Supercomputer maker Cray today said it received a notice from the Nasdaq Stock Market last week finding the company was not in compliance with marketplace rules and now faces potential delisting. The problem stems from Cray's failure to file its 2005 annual report on time.
Why does this sound so familiar? Last May, Cray received a similar notice from Nasdaq for failing to include an auditor's opinion on financial reporting in its 2004 annual report.
Cray said last month it would delay filing of its 2005 annual report pending a review of a $3.3 million non-cash item that could force it to adjust its 2004 financial statements. Cray did not give a timeline for when it expects to file.