Taro Pharmaceutical Industries (Nasdaq: TARO), which was due by the end of August to release its annual report on SEC form 20-F for the year ended December 31, announced after yesterday's close that it would do so only in September. Taro is under a delisting warning from the Nasdaq after it failed to meet regular reporting dates.
In the announcement, Taro explained that, similar to earlier statements in June, previously unknown information was received from several main customers during the course of the preparation of the 2005 report and the examination of the debtors clause. This new information led the company to rewrite its financial reports for 2003 and 2004.
The additional delay until September is due to the request of the external auditors to hire a special advisor for examining certain aspects of the company's monthly reports. Taro believes that it will complete the 2005 financial report during the month of September.
In its announcement, the company reiterated its guidance from June that sales in 2005 were $295-$305 million and that profit was $14-$16 million. Taro shares fell 2.5% yesterday in regular trading. The share was not traded in late trading.
Published by Globes [online], Israel business news - www.globes.co.il - on August 30, 2006
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