Biolase Technology Inc., a San Clemente-based dental laser maker, said Thursday it won’t meet its deadline to file its 2004 annual report.
In a statement, Biolase said it was delaying its filing because it hadn’t completed its financial statements or a management assessment of the effectiveness of its internal control over financial reporting.
Section 404 of the Sarbanes-Oxley accounting act requires public companies to file annual reports detailing and evaluating a company’s financial reporting controls and procedures.
Biolase Chief Executive Robert Grant said that though complying with a section of the Sarbanes-Oxley financial disclosure law “has been a significant challenge for the company, we believe our efforts to improve our internal control and procedures will make (Biolase) stronger in the long term.”
Biolase also said Thursday that it backed its prior earnings guidance of $19.2 million in fourth-quarter sales. It also expects to post a loss in the quarter.
Another Orange County company, Newport Beach-based Impac Mortgage Holdings Inc., said Wednesday that it was delaying its annual report filing because it hadn’t finished its internal accounting controls report under Section 404.
