BioSource International (Camarillo, California) reported it has completed the restatement of its financial results for the three years ended Dec. 31, 2004, and has filed with the Securities and Exchange Commission its amended annual report on Form 10-K/A for the year ended Dec. 31, 2004, reflecting the restatement.
The company also has filed its quarterly report on Form 10-Q for the first quarter ended March 31.
The company reported on May 27 that it intended to restate its financial statements to reflect a change in its long-standing policy of reserving for 100% of its manufactured antibody inventory.
The company has completed the work necessary to modify its inventory reserve policy and has restated its results to reflect this change and to reflect a dividend in June 2004 associated with the amendment of its two February 2000 warrant agreements.
The company has scheduled a hearing to appeal the Nasdaq delisting determination, which resulted from the company’s planned delay in filing its quarterly report on Form 10-Q for the first quarter ended March 31, 2005.