SOURCE: Bio-Rad Laboratories
HERCULES, CA--(Marketwire - Mar 18, 2013) - Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B), a multinational manufacturer and distributor of life science research and clinical diagnostics products, announced today the filing of its annual report on Form 10-K for the year ended December 31, 2012. The Company had previously filed a Notification of Late Filing because the Company had not finalized its assessment of the effectiveness of its internal control over financial reporting due in part to recently raised issues and had not finalized an accrual for royalties payable by the Company as of December 31, 2012 under certain patent licenses from a third party.
Bio-Rad announced on February 26, 2013 its preliminary unaudited results for the fourth quarter and the year ended December 31, 2012. These results included an accrual for royalties to a third party and related interest. Since that announcement, the Company has reviewed developments relating to those royalties and has increased the accrual for royalties and related interest. The consolidated financial statements in the annual report on Form 10-K for the year ended December 31, 2012 reflect the increased accrual for royalties and interest, as well as the related impact on the Company's provision for income taxes.
In connection with the Company's assessment of its internal control over financial reporting, the Company identified four significant deficiencies that when aggregated constitute a material weakness in its internal control over financial reporting as of December 31, 2012. These matters are described in the Annual Report on Form 10-K.
Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B) has been at the center of scientific discovery for 60 years, manufacturing and distributing a broad range of products for the life science research and clinical diagnostic markets. The company is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 100,000 research and industry customers worldwide through its global network of operations. The company employs over 7,300 people globally and had revenues exceeding $2 billion in 2012. For more information, please visit www.bio-rad.com.