Research Pit

[Jagman]

SUMTE, Got the "E" after the merger with Click2learn, needed time to file the annual. Should be filing "soon" and I think the "E" is really holding this back. $4.77 close Friday.

"Attached hereto as Exhibit 99.1 and incorporated by reference herein is Registrant's press release dated March 8, 2005 announcing that the Company will not be able to file its annual report on Form 10-K on a timely basis and forward-looking statements relating to, among other things, the Company's compliance with Section 404 of Sarbanes-Oxley Act of 2002 and its filing of its Form 10-K."

First quarter earnings were good and didn't include all revs from merger.

http://biz.yahoo.com/bw/050428/285922.html?.v=1

"Results for the first quarter of 2004 reflect only a portion of Docent revenue, due to the acquisition of Docent, Inc. by Click2learn, Inc. to form SumTotal Systems, Inc. on March 18, 2004."

20 Million OS and 15 million float, no debt, $36 million cash. I think this could double losing the "E" and next earnings on August 3.