Hercules, CA - March 4, 2013 - Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a multinational manufacturer and distributor of life science research and clinical diagnostic products, announced today that the filing of its annual report on Form 10-K for the year ended December 31, 2012 has been delayed beyond the due date of March 1, 2013 because Bio-Rad has not finalized its assessment of the effectiveness of its internal control over financial reporting and has not finalized an accrual for royalties payable by the Company at December 31, 2012 under certain patent licenses from a third party.
As previously reported, Bio-Rad has enhanced and is continuing to improve and evaluate its internal control over financial reporting, including its processes and procedures relating to compliance with the U.S. Foreign Corrupt Practices Act (FCPA). Bio-Rad's Audit Committee conducted an investigation into conduct at the Company's overseas operations that may have violated the FCPA, and Bio-Rad voluntarily disclosed these matters to the U.S. Department of Justice and the Securities and Exchange Commission, each of which is conducting an ongoing investigation. The Audit Committee has determined to continue its investigation based on matters that arose in connection with an assessment of the Company's accrual for royalties payable by the Company under the patent licenses from a third party.
Bio-Rad expects to finalize its assessment of the effectiveness of its internal control over financial reporting, finalize its accrual for the royalties at December 31, 2012 to the third party and file the Form 10-K as soon as practicable.
Bio-Rad today filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission.
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) 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.
Statements in this press release that are not historical facts may be deemed to be "forward-looking statements," including those statements regarding the Company's expected timeframe for the filing of the Form 10-K, the information to be included in the Form 10-K and the ongoing DOJ and SEC investigations. Actual and anticipated future results may vary materially due to certain risks and uncertainties, including the outcome of the DOJ and SEC investigations, the extent to which the Company has successfully implemented or enhanced its internal control over financial reporting, identification of control deficiencies that have not been identified previously, the Company's inability to complete an assessment of the effectiveness of its internal control over financial reporting in a timely fashion, identification of additional matters relating to the Company's compliance with the FCPA, legal actions or complaints relating to the Company's FCPA compliance, the Company's determination of an accrual for royalties payable as of December 31, 2012 due under certain patent licenses from a third party, potential effects of the foregoing matters on the Company's previously announced unaudited 2012 results of operations, financial condition or cash flows and other factors set forth in the Company's reports filed with the SEC.
Investor and Financial Contacts:
Bio-Rad Laboratories, Inc.
Christine Tsingos, Executive Vice President and Chief Financial Officer
Ron Hutton, Vice President and Treasurer