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FOR IMMEDIATE RELEASE
Advanced Medical Optics, Inc.
ADVANCED MEDICAL OPTICS ANNOUNCES
FOURTH-QUARTER AND FULL YEAR 2004 RESULTS
2004 Adjusted EPS Up 61% vs. 2003; Meeting Previous Company Guidance
(SANTA ANA, CA), February 8, 2005 Advanced Medical Optics, Inc. (AMO) [NYSE: AVO], a global leader in ophthalmic surgical devices and eye care products, today announced financial results for the fourth quarter and full year of 2004 and the adoption of Emerging Issues Task Force (EITF) Issue No. 04-8, The Effect of Contingently Convertible Debt on Diluted Earnings Per Share.
Under generally accepted accounting principles (GAAP), net earnings for the fourth quarter were $10.1 million, or $0.26 per fully diluted share, compared to $9.7 million, or $0.28 per fully diluted share, in the same quarter one year ago. Adjusted net earnings for the quarter, which excludes non-GAAP adjustments itemized in the table below, were $22.0 million, or $0.55 per fully diluted share, compared to adjusted net earnings of $10.4 million, or $0.30 per fully diluted share, in the fourth quarter of 2003.
For the full year, the company recorded a GAAP loss of $129.4 million, or a loss of $3.89 per share, compared to GAAP net earnings of $10.4 million, or $0.35 per fully diluted share, for 2003. Adjusted net earnings for the year, which excludes non-GAAP adjustments itemized in the table below, were $46.4 million, or $1.24 per fully diluted share, compared to adjusted net earnings of $24.0 million, or $0.77 per fully diluted share, in 2003.
Net revenue for the fourth quarter rose 34.6 percent, including a 5.3 percent increase related to foreign currency, to $224.7 million, compared to the fourth quarter of 2003, reflecting continued growth in the companys ophthalmic surgical and eye care franchises, and the benefits of the Pfizer acquisition. For 2004, net revenue was $742.1 million, compared to $601.5 million in 2003, representing a 23.4 percent increase, including a 6.2 percent increase related to foreign currency.
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The following information was filed by Abbott Medical Optics Inc on Tuesday, February 8, 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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