ROCHESTER, N.Y.--Bausch & Lomb (B&L) has lowered its projected sales revenues for its 2006 fiscal year to about $2.295 billion. In November, the company had estimated sales for the year at “the lower end of a range between $2.325 billion and $2.4 billion.”

B&L said last month it currently expects to report full-year 2006 income before income taxes and minority interest of approximately $74 million; previous estimates were between $70 million and $80 million.

B&L said its lowered expectations for sales for the year “reflect the slower-than-anticipated rate of recovery of the company’s contact lens and lens-care businesses in Asia following the recall of MoistureLoc contact lens solution early in 2006, as well as slower than anticipated growth in the U.S. contact lens market.”

On May 15, 2006, B&L announced it was permanently removing its ReNu with MoistureLoc CL solution from worldwide markets, following reports that the MoistureLoc formula was used by many of the contact lens wearers treated for Fusarium keratitis infections.

The company previously said it expects its U.S. operations to be unprofitable for FY 2006, as a result of lower lens-care sales and costs associated with the recall.

B&L continues to project 2007 sales at the lower end of a range of $2.5 billion to $2.625 billion, and income before income taxes and minority interest at the lower end of a range of $220 million to $270 million.

The company, which has delayed filing its 10-K annual financial report for 2005, expects to file a non-cash charge of $156 million against 2005’s third quarter related to the MoistureLoc recall, B&L said in a recent filing with the Securities and Exchange Commission (SEC).

“The withdrawal of our MoistureLoc product is expected to adversely impact results for future periods,” B&L noted in the SEC filing.

B&L also said last month it had amended letter waivers in connection with its $400 million five-year revolving credit agreement and a five-year $375 million term loan agreement, extending their termination dates to April 30, 2007. The waivers would terminate if B&L’s stock is delisted from the New York Stock Exchange before April 30. The company currently has a trading extension from the exchange through March 1, subject to the anticipated filing of its delayed 10-K report for 2005.