SANTA ANA, Calif., July 13 /PRNewswire-FirstCall/ -- Advanced Medical Optics, Inc. (AMO) , today reported certain pro forma financial information relating to its recent acquisition of VISX, Incorporated on May 27, 2005.
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Unaudited Pro Forma Condensed Combined Financial Statements
The following unaudited pro forma condensed combined financial statements are presented to illustrate the estimated effects of our acquisition of Pfizer's ophthalmic surgical business in June 2004, the VISX merger in May 2005 and, in each case, the related financing transactions (collectively, the "Transactions") on our historical financial position and our results of operations. We have derived our historical consolidated financial data for the year ended December 31, 2004 from our audited consolidated financial statements incorporated by reference herein (adjusted to give pro forma effect to our acquisition of Pfizer's ophthalmic surgical business as described in the accompanying notes). We have derived our historical consolidated financial data as of and for the three months ended March 25, 2005 from our unaudited condensed consolidated financial statements incorporated by reference herein. We have derived VISX's historical consolidated financial data for the year ended December 31, 2004 from VISX's audited consolidated financial statements, and have derived VISX's historical consolidated financial data as of and for the three months ended March 31, 2005 from VISX's unaudited condensed consolidated financial statements, in each case which are available in the reports that were previously filed by VISX with the SEC.
The unaudited pro forma condensed combined statements of operation for the year ended December 31, 2004 and the three months ended March 25, 2005 assume that the Transactions took place on January 1, 2004. The unaudited pro forma condensed combined balance sheet as of March 25, 2005 assumes that the Transactions took place on that date. The information presented in the unaudited pro forma condensed combined financial statements does not purport to represent what our financial position or results of operations would have been had the Transactions occurred as of the dates indicated, nor is it indicative of our future financial position or results of operations for any period. In addition, AMO, Pfizer's ophthalmic surgical business and VISX may have performed differently had they always been combined. You should not rely on this information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience after the VISX merger.
The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable under the circumstances. A final determination of fair values relating to the VISX merger may differ materially from the preliminary estimates and will include management's final valuation of the fair value of assets acquired and liabilities assumed. This final valuation will be based on the actual net tangible assets of VISX that exist as of the date of the completion of the VISX merger. The final valuation may change the allocations of the purchase price, which could affect the fair value assigned to the assets and liabilities and could result in a change to the unaudited pro forma condensed combined financial statements data.
These unaudited pro forma condensed combined financial statements should be read in conjunction with the accompanying notes and assumptions and the historical consolidated financial statements and related notes contained in the annual, quarterly and other reports filed by us and VISX with the SEC.
Unaudited Pro Forma Condensed Combined Balance Sheet
As Of March 25, 2005
Historical Historical Pro Forma Pro Forma
AMO VISX Adjustments (1) Combined
(In thousands)
Assets
Current Assets:
Cash and
cash equivalents $25,858 $17,353 $(176,167)(9) $50,741
200,000(7)
(16,303)(8)
Short-term
investments - 143,084 - 143,084
Trade receivables,
net 198,311 34,965 - 233,276
Inventories 97,297 13,211 - 110,508
Other current assets 53,835 21,568 (3,420)(12) 71,983
Total current assets 375,301 230,181 4,110 609,592
Property, plant
and equipment,
net 113,700 3,784 - 117,484
Other assets 51,302 11,733 538(7) 63,573
Intangibles, net 137,268 - 397,400(3) 534,668
Goodwill 375,617 - 521,133(1) 896,750
Total assets $1,053,188 $245,698 $923,181 $2,222,067
Liabilities and
Stockholders' Equity
Current liabilities:
Current portion
of long-term debt $9,450 $- $200,000(7) $209,450
Accounts payable 75,425 6,537 - 81,962
Accrued compensation 21,233 - 9,017(13) 30,250
Other accrued
expenses 82,368 44,277 (1,377)(4) 125,268
Total current
liabilities 188,476 50,814 207,640 446,930
Long-term debt,
net of current
portion 550,643 - - 550,643
Other liabilities 53,349 - 156,440(5) 209,789
Total liabilities 792,468 50,814 364,080 1,207,362
Stockholders' equity:
Preferred stock - - - -
Common stock 372 650 (650)(2) 650
278(2)
Additional
paid-in-capital 312,974 199,951 (199,951)(2) 1,515,881
1,202,907(2)
Retained earnings
(accumulated
deficit) (90,563) 235,039 (235,039)(2) (539,763)
(449,200)(6)
Accumulated other
comprehensive
income (loss) 37,960 (361) 361(2) 37,960
Less treasury
stock, at cost (23) (240,395) 240,395(2) (23)
Total stockholders'
equity 260,720 194,884 559,101 1,014,705
Total liabilities
and stockholders'
equity $1,053,188 $245,698 $923,181 $2,222,067
See accompanying notes to unaudited pro forma condensed combined financial statements.
