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Advanced Medical Optics Inc (1168335) SEC Filing 10-Q Quarterly report for the period ending Friday, September 26, 2008

Abbott Medical Optics Inc

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,

Global Corporate Communications

(714) 247-8711

steve.chesterman@amo-inc.com

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 we’ve 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.

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SEC Filing Tools
CIK: 1168335
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-08-225871
Submitted to the SEC: Wed Nov 05 2008 4:19:07 PM EST
Accepted by the SEC: Wed Nov 05 2008
Period: Friday, September 26, 2008
Industry: Surgical And Medical Instruments And Apparatus

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