Bear Stearns Delays Filing 1Q Results

In a filing with the Securities and Exchange Commission, the investment bank said it expects to file its Form 10-Q by the extended deadline of April 14.

Bear Stearns said it cannot provide a reasonable estimate of its results for the three months ended Feb. 29, but expects earnings to be "significantly lower" compared with the prior-year period.

"The continuation of the global liquidity crisis coupled with a further re-pricing of credit risk and weakness in the company's fixed income, investment banking and asset management businesses created a difficult operating environment," the investment house said in the filing.

With backing from the Federal Reserve, JPMorgan last month offered to buy Bear Stearns for $2 per share, or about $250 million. In response to outcry from Bear Stearns shareholders, the offer was later raised to $10 per share. Under an amendment to the deal, Bear Stearns agreed to swap a 39.5 percent stake in itself, or 95 million shares, for JPMorgan stock. That transaction closed Tuesday.

Bear Stearns shares fell 21 cents to close at $10.20.