When registrations are your primary business -- as well as your generic domain name and corporate moniker -- failing to file your financials on time is not a good thing. Register.com (NASDAQ:RCOM) finds itself in that unfortunate situation. After applying for a filing extension earlier in March, the company missed its deadline. Again.

Here's why: Register's bean counters have their hands full. They're are in the process of restating financials dating back six years as the company tweaks its revenue recognition methodology.

I should admit that the company is a bit of a guilty pleasure of mine, even though I haven't owned it in ages. It's that one moribund stock that I can't seem to kick out of my watch list. No, it's not that I think the company is a top performer. It sells overpriced domain-name registrations, and the smart customers are defecting. That's making it harder for Register to offer its remaining customers attractive value-added services. It also lost its CEO back in February.

With 82% of its business coming strictly from domain-name registrations, the lack of renewals hurt in many ways. Lower prices would help keep churn in check and move its clients toward its array of other surfaces. But that would come at the expense of profit margins in its core business.

The proliferation of bargain domain-registration sites has drummed down the niche. Whereas VeriSign (NASDAQ:VRSN) acquired market leader Network Solutions for roughly $15 billion five years ago, it rather unceremoniously unloaded a majority stake in Network Solutions for a mere $100 million in 2003. While the Internet is growing, the most logical beneficiary just can't seem to hop on the coattails.

So, yes, Register is in a bad spot above and beyond the restatements and filing delays. So why haven't I kicked the stock out of my watch list? Quite simply, it's what some members of our Fool Community would consider a Green Gene stock. Register is cash-rich, with more than $4 a share in greenery. With the stock at $5.87, the company isn't trading for much more than its liquidity.

The days are gone when domain-name speculators ruled eBay (NASDAQ:EBAY). Now we see Web-designing entrepreneurs crafting real businesses behind a shorter list of those domains and paying more attention to the finer details, like their businesses' search-engine placement on Google (NASDAQ:GOOG) and Yahoo! (NASDAQ:YHOO). Even so, I still see Register as mattering in the future. It still commands an audience. It still hasn't had to restate its balance sheet. And it still isn't worth giving up watching.

Some other recent stories worth registering away:

Longtime Fool contributor Rick Munarriz still can't believe that folks are paying $30 or $35 for domain name registrations through the full-priced sites. He does not own shares in any of the companies mentioned in this story. The Fool has a disclosure policy. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.

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