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HP Issues Statement In Response To Market Confusion
PALO ALTO, Calif. (Dow Jones)--Hewlett-Packard Co. , responding to market confusion about its Form 10-Q filing for the first quarter, said its gross cash position of $13.2 billion is "strong" and unchanged.

H-P also said that one month into its second fiscal quarter, which ends in April, revenue for the combined company is up 3% year over year.

In the 10-Q filed Wednesday, H-P said its operating cash flow for the first quarter was $647 million, 18% lower than the $791 million it had previously reported.

H-P said it erroneously classified some items as operating cash flow and had since corrected the errors.

In a press release Thursday, the technology company said calendar fourth- quarter revenue would have been up 9% sequentially.

H-P also clarified the performance of its Personal Systems business. In the first quarter ended Jan. 31, the business reported a profit of $33 million, compared with a loss of $52 million a year ago on a combined company basis.