SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported):
January 28, 1999
Bausch & Lomb Incorporated
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(Exact name of registrant as specified in its charter)
New York 1-14105 16-0345235
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(State or other Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Bausch & Lomb Place, Rochester, New York 14604-2701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(716) 338-6409
Not Applicable
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(Former name or former address, if changed since last
report.)
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ITEM 5. OTHER EVENTS
On January 28, 1999 the Company announced that it is
amending its financial results for the first three quarters
of 1998 in light of recently published guidance from the
Securities and Exchange Commission concerning the valuation
of acquired in-process research and development projects.
Generally accepted accounting principles governing business
acquisitions require that a portion of the purchase price
for Chiron Vision Corporation and Storz Instrument Company
be allocated to in-process research and development projects
underway at the acquired businesses, and immediately charged
to expense. While the original charge for in-process R&D
followed commonly-used valuation methods, recent public
statements made by the Chief Accountant of the SEC provide
public companies with new guidance on the valuation
methodology to be used for such charges. Using this new
guidance, the company has recalculated and reduced the
charge it reported with its results for the first quarter of
1998 for the in-process R&D acquired with Chiron Vision and
Storz.
The revised charge is $24.6 million after-tax, or $0.44 per
share, as compared with the initially reported amount of
$51.0 million after-tax, or $0.92 per share. On a pre-tax
basis, the revised charge is $41.0 million, as compared with
the original amount of $85.0 million. The recalculation
results in slightly higher quarterly goodwill amortization
expense for 1998, reducing net earnings in the fourth
quarter by less than $0.3 million after taxes, or less than
$0.01 per share, and by $0.9 million after taxes, or $0.02
per share, for the full year.
The Company will amend its form 10-Q filings for 1998 to
reduce the first quarter in-process R&D charge and adjust
the goodwill amortization. The Company expects to file
these amendments prior to the filing of its 1998 Annual
Report on Form 10-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
Dated: February 1, 1999
Bausch & Lomb Incorporated
By:/s/[Stephen C. McCluski]
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Senior Vice President and
Chief Financial Officer
