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Bruker Says Material Weakness at Subsidiary Will Force Firm to Raise 2004 Losses

NEW YORK, March 16 (GenomeWeb News) - A "material weakness" in "internal controls" at an undisclosed Bruker BioSciences subsidiary will cause Bruker to increase its 2004 net losses, the company said today.

 

According to a statement released today, Bruker last week "has been made aware" of "several" 2004 audit adjustments that it said will have a "negative impact" on its 2004 financial results.

 

In addition, Bruker said German tax authorities have revised their assessment after the company released its 2004 earnings on March 2. As a result, Bruker said it will ask the US Securities and Exchange Commission for a 15-day extension to its 2004 Form 10-K filing deadline.

 

"We had previously reported a GAAP net loss of $.06 per diluted share for the year ended December 31, 2004," William Knight, chief financial officer of Bruker. "Subject to some uncertainty, as we are still reviewing all quarters of 2004, we now expect that the combined effect of these audit adjustments and the higher tax assessment in Germany will increase our 2004 GAAP net loss to $.07 to $.09 per diluted share, with audit adjustments affecting several quarterly results during 2004.

 

"These adjustments should not have any effect on our 2005 goals and first quarter 2005 guidance," the CFO added.

 

The company plans to schedule a conference call with investors to discuss the revised financial statements at the time of the 10K filing, Bruker said.

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