Please wait while we load the requested 10-Q report or click the link below:
FOR IMMEDIATE RELEASE
Sheree Aronson, Corporate Vice President,
Investor Relations and Corporate Communications
Steve Chesterman, Manager, Corporate
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, AMOs 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.
AMOs 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 AMOs 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.
View differences made from one quarter to another to evaluate Abbott Medical Optics Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Abbott Medical Optics Inc.