Last week, Nasdaq told The SCO Group that it might be de-listed from the tech-heavy stock exchange because the company has yet to file an annual report (or 10-K form) for its 2004 fiscal year, which ended on Oct. 31, 2004.
In a statement issued by the company last week, SCO said "unless [SCO] requests a hearing on Nasdaq's delisting notice, [SCO's] securities will be delisted from the Nasdaq SmallCap Market at the opening of business on February 25, 2005."
SCO went on to say that it had already requested such a hearing with the appropriate Nasdaq appeals panel, but "there can be no assurance that the Panel will grant the Company's request for continued listing."
SCO says it was not able to issue its annual report because it is still going over accounting issues regarding the company's employee stock purchase plan. The Unix vendor says this is the only hold-up in its 10-K filing.
While SCO's 10-K filing has been delayed, the firm has published its fiscal 2004 results. The vendor's revenue last year was US$42.8 million, almost a 46% drop from the previous year. The company also had a net loss of US$23.4 million in fiscal 2004. SCO also spent US$20 million on its ongoing legal battle with IBM, where the vendor is suing IBM for alleging that the larger company illegally contributed some of SCO's Unix code into the Linux open-source project without permission.