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This excerpt taken from the EYE 8-K filed Nov 2, 2005. Core Brand Strength
(SANTA ANA, CA), Nov. 2, 2005 – Advanced Medical Optics, Inc. (AMO) [NYSE: EYE], a global leader in ophthalmic surgical devices and eye care products, today announced financial results for the third quarter of 2005.
The company reported sales of $248.2 million, a 25.1 percent increase compared to the same quarter last year, including a 0.3 percent increase related to foreign currency. The rise primarily reflects the addition of the VISX laser vision correction business, which AMO acquired in May 2005, as well as increased sales from its promoted brands. The company reported a third-quarter 2005 net loss of $31.2 million, or $0.47 per share, compared to a net loss of $31.7 million, or $0.89 per share, in the same quarter one year ago. Third-quarter results for both years were impacted by charges related primarily to acquisitions.
In the third quarter of 2005, the company recorded after-tax charges totaling $55.6 million, including a $39.3 million write-off for in-process research and development (IPR&D) associated with the VISX transaction, an $8.6 million charge associated with the termination of a distributor contract with the company’s former parent, and $7.7 million in other net charges related primarily to recent acquisitions and integrations. The third-quarter loss per share excluded the $0.02 effect of dilutive instruments that, when combined with the charges, had the effect of reducing earnings per share by $0.82.
The loss in the year-ago quarter was due primarily to write-offs and adjustments related to the acquisition of the Pfizer ophthalmic surgical business, as well as costs associated with the early retirement of debt. The third-quarter 2004 loss per share excluded the $0.09 effect of dilutive instruments that, when combined with the charges, had the effect of reducing earnings per share by $1.19.
AMO Announces Third Quarter 2005 Results – Page 2
“We made excellent progress during the third quarter to transform AMO into an industry leader that can deliver technically superior products and service, and sustained, profitable growth,” said Jim Mazzo, president and CEO. “Across each of our businesses, we are focusing our energies and resources behind key products and markets that offer the greatest growth potential, while continually improving the efficiency of our global infrastructure.”
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