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Advanced Medical Optics Inc (1168335) SEC Filing 10-Q Quarterly report for the period ending Friday, June 27, 2008

Abbott Medical Optics Inc

HISTORY TOOLS
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

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 company’s 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.

“AMO’s 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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SEC Filing Tools
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

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