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SCO to restate three quarters of results

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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.®

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