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EXHIBIT 99.1
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
SECOND-QUARTER 2008 RESULTS
| Diluted GAAP EPS of $0.35 |
| Combined Net Impact of Charges, Gains and Other Items Increased GAAP EPS by $0.11 |
| Sales Rose 22.6% to $320.5 Million |
|
Cataract Sales Rose 14.9% on Strong Tecnis® IOL, Phacoemulsification and Viscoelastics Sales |
| Refractive Sales Up 1.5% As Strong International Performance Helps Offset Effect of U.S. Economic Weakness |
| Eye Care Sales Increased 202.8%, Reflecting Rebound from 2007 Recall and Launch of Artificial Tears Product |
| 2008 Adjusted EPS Guidance Reduced to Range of $1.00 to $1.15 Primarily Due to Lower U.S. Refractive Procedures |
(SANTA ANA, CA), August 4, 2008 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE] today announced financial results for the second quarter of 2008.
The companys second-quarter net sales rose 22.6% to $320.5 million, including a 7.2% increase related to foreign currency exchange rate effects. Second-quarter net earnings under Generally Accepted Accounting Principles (GAAP) were $22.0 million, or $0.35 per diluted share, compared to a net loss of $166.8 million, or a loss of $2.78 per share in the same period last year. Second-quarter 2008 results included the following pre-tax items, which combined to increase net earnings per diluted share by an estimated $0.11:
| $20.5 million net gain on legal contingencies associated with a cross-licensing agreement. |
| $11.0 million in restructuring charges associated with manufacturing relocation, workforce reductions and facility consolidation initiatives, including a $1.8 million charge for accelerated depreciation of leasehold improvements recorded in SG&A expense. |
| $2.7 million unrealized gain on derivative instruments and a $1.3 million loss on an investment. |
AMOs second-quarter results showed the strength and resiliency of our global business, despite the declines in domestic refractive volumes brought on by the weakening U.S. economy, said Jim Mazzo, AMO chairman and chief executive officer. The value and benefit of expanding our refractive business internationally came into focus as strong refractive sales outside the U.S. helped to partially offset domestic challenges. Our cataract business took advantage of powerful new technologies and delivered solid performance domestically and internationally. And, we continued to improve the sales and profitability of our eye care franchise.
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Abbott Medical Optics Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:
CIK: 1168335
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-08-168225
Submitted to the SEC: Wed Aug 06 2008 4:05:03 PM EST
Accepted by the SEC: Wed Aug 06 2008
Period: Friday, June 27, 2008
Industry: Surgical And Medical Instruments And Apparatus