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March 23, 2005

SCO Group delays another filing

Controversial Unix vendor SCO Group has delayed a second financial filing with the Securities and Exchange Commission leading to an extension of its attempts to avoid being delisted from the Nasdaq Smallcap market.

By CBR Staff Writer

The Lindon, Utah-based Unix vendor told ComputerWire last week that it expected to file its delayed annual report with the SEC ahead of its meeting with the Nasdaq listings panel on March 17.

That hearing has come and gone without the appearance of the company’s Form 10-K, and SCO has now announced that it has received a further notice from Nasdaq relating to its delayed Form 10-Q for the first quarter ended January 31, 2005.

According to SCO, which is currently best known for its for its breach of contract and copyright lawsuit against IBM and claims that Linux contains Unix System V code, Nasdaq has decided to consider the late filing of both forms before deciding on whether SCO should be delisted.

The original 10-K filing was delayed after SCO announced in February that together with its auditors, KPMG, it needed more time to examine matters related to shares of common stock issued as part of its equity compensation plans.

That examination led the company in early March to reclassify just over $1m in total across the first three quarters of 2004 from permanent equity to temporary equity, and just under $2.5m in total across the first two quarters of 2004 from equity to current liabilities. SCO also said it would restate $233,000 of stock-based compensation from the second quarter to the first quarter.

The company did not state when it expects to announce its financial results for the first quarter of 2005 not when it expects to file the delayed filings with the SEC. It is awaiting the decision of the Nasdaq listings panel and will continue to be listed on the Smallcap market under the stock symbol SCOXE until the panel reaches a decision.

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