Business & Real Estate

Davis biotech firm delays quarterly results, again

Davis biotech firm Marrone Bio Innovations Inc., still trying to cope with an internal accounting problem, said Monday it wouldn’t file its second-quarter financial results on time.

The quarterly numbers were supposed to be disclosed Friday, according to a filing with the Securities and Exchange Commission. Marrone hasn’t released financial results since the second quarter of 2014.

The company, a maker of eco-friendly pesticides and other agricultural products, has been struggling since fall, when it began an in-house investigation into its previously reported financial results. The revelation devastated Marrone’s stock price.

It later revealed that certain former employees had misled management about the terms of some sales transactions. Notably, these employees had given some distributors tremendous leeway to return unsold products. Last month, Marrone said those distributors were returning up to $2 million worth of goods that had been purchased, and counted as revenue, in 2013 and the first half of 2014.

In its filing Monday, Marrone said it expects to catch up on its financial reporting before Nov. 9. That’s the deadline the company faces to avoid possible de-listing by the Nasdaq stock market.

Marrone shares closed Monday at $1.92, down 3 cents.

Dale Kasler: 916-321-1066, @dakasler

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