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FOR IMMEDIATE RELEASE
Sheree Aronson, Corporate Vice President,
Investor Relations and Corporate
Steve Chesterman, Manager, Corporate
ADVANCED MEDICAL OPTICS REPORTS
FOURTH-QUARTER AND FULL-YEAR 2007 RESULTS
Fourth-Quarter Cataract/Implant Sales Rise 9.6% on Growth Across All Product Categories
Pro Forma Fourth-Quarter Laser Vision Correction Sales Rise 10.6% on Increased Global Penetration of Companys Dual Platform Offering
Eye Care Business Rebound Continues With 20% Sequential Sales Growth in Fourth Quarter
Company Reduces 2008 Guidance on More Conservative Outlook for U.S. LASIK Volumes
Company Announces Plan to Enhance Operating Leverage by Reducing Fixed Costs
(SANTA ANA, CA), February 14, 2008 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE], today reported financial results for the fourth quarter and full year 2007, revised financial guidance for 2008 and announced plans to reduce fixed costs.
The companys fourth-quarter 2007 net sales rose 25.0% to $304.6 million on organic growth, the acquisitions of IntraLase Corp. and WaveFront Sciences, Inc.; and includes a 5.3% increase related to foreign currency impacts. On a pro forma basis, the companys fourth-quarter sales rose 7.3%. The pro forma sales growth rate reflects comparisons that include the IntraLase and WaveFront Sciences performance as if the acquisitions had occurred in all periods presented. Fourth-quarter sales growth was partially offset by lost sales and returns associated with the companys May 2007 contact lens care solution recall.
AMO reported a fourth-quarter net loss under Generally Accepted Accounting Principles (GAAP) of $12.3 million, or a net loss of $0.20 per share, compared to a net loss of $7.6 million, or a net loss of $0.13 per share, in 2006s fourth quarter. These results included the impacts of the November 2006 and May 2007 recalls. The fourth-quarter 2007 results also included the following items, which combined to increase the net loss per share by $0.17:
$10.7 million in pre-tax charges related to integration of acquisitions.
$3.4 million pre-tax loss on derivative instruments.
Estimated tax effects related to the items mentioned above, totaling $3.8 million.
Our fourth-quarter performance represented a strong finish to 2007, in which we advanced our strategy and moved aggressively to overcome challenges, said Jim Mazzo, chairman and chief
The following information was filed by Abbott Medical Optics Inc on Thursday, February 14, 2008 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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