context.” But KPMG didn’t disavow Mr. O’Kelly’s remarks, and a KPMG spokesman said in an interview that there was nothing inaccurate in Mr. O’Kelly’s e-mail, including its account of the meeting.
As a result, the contradictory statements from the SEC and KPMG leave the apparent implication that one side or the other isn’t being accurate. This could prove to be a problem for either Mr. O’Kelly or Mr. Pitt if evidence surfaces supporting the other’s version of what transpired.
Current and former SEC officials say that a discussion in the early stages of a pending investigation, if it occurred, would be highly unusual, and improper, for the SEC chairman, since the chairman would be expected to make impartial decisions later when the commission votes to authorize any civil charges or penalties.
Lynn Turner, who served as SEC chief accountant under former Chairman Arthur Levitt, said that if the Xerox investigation was discussed, “This is incredible,” adding, “If Xerox did come up in the conversation, Harvey should either have cut him off or walked out the door.” A current longtime SEC staff member agreed that if any discussion of the investigation did occur, “the staff would find it pretty disturbing.”
KPMG, like all of the Big 5 accounting firms, is listed on Mr. Pitt’s financial disclosure statement as among the clients that he billed the most while he was a partner until last July at law firm Fried, Frank, Harris, Shriver & Jacobson, with offices in New York and Washington. In his SEC conflict-of-interest agreement, Mr. Pitt stated that, with limited exceptions, he would recuse himself on matters specifically relating to these former clients for a period of one year after becoming chairman.
Some Democrats on Capitol Hill have been critical of Mr. Pitt’s handling of accounting issues before the commission and dealings with former clients. In an interview last week, before word surfaced of Mr. Pitt’s meeting with KPMG’s chairman, Sen. Joseph Lieberman, a Connecticut Democrat, said, “At this moment in the SEC’s history, it would be better if the chair was someone who had come to that position with fewer contacts in his professional history in the accounting industry which is under a cloud now. But that only means there’s a higher burden of proof on him to prove that he’s been fully independent.”
White House spokeswoman Claire Buchan said the president sees no reason for concern. “Based on the information we have, we believe that Chairman Pitt is adhering to his ethics agreement and all federal ethics laws. The president has confidence that Chairman Pitt is doing a great job getting tough on corporate misconduct, on increasing disclosure, and on improving shareholder information.”
Mr. Pitt’s predecessors as SEC chairmen all have had close links to industries or firms regulated by the commission. Indeed, such professional experience is considered vital, assuring that the chairman is knowledgeable about the issues. Mr. Pitt’s immediate predecessor, Arthur Levitt, had been a founder of the firm that became Shearson, the brokerage firm that now is part of Citigroup, and later served as chairman of the American Stock Exchange.
But no recent SEC chairman has had as wide a range of clients subject to direct SEC regulation as Mr. Pitt. Mr. Pitt had been SEC general counsel until he left in 1978 to join Fried Frank, becoming a prominent securities lawyer. His financial-disclosure statement filed with the Office of Government Ethics lists 109 clients who each paid him more than $5,000 in fees during the year before he took office in August 2001. In his conflict-of-interest agreement, he stated, “For one year following my appointment, I will not participate in any particular matter involving specific parties in which to my knowledge a person for whom I have served as an attorney within the last year is ... a party,” except in a few circumstances allowed by government ethics regulations.
As a private attorney, Mr. Pitt not only represented firms regulated by the SEC, but represented many of them on major matters pending before the commission. For example, Mr. Pitt in 1997 wrote the white paper that the American Institute of Certified Public Accountants, the accounting trade organization, submitted to the commission, arguing strongly against any move by the SEC to crack down on potential conflicts of interest by auditors by limiting the nonaudit work they could do for firms they audit.
A KPMG spokesman confirmed that Mr. Pitt helped represent the firm in a matter that became the subject of a major SEC investigation, relating to KPMG’s audit of Porta Systems Corp., a brokerage concern. The investigation led to a January 2001 SEC cease-and-desist order prohibiting KPMG from future auditor-independence violations, after the SEC concluded that the firm had compromised its independence as Porta Systems’ auditor.
In a statement Sunday, Mr. Pitt said, “I was not KPMG’s principal counsel” in its dealings with Porta Systems or in the SEC investigation. He confirmed that he “consulted” with KPMG when it was considering getting into the brokerage business, and that he later had “fleeting involvement” by representing KPMG in one meeting with the SEC, and testifying as a “fact witness” in an SEC administrative law proceeding on the matter.
Last fall, after Mr. Pitt became SEC chairman, as the Enron scandal and its aftermath brought intense pressure for reform of the accounting industry, he held at least six private meetings with representatives of the Big 5 accounting firms and the AICPA. Mr. Pitt has declined to provide details about the meetings, though in a letter responding to questions from Rep. Ed Markey (D., Mass.), the AICPA said topics centered on planning changes for oversight of the accounting industry.
Several supporters of Mr. Pitt, including two current SEC staff members, said they believe Mr. Pitt has acted with impartiality and is being a tough regulator — but has attracted criticism because he hasn’t made a visible effort to meet with investors’ advocates as well as with industry representatives. Sarah Teslik, executive director of the Council of Institutional Investors, says Mr. Pitt turned down requests to meet with or address public meetings of her organization at the same time that he was holding closed-door meetings with accounting firms. “What troubles me the most is that he didn’t meet with the investors’ side,” she said.
Mr. Pitt, meeting with industry representatives, did invite public input on new accounting rules by setting up a series of public SEC “round tables.” But some proponents of stronger reforms say they weren’t included. Baruch College accounting professor Douglas Carmichael, who requested to be on a panel but was told there weren’t any openings, says he believes he was excluded because of his dissenting views. Ms. Harlan, the SEC spokeswoman, says, “A small number of individuals and organizations who expressed interest were not invited to participate because panels were full,” but denied that any decisions were made based on their opinions.
Mr. Pitt’s supporters say his conflict agreement only limits him on particular matters relating specifically to individual ex-clients, leaving him a free hand.
— Jacob Schlesinger contributed to this article.
It seems that the SEC was blind-sided by the Enron debacle so now to make up for former laxity they are going on witch hunts whether warranted or not.....and just the hint of a pending SEC investigation drives down stock prices. When will it end?.....Jen
-- posted by JenL_2
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