Notes to Unaudited Pro Forma Condensed Combined Balance Sheet
(1) Under the purchase method of accounting, the total estimated
consideration as shown in the table below is allocated to VISX's
tangible and intangible assets and liabilities based on their
estimated fair values as of the date of completion of the VISX
merger. The preliminary estimated consideration is allocated as
follows:
Amount
(In thousands)
Calculation of consideration:
Cash consideration to VISX stockholders (9) $176,167
Fair value of our shares issued to
VISX stockholders (10) 1,136,605
Fair value of vested VISX stock options (11) 66,580
Estimated direct transaction fees and expenses 15,765
Total consideration 1,395,117
Preliminary allocation of consideration:
Book value of VISX's net assets (194,884)
Adjustments to historical net book value:
Intangible assets (3) (397,400)
Other accrued expenses (4) (1,377)
Other current assets (12) 3,420
Accrued severance (13) 9,017
Non-current deferred tax liability (5) 156,440
In-process research and development (6) (449,200)
Adjustment to goodwill $521,133
A final determination of fair values may differ materially from the
preliminary estimates and will include management's final valuation
of the fair values of assets acquired and liabilities assumed. This
final valuation will be based on the actual net tangible assets of
VISX that exist as of the date of the completion of the VISX merger.
The final valuation may change the allocations of purchase price,
which could affect the fair value assigned to the assets and
liabilities and could result in a change to the unaudited pro forma
condensed combined financial statements data.
(2) Represents the acquisition of 100% of the equity of VISX in exchange
for 0.552 shares of our common stock and includes the elimination of
VISX's historical equity accounts at March 31, 2005. Also includes
the estimated fair value of AMO's shares issued to VISX stockholders
and vested VISX stock options of $1,136.6 million and $66.6 million,
respectively.
(3) Of the total estimated purchase price, $303.2 million has been
allocated to technology rights and customer relationships that are
expected to be amortized over a weighted average life of 11.4 years
and $94.2 million has been allocated to tradename with an indefinite
life. This adjustment is preliminary and is based on our
management's estimates. The amount ultimately allocated to
intangible assets may differ materially from this preliminary
allocation. A $50.0 million increase or decrease in value allocated
to technology rights and customer relationships would increase or
decrease annual amortization by approximately $4.4 million.
Identification and allocation of value to the identified intangible
assets was based on the provisions of Statement of Financial
Accounting Standard No. 141, "Business Combinations," ("FAS 141").
The fair value of the identified intangible assets was estimated by
performing a discounted cash flow analysis using the "income"
approach. This method includes a forecast of direct revenues and
costs associated with the respective intangible assets and charges
for economic returns on tangible and intangible assets utilized in
cash flow generation. Net cash flows attributable to the identified
intangible assets are discounted to their present value at a rate
commensurate with the perceived risk. The projected cash flow
assumptions considered contractual relationships, customer attrition,
eventual development of new technologies and market competition.
The estimates of expected useful lives are based on guidance from FAS
No. 141 and take into consideration the effects of competition,
regulatory changes and possible obsolescence. The useful lives of
technology rights are based on the number of years in which net cash
flows have been projected. The useful lives of customer
relationships was estimated based upon the length of the contracts
currently in place, probability based estimates of contract renewals
in the future and natural growth and diversification of other
potential customers, which were considered insignificant. Management
considers the VISX trade name to be the dominant name in excimer
laser vision correction procedures. VISX's estimated market share of
60 percent demonstrates its commercial success. Management intends
to maintain and continue to market existing and new products under
the VISX trade name. As management intends to continue to use the
VISX trade name indefinitely, an indefinite life was assigned.
