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FOR IMMEDIATE RELEASE
Sheree Aronson, Corporate Vice President,
Investor Relations and Corporate Communications
Steve Chesterman, Manager, Corporate
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.
The following information was filed by Abbott Medical Optics Inc on Monday, August 4, 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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