NEW YORK (GenomeWeb News) – Bio-Rad Laboratories said in its recently filed Form 10-Q that it identified errors in financial statements starting in 2008 through the second quarter of 2013 related to the valuation of finished goods inventory in the company's Life Science segment. It expensed inventory in amounts greater than actual costs for non-sales transactions. To correct for the errors, it has increased net income in full-year 2008 by $600,000; in 2009 by $800,000; in 2010 by $700,000; in 2011 by $800,000; and in 2012 by $1.3 million.

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