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B&L in Brazil

This article was originally published in The Gray Sheet

Executive Summary

Bausch & Lomb may delay filing its third-quarter financial statement with SEC after learning that a Brazilian subsidiary, BL Industria Otica (BLIO), likely engaged in illegal accounting practices. According to an ongoing investigation by Bausch & Lomb, BLIO's senior management mischaracterized about $600,000 in expenses to fund an unauthorized $1.5 mil. pension agreement. The company has also learned that Brazilian tax authorities are seeking roughly $5 mil. in unpaid taxes from the subsidiary. During B&L's Oct. 26 earnings call, the company declined to speculate when the case might be resolved. The firm stresses that BLIO accounted for $20 mil. in net sales in 2004, less than 1% of the company's consolidated revenues...
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