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,
Global Corporate Communications
ADVANCED MEDICAL OPTICS ANNOUNCES
THIRD-QUARTER 2008 RESULTS
Diluted GAAP EPS of $0.11 Reduced by $0.04 Due to Combined Net Impact of Charges, Gains and Other Items
Sales Rose 1% to $275.6 Million as Growth in Cataract and Eye Care Sales Offset Significant Refractive Sales Declines
(SANTA ANA, CA), October 31, 2008 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE] today announced financial results for the third quarter of 2008.
Third-quarter net sales rose 1.0% to $275.6 million, including a 2.7% increase related to foreign currency exchange rate effects. Third-quarter net earnings under Generally Accepted Accounting Principles (GAAP) were $7.1 million, or $0.11 per diluted share. Third-quarter results included the following pre-tax items, which combined, on an after-tax basis, to reduce net earnings per diluted share by an estimated $0.04:
$11.0 million in restructuring charges associated with manufacturing relocation, workforce reductions and facility consolidation initiatives, including $5.7 million of inventory, manufacturing and other related charges recorded in cost of sales and a $1.8 million charge for accelerated depreciation of leasehold improvements recorded in SG&A expense.
$5.8 million unrealized gain on derivative instruments and a $1.1 million gain on an investment.
In the year-ago period, the company reported a GAAP net loss of $25.9 million, or a loss of $0.43 per share, which reflected the impacts of the May 2007 eye care recall. The 2007 third-quarter results also included $5.3 million in acquisition-related charges and a $2.4 million loss on derivative instruments, which combined to increase the net loss per share by approximately $0.08.
Our results clearly reflect the ongoing impact of deteriorating economic conditions on our refractive business, particularly in the U.S. and Europe, said AMO Chairman and Chief Executive Officer Jim Mazzo. However, we delivered another strong quarter across the globe in our cataract business, which is our largest at 47% of sales. While our recent multipurpose market share trends are positive, eye care sales in Japan remain below our expectations and weve made management and operational changes to improve our performance in future periods. Despite challenges in the quarter, we continued to make progress against key operational metrics and objectives, including reducing SG&A expense, delivering positive cash flow and taking proactive steps to reduce debt.
The following information was filed by Abbott Medical Optics Inc on Friday, October 31, 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.