As expected Santa Cruz Operation Inc (SCO) produced an ugly set of third quarter results, taking a one-time $8.4m restructuring hit, driving it into the red to the tune of $24.6m at the net level, against a profit of $3.3m the previous year. Revenue for the third quarter fell 42.3% to $31.2m. The charge was for a 10% reduction in headcount, writing off the value of several acquired technologies and getting rid of some facilities. But, the company reckons that as a result of all the hacking back, it should return to profitability by the fourth (current) quarter. Net losses for the nine months to June 30 were $19.7m, down from $26.5m the previous year, on revenue that fell 7.1% to $141.9m.
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