The SCO Group Announces Second Quarter 2007 Results
Last Update: 4:05 PM ET Jun 5, 2007
LINDON, Utah, June 5, 2007 /PRNewswire-FirstCall via COMTEX/ -- The SCO Group, Inc. (SCOX : sco group inc com
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5:26pm 06/05/2007
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SCOX1.30, +0.17, +15.0%) , a leading provider of UNIX(R) software technology and mobile services, today reported results for its second quarter ended April 30, 2007.
Revenue for the second quarter of fiscal year 2007 was $6,014,000, down from $7,126,000 for the comparable quarter of the prior year. The net loss for the second quarter of fiscal year 2007 was $(1,143,000), or $(0.05) per diluted common share, an improvement over the net loss of $(4,694,000), or $(0.22) per diluted common share, for the comparable quarter of the prior year. Revenue for the first two quarters of fiscal year 2007 was $12,029,000, down from $14,469,000 for the first two quarters of the prior fiscal year and the net loss for the first two quarters of fiscal year 2007 was $(2,167,000), or $(0.10) per diluted common share, an improvement over the net loss of $(9,275,000), or $(0.45) per diluted common share for the first two quarters of the prior fiscal year. The decrease in revenue was primarily attributable to continued competitive pressures on the Company's UNIX products and services and the improvement in net loss was primarily attributable to reduced legal costs and operating expenses.
"Even though competition continues to impact our revenue, we are pleased that our legal costs and operating expenses are lower than the comparable prior periods which improved our financial results," said Darl McBride, president and CEO. "We are committed to our strategy of serving our UNIX customers, developing innovative new mobile technologies and protecting our valuable intellectual property."
Legal and related costs incurred in connection with the Company's litigation were $1,066,000 for the second quarter of fiscal year 2007, which was down significantly from costs of $3,762,000 for the comparable quarter of the prior year. Because of the unique and unpredictable nature of the Company's litigation, the occurrence and timing of litigation-related costs is difficult to predict, and will be difficult to predict in the future. While the Company expects to continue to incur legal costs related to its ongoing litigation during the 2007 fiscal year, the Company's expectation is that fiscal 2007 costs will be less than they were for the 2006 fiscal year.
Cash and cash equivalents, available-for-sale marketable securities and restricted cash to be used for certain legal expenditures totaled $11,181,000 as of April 30, 2007, compared to $12,664,000 as of October 31, 2006.
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