Assumptions used in forecasting cash flows for each of the identified
intangible assets included consideration of the following:
* VISX historical operating margins;
* Number of procedures and devices VISX has developed and had
approved by the FDA;
* VISX market share;
* Contractual and non-contractual relationships with large groups of
surgeons; and Patents and exclusive licenses held.
A history of operating margins and profitability, a strong
scientific, service and manufacturing employee base and a dominant
presence in the excimer laser market were among the factors that
contributed to a purchase price resulting in the recognition of
goodwill.
(4) Represents deferred revenue not considered an assumed liability and
recording a fair value lease liability.
(5) The estimated impact on deferred tax liabilities of purchase
accounting adjustments of $156.4 million. The estimate of deferred
tax liabilities was determined based on the estimated excess book
basis over the estimated tax basis of identifiable intangible assets
acquired at an estimated statutory rate of approximately 39%. This
adjustment is preliminary and subject to change based upon
management's final valuation of the fair values of identifiable
intangible assets acquired.
(6) Represents the estimated charge for in-process research and
development of $449.2 million. This adjustment is preliminary and is
based on our management's estimates. The amount ultimately allocated
to in-process research and development may differ from this
preliminary allocation. This amount has been excluded from the
unaudited pro forma condensed combined statements of operations as
such charge is non-recurring.
Ongoing research and development of new laser vision correction
procedures (hyperopic presbyopia and custom high myopia procedures)
accounts for approximately 90% of this charge. The balance relates
to new equipment technologies in development (for example --
cyclotorsional tracking of the eye). Both new procedures are in FDA
clinical trials, with the custom high myopia trial near completion
and the hyperopic presbyopia trial in an early stage. New equipment
technologies (such as cyclotorsional tracking of the eye) are in
different stages of research and development.
The fair value of these IPR&D projects was estimated by performing a
discounted cash flow analysis using the "income" approach. Net cash
flows attributable to the projects were discounted to their present
values at a rate commensurate with the perceived risk, which for
these projects was between 18-20%. The following assumptions
underlie these estimates.
* A custom high myopia procedure is forecast to be approved for sale
in the U.S. in 2005. A procedure to treat hyperopic presbyopia is
forecast to be approved for sale in the U.S. in 2007. Additional
research and development expenses for these procedures are
expected to range from $5 million to $7 million. This range
represents management's best estimate as to the additional R&D
expenses required to bring these products to market in the U.S.
* Products based on new equipment technologies are forecast to first
be available for sale in 2005 and 2006. Additional research and
development expenses in the range of $12 million to $14 million
represents management's best estimate as to the additional R&D
expenses to bring these products to market.
In addition, solely for the purposes of estimating the fair value of
the IPR&D projects, the following assumptions were made:
* Revenue that is reasonably likely to result from the approved and
unapproved potential uses of identifiable intangible assets that
includes the estimated number of units to be sold, estimated
selling prices, estimated market penetration and estimated market
share and year-over-year growth rates over the product cycles;
* Remaining developmental R&D and sustaining engineering expenses
once commercialized were also estimated by management according to
internal planning estimates; and
* The cost structure was assumed to be similar to that for existing
products.
The major risks and uncertainties associated with the timely and
successful completion of the projects consist of the ability to
confirm the safety and efficacy of the technology based on the data
from clinical trials and obtaining necessary regulatory approvals.
In addition, no assurance can be given that the underlying
assumptions used to forecast the cash flows or the timely and
successful completion of such projects will materialize, as
estimated. For these reasons, among others, actual results may vary
significantly from the estimated results.
(7) Represents additional borrowings incurred to fund the cash portion of
the VISX Acquisition and deferred financing costs of $0.5 million
incurred.
(8) Represents expected payment for deferred financing costs and direct
transaction fees and expenses net of amounts already paid.
(9) Cash consideration to VISX stockholders based upon 50.3 million VISX
shares outstanding as of May 27, 2005 at $3.50 per share plus cash
consideration for fractional shares.
(10) Our share equivalent of VISX shares outstanding assumes an exchange
ratio of 0.552 based on the terms of the Merger Agreement. The fair
value of the 27.8 million shares issued is based on a market value of
$40.90 per share of our common stock, which is the average of the
quoted market price of our common stock for the period beginning two
trading days before and ending two trading days after the VISX merger
was announced.
