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FOR IMMEDIATE RELEASE
ADVANCED MEDICAL OPTICS ANNOUNCES
FOURTH-QUARTER AND FULL-YEAR 2008 RESULTS
(SANTA ANA, CA), February 20, 2009 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE] today announced financial results for the fourth quarter and full year of 2008.
Fourth-quarter net sales declined 6.4% to $285.2 million, including a 2.4% decline related to foreign currency exchange rate effects. Fourth-quarter net earnings under Generally Accepted Accounting Principles (GAAP) were $25.1 million, or $0.40 per diluted share. Fourth-quarter results were increased by an estimated $0.23 per share due to the combined after-tax effect of the following items:
· $107.4 million pre-tax gain associated with the early retirement of convertible senior subordinated notes, net of a $3.0 million write-off of deferred financing costs recorded in interest expense.
· $72.6 million in pre-tax impairment charges, including a $36.2 million goodwill impairment in the Eye Care business and a $36.4 million non-amortizing intangible asset impairment in the Refractive business, each of which represented the difference between the assets carrying values and their fair values.
· $24.1 million in pre-tax charges associated with restructurings, transactions and recapitalizations.
· $5.9 million pre-tax charge associated with the forfeiture of underwater stock options by senior management.
· $0.6 million pre-tax unrealized loss on derivative instruments.
· $11.1 million tax benefit from reversal of valuation allowances on deferred tax assets.
In the year-ago period, the company reported a GAAP net loss of $12.3 million, or a net loss of $0.20 per share. These results were reduced by $0.17 due to the combined effect of acquisition-related charges and an unrealized loss on derivative instruments.
Full-Year 2008 Results
For 2008, the companys net sales rose 8.6% to $1.2 billion, including a 3.2% increase related to foreign currency exchange rate effects. GAAP net earnings for 2008 were $61.0 million, or $0.97 per diluted share. The 2008 results were increased by an estimated $0.19 per share due to the combined after-tax effect of $131.3 million in pre-tax gains associated with the early retirement of convertible senior subordinated notes, legal contingencies and sales of investments; a $72.6 million pre-tax goodwill and intangible asset impairment charge, $63.9
The following information was filed by Abbott Medical Optics Inc on Friday, February 20, 2009 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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