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Apple Late on Annual Report

It expects to file within 15 days.
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said Friday it would be late filing its annual report as it continues to review its accounting for stock options.

The Cupertino, Calif., computer company said in a filing with the Securities and Exchange Commission that it is working on a restatement of past compensation expense tied to option irregularities. The company said it expects to file both the annual report and its third-quarter financials within 15 days.

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"The company is in the process of finalizing its conclusions regarding the amount of such charges, the resulting tax and accounting impact, and which periods require restatement," Apple said. "Consequently, Apple was unable to file its Form 10-K for the year ended September 30, 2006 by the required filing date of December 14, 2006."