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Tekelec Still Not Ready To File 2005 Annual Report

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(Nasdaq: TKLC) missed the March 16 due date for filing its annual report with the Securities and Exchange Commission and won't be able to file it until after March 31, the telecom gear manufacturer said Friday morning.

In an announcement made before markets opened, Tekelec said the firm is "working expeditiously" on the report. The company is reviewing financial matters related to contracts and billing dating back to 2003.

By missing the SEC deadline, Tekelec acknowledged it faced "certain possible consequences:, such as "acceleration of the redemption" of some $125 million in debt.

"Based on 2005 orders and continuing interest in our products, we believe that our business fundamentals are solid," Frank Plastina, the new chief executive officer of Tekelec, said in a statement. "Our liquidity is sound with cash and marketable securities totaling approximately $226 million on our balance sheet at December 31, 2005."

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