Gemstar-TV Guide International ( GMSTE), best known for its TV program listings, now faces the threat of delisting. In the latest in a series of indignities that have dulled Gemstar's once-sparkling image, Nasdaq has told the company it could be delisted for not filing the financial report for its latest quarter with the Securities and Exchange Commission. Gemstar said Monday that it has requested a hearing, which is expected to take place within the next 30 days, to review the decision. Until that hearing takes place, the delisting process is stayed, according to Gemstar. Before the announcement of the potential delisting, coming after the market closed, Gemstar's shares rose 20 cents Monday to finish at $4.48. Shares in the company, which publishes TV Guide and markets onscreen program guide and channel navigation technology, are down 87% from their 52-week high. Gemstar's most recent bad news stems from its decision, announced earlier this month, not to release its financial results for the second quarter ended June 30 by the mid-August deadline. Gemstar, which has yet to release those results, said at the time that it would revise earlier financial statements, and that was in a dispute with its auditor over one of the changes. As a result, Chief Executive Henry Yuen and Chief Financial Officer Elsie Leung said they weren't filing financial statement certification forms with the SEC. Gemstar intends to reverse the recognition of $20 million of 2001 revenue from its TV Guide subsidiary. But Gemstar's auditor, KPMG, says it hasn't been provided with sufficient information to support a restatement. Gemstar said the restatement won't affect its net loss or cash flow for last year, though the move will lower its earnings before interest, taxes, depreciation and amortization. A bigger financial hit is in store for Gemstar with the company's revelation that it will record a full reserve on $107.6 million in licensing revenue it had recognized since 1999 from Scientific-Atlanta ( SFA). In May, Yuen staunchly defended recognizing that revenue, even though Scientific-Atlanta hadn't paid a dime of that money and the two companies were involved in litigation over the patents central to the license. But Yuen's position became more tenuous in June after the U.S. International Trade Commission issued a decision favoring Scientific-Atlanta. Yuen has also been embroiled in a battle for control of the company with News Corp. ( NWS), Gemstar's major shareholder. The company said in mid-August, however, that Yuen, Leung and News Corp. have come up with a joint plan to restructure Gemstar's management.