(11) Represents the intrinsic value of the converted VISX stock options
which is calculated as the difference between $40.90, the average of
the quoted market price of our stock for the period beginning two
days before and ending two days after the VISX merger was announced,
and the exercise price of the converted VISX stock options.
(12) Represents deferred costs associated with the deferred revenue not
assumed in the VISX merger.
(13) Represents severance payments due to certain executives of VISX as a
result of the VISX merger.
Unaudited Pro Forma Condensed Combined Statement Of Operations
For The Year Ended December 31, 2004
Pro Forma Historical Pro Forma Pro Forma
AMO(1) VISX Adjustments Combined
(In thousands, except per share amounts)
Net sales $816,976 $165,858 $- $982,834
Cost of sales 300,914 42,386 343,300
Gross profit 516,062 123,472 - 639,534
Selling, general
and administrative 357,781 42,483 26,524(2) 426,788
Research and
development 47,040 21,437 68,477
Operating income 111,241 59,552 (26,524) 144,269
Non-operating
expense (income)
Interest expense 24,503 - 11,394(3) 35,897
Unrealized loss
on derivative
instruments 403 - 403
Other, net (273) (2,035) (2,308)
Earnings before
income taxes 86,608 61,587 (37,918) 110,277
Provision for
income taxes 30,312 23,145 (14,860)(4) 38,597
Net earnings $56,296 $38,442 $(23,058) $71,680
Net earnings per share:
Basic $1.53 $0.78 $1.11
Diluted $1.44 $0.76 $1.05
Weighted average number
of shares outstanding:
Basic 36,733 49,229 64,520(5)
Diluted 39,277 50,869 68,122(6)
See accompanying notes to unaudited pro forma financial statements.
Unaudited Pro Forma Condensed Combined Statement Of Operations
For The Quarter Ended March 25, 2005
Historical Pro Forma Pro Forma
AMO VISX Adjustments Combined
(In thousands, except per share amounts)
Net sales $192,519 $51,339 $- $243,858
Cost of sales 70,439 12,539 82,978
Gross profit 122,080 38,800 - 160,880
Selling, general
and administrative 83,815 10,510 6,631(2) 100,956
Research and
development 12,352 5,172 17,524
Operating income 25,913 23,118 (6,631) 42,400
Non-operating
expense (income)
Interest expense 5,827 - 2,849(3) 8,676
Unrealized gain
on derivative
instruments (531) - (531)
Other, net (331) (890) (1,221)
Earnings before
income taxes 20,948 24,008 (9,480) 35,476
Provision for
income taxes 7,122 9,329 (4,389)(4) 12,062
Net earnings $13,826 $14,679 $(5,091) $23,414
Net earnings per share:
Basic $0.37 $0.29 $0.36
Diluted $0.35 $0.28 $0.34
Weighted average number
of shares outstanding:
Basic 37,119 50,007 64,906(5)
Diluted 39,815 51,749 68,660(6)
See accompanying notes to unaudited pro forma financial statements.
Notes to Unaudited Pro Forma Condensed Statement of Operations
(1) Our pro forma results have been adjusted to give pro forma effect to
the acquisition of Pfizer's ophthalmic surgical business as if that
transaction had occurred on January 1, 2004.
The total estimated cost of the acquisition was as follows (in
thousands):
Cash consideration to Pfizer Inc $450,000
Direct costs 7,399
Cash acquired (690)
Total purchase price $456,709
The above purchase price has been preliminarily allocated based on an
estimate of the fair values of assets acquired and liabilities
assumed. The final valuation of net assets is expected to be
completed as soon as possible, but no later than one year from the
acquisition date in accordance with generally accepted accounting
principles.
The purchase price has been allocated based on our management's
estimates as follows (in thousands):
Inventories $52,411
Other current assets 350
Property, plant and equipment 39,066
Intangible assets 135,900
In-process research and development 28,100
Goodwill 255,171
Current liabilities (14,601)
Non-current liabilities (655)
Non-current deferred tax liability (39,033)
Net assets acquired $456,709
Of the $135.9 million of acquired intangible assets, $121.0 million
was assigned to developed technology rights that have a weighted-
average useful life of approximately 12.7 years and $14.9 million was
assigned to a trademark with a useful life of approximately
13.5 years. Annual amortization of intangible assets is expected to
be approximately $10.7 million. Approximately $11.6 million of the
goodwill is expected to be deductible for tax purposes. A history of
operating margins and profitability, a strong scientific employee
base and a strong presence in the viscoelastic market were among the
factors that contributed to a purchase price resulting in the
recognition of goodwill.
