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Bausch & Lomb files delayed 2005 annual report with SEC

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ROCHESTER, N.Y. — Bausch & Lomb has filed its delayed 2005 annual report on Form 10-K with the Securities and Exchange Commission after adjusting for "errors or departures" from generally accepted accounting practices. It also restated its 2003 and 2004 earnings to address accounting misconduct at its Korean and Brazilian subsidiaries, according to the report.

"The restatement process took longer than we had expected, primarily due to having to analyze amounts associated with the highly technical and complex area of accounting for taxes in a number of jurisdictions around the world, and over a period of several years," said Ronald L. Zarrella, Bausch & Lomb CEO, in a press release from the company.

For 2005, the company reported net income of $19.2 million, or $0.35 per share, compared with restated earnings for 2004 of $153.9 million, or $2.94 per share. Net income for 2004 was previously reported as $159.6 million.

The sharp drop in profits was largely due to retroactive charges from the company's global recall of ReNu with MoistureLoc lens solution. The recall accounted for a $0.49 decrease in earnings-per-share, according to the report.

Revised 2003 net income was $106 million, down from $125.5 million as previously reported, according to the report.

Bausch & Lomb remains on the NYSE late filer list as company officials have yet to file delayed Forms 10-Q for the third quarter of 2005 and the first three quarters of 2006. The outstanding forms will be filed after the company finalizes its 2006 Form 10-K, according to the release. A timeline was not provided.