Osteotech Delays Release of Annual Report

Eatontown, NJ-based Osteotech will delay the filing of its annual report with the Securities and Exchange Commission (SEC) in order to allow for the completion of an audit of its accounting practices, according to the Associated Press. Osteotech, a manufacturer of bone graft and stabilization products, will file an extension with the SEC and expects to file its annual report on or before March 31. According to the company, the management found that it did not have internal control over its financial reporting during the fiscal year because of a shortage of competent personnel. In addition Osteotech said it expected to lose approximately $21 million in the 2005 reporting period of approximately $93 million in sales. The company added that the numbers could be adjusted with the ongoing internal audit.