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This excerpt taken from the EYE 10-K filed Mar 1, 2007. income. Operating income (loss) was $197.7
million, $(411.3) million and $33.0 million in 2006, 2005 and 2004,
respectively. Operating income as a percentage of net sales, or operating
margin, was 19.8% in the year ended December 31, 2006. Our 2006 operating
income was impacted by a $96.9 million net gain related to the settlement of
legal matters discussed above, an aggregate $66.0 million in net charges
associated with rationalization and repositioning initiatives, acquisitions,
integrations, and termination of a distributor contract. Operating income was impacted by a $19.2
million charge for stock-based compensation expense under SFAS 123R. Operating
income was also negatively impacted by $24.9 million related to the eye care
recall. The $411.3 million operating loss in 2005 reflected the impact of
$536.9 million in charges related primarily to acquisitions, recapitalizations,
and product rationalizations and repositioning actions.
37 Operating income from our Cataract/Implant business increased by $53.9 million in the year ended December 31, 2006, due to the increase in net sales and favorable mix of higher margin products discussed above, along with the favorable impact of cost containment measures taken in connection with our business repositioning plan. Operating income from our LVC business increased by $64.5 million in the year ended December 31, 2006, due to sales of products acquired from VISX in May 2005. Operating income from our Eye Care business decreased by $1.8 million in the year ended December 31, 2006, primarily due to the recall and continued softness in the market for hydrogen peroxide based products, partially offset by lower selling and promotional costs attributable to discontinued products and cost savings from business repositioning actions. Operating income from our cataract/implant segment increased by $90.6 million in 2005 compared with 2004 due to the increase in net sales and favorable mix of higher margin products discussed above, along with the favorable impact of cost containment measures taken in connection with our business repositioning plan. Operating income from our cataract/implant segment for 2004 included a charge of $28.1 million for manufacturing profit capitalized in inventory and expensed related to the Pfizer Acquisition. Operating income from our LVC business of $66.4 million resulted from the impact of products acquired from VISX in May 2005. Operating income from our eye care segment decreased by $24.0 million in 2005 compared with 2004 primarily due to the unfavorable impact from continued softness in the market for hydrogen peroxide based products, primarily in Japan. This excerpt taken from the EYE 10-Q filed May 10, 2006. Income. Operating income as a percentage of net
sales, or operating margin, was 4.1% in the three months ended March 31, 2006,
compared with 13.5% in the same period last year. Operating income of $9.7
million in the three months ended March 31, 2006 includes $32.4 million of
business repositioning charges, $2.3 million of asset write-offs described
above and $4.5 million in incremental stock-based compensation expense from the
adoption of SFAS 123R. These charges reduced operating margin by 16.5% in the
three months ended March 31, 2006.
Operating income from our Cataract/Implant business increased by $6.6 million due to the increase in net sales and favorable mix of higher margin products discussed above, along with the favorable impact of cost containment measures taken in connection with our business repositioning plan. Operating income from our LVC business increased by $41.1 million due to sales of products acquired from VISX in May 2005. Operating income from our Eye Care business decreased primarily due to the unfavorable impact from continued softness in the market for hydrogen peroxide based products.
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