(2) Reflects amortization of intangibles related to management's
preliminary estimate of the fair value of intangible assets acquired.
This adjustment is preliminary and based on management's estimates.
The amount ultimately allocated to intangible assets may differ
materially from this preliminary allocation and will be based on
management's final valuation of the acquired intangible assets.
(3) Reflects interest expense of additional borrowings incurred to fund
the cash portion of the VISX merger and related costs. The pro forma
interest expense arising from the additional borrowings has been
computed based upon $200.0 million aggregate borrowings and an
average interest rate of 5.63%. Also includes amortization of
deferred financing costs ($0.1 million per annum).
(4) Reflects the pro forma tax effect of the above adjustments to yield
an estimated combined effective tax rate of 35% and 34% for the year
ended December 31, 2004 and the three months ended March 25, 2005,
respectively.
(5) Reflects the issuance of 27.8 million shares of our common stock to
VISX shareholders.
(6) Reflects the issuance of 27.8 million shares of our common stock to
VISX shareholders and the dilutive effect of our stock options
exchanged for VISX stock options of 1.1 million shares.
Unaudited Pro Forma Condensed Statement Of Operations
For The Year Ended December 31, 2004
Historical Historical Pro Forma Pro Forma
AMO Pfizer Adjustments(1) AMO
(In thousands, except per share data)
Net Sales $742,099 $74,877 $- $816,976
Cost of sales 306,164 21,623 (26,873)(2) 300,914
Gross profit 435,935 26,873 516,062
Selling, general
and administrative 329,197 32,152 (3,568)(3) 357,781
Research and
development 73,716 1,424 (28,100)(4) 47,040
Operating income 33,022 58,541 111,241
Non-operating
expense (income):
Interest expense 26,933 - 4,070(5) 24,503
(6,500)(6)
Unrealized loss
on derivative
instruments 403 - - 403
Loss due to
exchange of 3 1/2
Convertible Senior
Subordinated
Notes due 2003 116,282 - (116,282)(7) -
Other, net 10,620 - (10,893)(8) (273)
Earnings (loss)
before income
taxes (121,216) 188,146 86,608
Provisions for
income taxes 8,154 - 22,158(9) 30,312
Net earnings
(loss) $(129,370) $165,988 $56,296
Business total
direct expenses 55,199
Direct revenue in
excess of direct
expenses $19,678
Net earnings (loss)
per share:
Basic $(3.89) $1.53
Diluted $(3.89) $1.44(11)
Weighted average number
of shares outstanding:
Basic 33,284 36,733(10)
Diluted 33,284 39,277(11)
See accompanying notes to unaudited pro forma condensed combined financial
statements.
Notes to Unaudited Pro Forma Condensed Combined Statement of Operations
(1) Reclassifications between cost of sales and selling, general and
administrative expense have been made to the historical presentation
of Pfizer's ophthalmic surgical business, which is referred to as the
Pfizer Business, in order to conform to the pro forma condensed
combined presentation.
(2) Reflects a $28.1 million decrease related to the sale of acquired
inventory adjusted to fair value, a $0.3 million decrease in
depreciation expense related to management's estimate of the fair
value of property, plant and equipment and a $1.5 million increase
related to the reclassification of direct distribution costs included
in selling, general and administrative expenses of the Pfizer
Business.
(3) Reflects a $1.5 million decrease related to the reclassification of
direct distribution costs included in selling, general and
administrative expenses of the Pfizer Business and a $2.0 million
decrease in amortization of intangibles related to our management's
estimate of the fair value of intangible assets acquired. The
$2.0 million decrease in amortization of intangibles is estimated
based upon expected amortization for the year of $10.7 million
compared to amortization of $12.7 million included in our historical
and Pfizer's historical statements of operations.
(4) Reflects the adjustment to decrease research and development expense
by the $28.1 million in-process research and development charge
resulting from the application of purchase accounting to the
acquisition of the Pfizer Business.
