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FOR RELEASE 2/7/2007, Wednesday

Bausch & Lomb Completes Financial Restatement, Files 2005 Form 10K

ROCHESTER, N.Y. – Bausch & Lomb (NYSE:BOL) today filed its Annual Report on Form 10-K for the year ended December 31, 2005 (the “2005 10-K”) with the United States Securities and Exchange Commission (the “SEC”), following the completion of its previously announced restatement of financial results. As detailed in the filing, the restatement reflects adjustments that correct for errors or departures from generally accepted accounting principles. The filing of the 2005 10-K brings the Company into compliance with the annual reporting conditions for continued trading on the New York Stock Exchange (the “NYSE”), although the Company will remain on the NYSE’s late filer list until such time as it files its delayed Forms 10-Q for the third quarter of 2005 and the first three quarters of 2006.

 

Bausch & Lomb’s Chairman and Chief Executive Officer Ronald L. Zarrella said, “The restatement process took longer than we had expected, primarily due to having to analyze amounts associated with the highly technical and complex area of accounting for taxes in a number of jurisdictions around the world, and over a period of several years. With the extensive and thorough restatement process complete, we can now move forward, fully focusing our energies on building new momentum in each of our businesses, starting with delivering against our operating objectives for 2007.”

 

As noted in its January 31, 2007 press release, Bausch & Lomb is working to finalize and file its 2006 Form 10-K, which will be followed by the filing of its outstanding Quarterly Reports on Form 10-Q. While the Company is working diligently to complete those filings, there can be no assurance as to when it will be current in its reporting obligations. In any event, the Company intends to provide investors with information about the results of 2006 operations around the end of February.

 

The full text of Bausch & Lomb’s 2005 10-K, which also includes information shareholders would have received in the annual proxy statement (including the deadlines for submission by shareholders of nominations or proposals for the 2007 Annual Meeting of Shareholders), can be accessed via the SEC’s Web site at http://www.sec.gov. The 2005 10-K can also be accessed on the Company’s Web site, along with a schedule containing restated GAAP annual statements of income for the years 2003 through 2005 and unaudited GAAP statements of income for each of the quarters of 2004 and 2005.

 

Shareholders can receive a printed copy of the Form 10-K (without Exhibits) free of charge by contacting Bausch & Lomb’s investor relations department at (585) 338-5757.

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This news release contains, among other things, certain statements of a forward-looking nature relating to future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including those concerning the ability of the Company and the parties with which it contracts to develop and introduce products successfully as well as the risk factors listed from time to time in the Company’s SEC filings, including but not limited to filings on Form 8-K and on Form 12b-25, each dated November 9, 2006 and Form 10-K, dated February 7, 2007.

 

Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Founded in 1853, the Company is headquartered in Rochester, New York, and employs approximately 13,000 people worldwide. Its products are available in more than 100 countries. More information about the Company can be found on the Bausch & Lomb Web site at www.bausch.com. Copyright Bausch & Lomb Incorporated.