This excerpt taken from the EYE 8-K filed Oct 25, 2007.
Company Reaffirms 2007 and 2008 Financial Guidance
(SANTA ANA, CA), October 25, 2007 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 2007.
The companys third-quarter 2007 net sales rose 5.6 percent to $273.2 million. The sales increases related to the IntraLase Corp. and WaveFront Sciences, Inc. acquisitions and organic growth were partially offset by lost sales related to the May 2007 contact lens care solutions recall. Foreign currency impacts increased net sales by 2.1 percent.
AMO reported a third-quarter net loss under Generally Accepted Accounting Principles (GAAP) of $25.9 million, or a loss of $0.43 per share, which included the impact of the recall. These results also included the following items, which combined to increase the net loss per share by approximately $0.08:
In the same period last year, AMO reported GAAP net income of $87.2 million, or $1.42 per diluted share. A net total of $97.3 million in pre-tax items increased third-quarter 2006 results by $0.92 per share. These items included a pre-tax net gain of $102.9 million related to the
settlement of legal matters and a $2.3 million unrealized gain on derivative instruments, which were partially offset by charges of $3.9 million associated with note repurchases and $4.0 million associated with business rationalization and repositioning initiatives.
Through well-integrated acquisitions and consistent delivery of organic innovations, we remained focused throughout the third quarter on executing our strategy to provide a complete refractive solution to eye care practitioners worldwide, said Jim Mazzo, AMO chairman, president and chief executive officer. While our third-quarter results were significantly impacted by the recall, we are pleased with continued progress of our cataract and laser vision correction businesses. Moreover, we expect future quarters financial results to reflect continued progress as we fully re-enter the multipurpose solution market, continue to strengthen our leadership in the elective refractive procedure market and deploy our advanced technologies through our global infrastructure.