This excerpt taken from the EYE 8-K filed Aug 1, 2006.
Company Raises 2006 Adjusted EPS Guidance; Reaffirms 2007 Adjusted EPS Guidance
(SANTA ANA, CA), August 1, 2006 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE], a global leader in ophthalmic surgical devices and eye care products, today announced financial results for the second quarter of 2006.
The company reported sales of $257.0 million, a 13.2 percent increase compared to the same quarter last year. The rise reflects the companys May 2005 acquisition of VISX, Incorporated, as well as growth of core brands across each of its businesses. Second-quarter sales were unfavorably impacted by the planned loss of $13.2 million in sales related to the companys rationalization and repositioning initiative, soft international contact lens care sales and a 0.4 percent decrease related to foreign currency.
For the second quarter of 2006, AMO reported a net loss under Generally Accepted Accounting Principles (GAAP) of $2.7 million, or a loss of $0.04 per share. Pre-tax net charges of $52.7 million recorded during the quarter reduced after-tax earnings per share by $0.54. Charges included $18.2 million related to the companys note repurchases, $17.7 million related to current business repositioning initiatives, $14.3 million for inventory provisions, manufacturing and distribution charges related to discontinued products and other charges, and $2.5 million in an unrealized loss on derivative instruments. The second-quarter results also included a $0.05 per share impact associated with stock-based compensation expense.