Feeds

SCO to restate three quarters of results

Loss unaffected

  • alert
  • submit to reddit

The essential guide to IT transformation

SCO Group must restate two quarters of results “to correct certain accounting errors”, the company revealed on Thursday

The restatements for the quarters ending 31 January, 30 April, and 31 July, 2004, will not hit SCO’s 2004 fiscal year bottom line - meaning the Unix vendor and Linux bugbear’s fiscal 2004 loss per share will remain unchanged. Its net cash and securities for sale balances for the 2004 fiscal year are also unchanged.

A SCO statement said the company expects to reclassify amounts related to shares it may have issued under its equity compensation plan which did not comply with Federal and state regulations.

For the first and second quarter, the company will also reclassify accrued dividends paid on its previously issued Series-A and A1 preferred stock from equity to current liabilities

Lastly, SCO expects to restate around $233,000 of stock-based compensation expenses which were recorded in the second quarter but incurred in the first.

SCO said that once it has completed the restatement it will file its 10-K. It currently faces delisting from Nasdaq, and is preparing for a hearing with the Nasdaq Listing Qualifications Panel on March 17.®

Related stories

SCO faces ejection from Nasdaq
Hand over the code, judge tells IBM
SCO's vanishing licensing biz hits Q4 revenues
SCO's profit turns to loss as Q3 revenue tumbles

Next gen security for virtualised datacentres

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
China: You, Microsoft. Office-Windows 'compatibility'. You have 20 days to explain
Told to cough up more details as antitrust probe goes deeper
Windows 7 settles as Windows XP use finally starts to slip … a bit
And at the back of the field, Windows 8.1 is sprinting away from Windows 8
Linux turns 23 and Linus Torvalds celebrates as only he can
No, not with swearing, but by controlling the release cycle
Scratched PC-dispatch patch patched, hatched in batch rematch
Windows security update fixed after triggering blue screens (and screams) of death
This is how I set about making a fortune with my own startup
Would you leave your well-paid job to chase your dream?
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?