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Earnings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Advanced Medical Optics: Company will trim an additional $10 million to $15 million in expenses in 2009, likely through staff reductions, realignments and cutbacks in discretionary spending, Advanced Medical Optics reports in its Oct. 31 third-quarter earnings call. AMO already has a restructuring plan underway designed to deliver $4 million-$7 million in savings in 2008. Firm has been struggling under the weight of a slumping economy and tight credit market, which has been unkind to capital equipment manufacturers. Corporate U.S. revenues dropped 14% to $99.6 million due to declines in refractory sales. Worldwide refractive sales fell 14.4% to $96 million, including a 31.2% drop in system sales to $18.8 million, which reflected a pullback in purchases of LASIK equipment
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