Peregrine Systems ( PRGNE) on Thursday more than doubled the amount of revenue it would reduce from the past three years and said it had received notice that it would be delisted from the Nasdaq on Friday.

Peregrine said Nasdaq will delist its stock because the company has not filed periodic reports with the Securities and Exchange Commission. The company is evaluating trading its common stock on the pink sheets.

In an earlier press release issued after the market closed, San Diego-based Peregrine said it expects to reduce previously recorded revenue by about $250 million during fiscal years 2000, 2001 and the first nine months of fiscal year 2002. The company also will redo balance sheets to show an additional $180 million in debt.

The company, whose fiscal year ends in March, reported $253 million in revenue in fiscal year 2000, $565 million in 2001 and $522 million in the first three quarters of fiscal year 2002, according to Baseline and Thomson Financial/First Call. With the restatement, certain amounts of revenue may be reported in different quarters than originally recorded, the company said.

Peregrine, struggling with a cash crunch and facing an SEC investigation, said accounts receivable financing arrangements -- in which the company sold receivables to institutions for cash -- should have been recognized as loans rather than sales of receivables without recourse, as was previously recorded. As a result, the company will restate previous balance sheets to reflect the previously unrecognized debt.

Peregrine said it has restructured about $103 million in accounts receivable financing arrangements through a forbearance agreement with three major U.S. financial institutions. Under the restructuring, Peregrine will repay a significant portion of the loans over four years at an interest rate of 6%, with the remainder repaid under original terms that were not disclosed. In many cases, Peregrine said, its obligations to the bank are not supported by collectible receivables.

Peregrine said an independent investigation into accounting regularities, started earlier this year after the company switched auditors, is now complete. While that investigation was still under way, Peregrine announced it would restate $100 million in revenue as a result of that investigation.

Although the investigation is complete, the company said an audit of its financial statements is ongoing and the amount of the restatement may change.

Peregrine also said it will record a noncash charge of about $100 million related to stock option compensation during the restatement period.

Shares of Peregrine have lost about 95% of their value since the beginning of the year. Peregrine shares declined 9 cents, or 15.3%, to close at 50 cents Thursday. Shares rebounded in after-hours trading, when they reached 68 cents.