American Medical Systems Holdings Inc. Reports Third Quarter Results and Strong Earnings Growth
11/5/2008 11:10:13 AM
MINNEAPOLIS--(BUSINESS WIRE)--American Medical Systems Holdings, Inc. (NASDAQ: AMMD) reported revenue of $117.5 million for the third quarter of 2008, a 7.7 percent increase over sales of $109.0 million in the comparable quarter of 2007. Currency translation had a positive impact on revenue of $2.1 million in the third quarter compared to the same period last year. Third quarter 2008 adjusted net income of $10.3 million, or $0.14 per share, excludes the impact of an in-process research and development (IPRD) charge and represents a 49.3 percent and 55.6 percent increase over third quarter 2007 net income of $6.9 million, or $0.09 per share, respectively. Third quarter 2008 reported net income of $5.7 million, or $0.08 per share, includes a $7.5 million IPRD charge related to a milestone payment on the 2006 acquisition of BioControl. The Company also reported a strong cash EPS performance in the third quarter of 2008 of $0.20 per share compared to $0.17 per share in the comparable period last year, a 17.6 percent growth, reflecting solid expense and working capital management. A reconciliation of net income from continuing operations, the GAAP measure most directly comparable to cash earnings per share, to non-GAAP cash earnings per share, is provided on the attached schedule.