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Apple files to delay annual report for option review

The company is still studying the amount of charges it will need to take when it restates its results.

Apple Computer, which is undergoing an independent investigation into its historical stock option practices, filed with the U.S. Securities and Exchange Commission on Friday to delay its 10-K annual report filing.

The company said it will need to restate its past financial statements to record noncash charges for compensation expense relating to past stock option grants. The amount of the restatements and which periods will need to be restated are being reviewed, Apple said.

Apple has previously disclosed that an internal investigation found irregularities with its past stock option grants, making it among the long list of companies wrapped up in the options scandal. More than 100 companies, including Take-Two Interactive Software, Quest Software, Brocade Communications Systems and CNET Networks (publisher of News.com), have been investigated or are conducting inquiries themselves.

When it disclosed the irregularities in October, the makers of the popular iPod digital media device and Macintosh computer said it would likely need to restate its past financial statements.

Because Apple is still studying the amount of charges it will need to take when it restates its results, it has delayed filing the annual report for the year ended September 30, 2006.

It was supposed to file the report by December 14. The company said it will now file the annual report within 15 days of that date.

Shares of Apple were down 51 cents at $88.04 in early Nasdaq trade.