(5) Reflects pro forma interest expense resulting from our new debt
capital structure implemented at the end of the second quarter of
2004 based on LIBOR of 1.58% as of December 31, 2004, as follows:
Year Ended
December 31, 2004
(In thousands)
Pro forma adjustment to interest expense:
2.50% convertible senior subordinated notes(a) $4,375
Term loan(b) 4,788
Amortization of deferred financing costs(c) 1,562
Pro forma interest expense 10,725
Less interest expense on existing debt refinanced:
3 1/2% convertible senior subordinated notes (3,141)
9 1/4% senior subordinated notes (3,094)
Repayment of Japan term loan (420)
Pro forma adjustment $4,070
(a) Reflects pro forma interest expense on the $350.0 million of
outstanding 2.50% convertible senior subordinated notes due 2024,
which are referred to as the 2.50% Notes, at an interest rate of
2.50%.
(b) Reflects pro forma interest expense on the $250.0 million term loan
under our senior credit facility at an assumed interest rate of LIBOR
plus 2.25%. A 0.125% change in interest rates would result in a
change in the pro forma interest expense of $0.3 million related to
the floating interest rate of the term loan.
(c) Reflects amortization of deferred financing fees over the expected
term of the related instrument (five years for the term loan and five
and a half years for the 2.50% Notes).
(6) Reflects the adjustment to decrease interest expense for the write-
off of deferred financing fees, original discount and recognition of
realized gains on interest rate swaps and the commitment fee paid to
senior credit facility lenders resulting from the tender offer and
consent solicitation, the private exchanges and the repayment of the
Japan term loan aggregating $6.5 million, as such amounts are not
expected to have a continuing impact on our operations and relate
directly to the acquisition.
(7) Reflects the adjustment for $89.1 million relating to the value of
equity issued in excess of conversion price in the private exchanges
and $27.2 million of premium paid in the private exchanges.
(8) Reflects the adjustment to decrease Other, net by $10.8 million of
tender offer premium and consent payments for the 9 1/4% senior
subordinated notes and $0.1 million of other debt extinguishment
costs, as such amounts are not expected to have a continuing impact
on our operations and relate directly to the acquisition.
(9) Reflects the pro forma tax effect of the above adjustments at an
estimated combined effective tax rate of 35% for the year ended
December 31, 2004.
(10) Reflects the issuance of 7.0 million shares of our common stock in
the private exchanges less the 3.6 million weighted average shares
related to the private exchanges already included in basic shares
outstanding.
(11) Includes the dilutive effect of approximately 2.1 million shares for
stock options and 0.4 million shares for the 3 1/2% Notes not
repurchased as part of the private exchanges and the after tax impact
of $0.1 million of interest expense for the 3 1/2% Notes not
purchased as part of the private exchanges as follows:
Net earnings $56,296
Interest expense, after tax, for 3 1/2% Notes
included in net earnings 123
Adjusted net earnings $56,419
Basic shares outstanding 36,733
Dilutive effect of stock options and awards 2,125
Dilutive effect of 3 1/2% Notes 419
Diluted shares outstanding 39,277
Diluted earnings per share $1.44
Forward-Looking Statements
This press release contains forward-looking statements about AMO and its business. All forward-looking statements in this press release are based on estimates and assumptions and represent AMO's judgment only as of the date of this press release. Actual results may differ from current expectations based on a number of factors including but not limited to changing market conditions and AMO's prospects. Therefore, the reader is cautioned not to rely on these forward-looking statements. AMO disclaims any intent or obligation to update these forward-looking statements.
Additional information concerning these and other risk factors may be found in previous financial press releases issued by AMO. AMO's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Certain Factors and Trends Affecting AMO and its Businesses" in AMO's 2004 Form 10-K filed by AMO with the Securities and Exchange Commission (the "Commission") on March 2, 2005 and AMO's Form 10-Q for the quarterly period ended March 25, 2005, filed by AMO with the Commission on April 29, 2005, also include information concerning these and other risk factors. Copies of press releases and additional information about AMO are available on the World Wide Web at www.amo-inc.com, or you can contact the AMO Investor Relations Department by calling (714) 247-8348.
Investor Contact:
Sheree Aronson
(714) 247-8290
sheree.aronson@amo-inc.com
Media Contact:
Steve Chesterman
(714) 247-8711
steve.chesterman@amo-inc.com
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