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Advanced Medical Optics Inc (1168335) SEC Filing 10-Q Quarterly report for the period ending Friday, March 28, 2008

Abbott Medical Optics Inc

CIK: 1168335

EXHIBIT 99.1

LOGO

FOR IMMEDIATE RELEASE

 

Investors:

Sheree Aronson, Corporate Vice President,

Investor Relations and Corporate Communications

(714) 247-8290

sheree.aronson@amo-inc.com

  

Media:

Steve Chesterman, Manager, Corporate

Communications

(714) 247-8711

steve.chesterman@amo-inc.com

ADVANCED MEDICAL OPTICS ANNOUNCES

FIRST-QUARTER 2008 RESULTS

 

   

$0.11 in GAAP EPS; Combined Net Effect of Restructuring Charges and Non-Operating Gains and Losses Lowered GAAP EPS by Estimated $0.11

 

 

 

Cataract Sales Up 8.2% on Foreign Currency, Strong Tecnis® IOL, Phacoemulsification and Viscoelastics Sales

 

   

Pro Forma Refractive Sales Up 3.1% on International Excimer Procedure and System Sales and Global Femtosecond Penetration

 

   

Eye Care Sales Virtually Unchanged Versus Prior Year; Multipurpose Solution Sales Up 26.9% Sequentially.

(SANTA ANA, CA), May 1, 2008 – Advanced Medical Optics, Inc. (AMO) [NYSE: EYE] today announced financial results for the first quarter of 2008.

First-quarter net sales rose 20.7% to $303.7 million, including a 6.5% increase related to foreign currency exchange rate effects. On a pro forma basis, AMO’s first-quarter sales rose 4.4%, reflecting a comparison that includes the IntraLase performance as if this acquisition had occurred at the beginning of all periods presented.

AMO’s first-quarter net earnings under Generally Accepted Accounting Principles (GAAP) were $6.9 million, or $0.11 per diluted share, compared to $12.1 million, or $0.20 per diluted share in the same period last year. First-quarter 2008 results included the following pre-tax items, which combined to reduce net earnings per diluted share by an estimated $0.11:

 

   

$11.9 million in restructuring charges associated with manufacturing relocation, workforce reductions and facility consolidation initiatives;

 

   

$3.3 million gain on the sale of an investment; and

 

   

$2.1 million unrealized loss on derivative instruments.

“Our first-quarter results reflect our focus on delivering sustainable, profitable growth and cash flow,” said Jim Mazzo, AMO chairman and chief executive officer. “Our global refractive business achieved growth despite a soft domestic LASIK market brought on by weak economic conditions. We launched AMO’s first-ever artificial tear and prepared to introduce exciting new innovations in our refractive and cataract businesses in future quarters. Our multipurpose solution franchise continued to recover, posting sequential sales and market share gains, and helping to return our eye care business to profitability.”


The following information was filed by Abbott Medical Optics Inc on Thursday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1168335
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-08-105844
Submitted to the SEC: Wed May 07 2008 3:57:10 PM EST
Accepted by the SEC: Wed May 07 2008
Period: Friday, March 28, 2008
Industry: Surgical And Medical Instruments And Apparatus

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