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DATE: February 17, 2005
FOR IMMEDIATE RELEASE
AMERICAN MEDICAL SYSTEMS REPORTS RECORD
$209 MILLION SALES FOR 2004
Womens Health Tops 40% Growth in 2004;
TherMatrx Acquisition Beats Guidance
MINNEAPOLIS, February 17, 2005 American Medical Systems Holdings, Inc. (NASDAQ: AMMD) reported record sales of $60.0 million for the fourth quarter of 2004, a 27.3 percent increase over sales of $47.2 million in the comparable quarter of 2003 (with 1.7 percentage points of the increase coming from currency exchange rate changes).
The Company reported net income of $6.7 million, or $0.19 per share, including the $4.5 million effect of an investment write-off (with no associated tax benefit) related to InjecTx, a company focused on the development of ethanol ablation systems for prostate treatment. Fourth quarter net earnings also included the benefit of adjusting the Companys 2004 tax rate down by one percentage point to 35.5 percent. The prior years fourth quarter earnings were reported at $10.3 million, or $0.30 per share, including a $2.0 million non-recurring warranty reserve benefit net of tax. All per share amounts reported are prior to the effect of the proposed 2-for-1 stock split announced by the Company on January 10, 2005 and subject to shareholder approval of an increase in the number of authorized shares of common stock from 75 million to 200 million at a special meeting to be held on March 4, 2005.
Net income for the quarter, excluding the impact of the investment write-off and the effect of the tax rate change on the prior three quarters earnings, was a record $10.8 million, or $0.30 per share. Net income for fourth quarter 2003, adjusted for the warranty reserve benefit, was $8.4 million, or $0.24 per share. Net income growth, excluding the impact of these non-recurring items for both 2004 and 2003, was 29.5 percent. A reconciliation of GAAP earnings to these adjusted results is included in the attached financial tables.
Sales for the full year 2004 were $208.8 million, up 24.1 percent from sales of $168.3 million during 2003 (with 2.1 percentage points of the increase coming from currency exchange rate changes). The years revenue includes $10.5 million from the Companys first two quarters sales from the acquisition of TherMatrx, Inc.
The net loss as reported for the year 2004 was $3.1 million, or $0.09 per share. This reported net loss includes the impacts of the $4.5 million InjecTx write-off and the third quarter impact of a $35.0 million in-process research and development (IPR&D) charge related to the TherMatrx acquisition. Reported net income for 2003 was $29.1 million, or $0.85 per share, including the warranty reserve benefit previously described and a $1.1 million benefit from prior years tax credits. Excluding these non-recurring items in both years, net income for 2004 was $36.4 million, or $1.03 per share, up 39.9 percent from $26.0 million, or $0.76 per share, in 2003. A reconciliation of GAAP earnings to these adjusted year-to-date results is included in the attached financial tables.
The following information was filed by American Medical Systems Holdings Inc on Thursday, February 17, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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