A pre-tax charge of $35.2 million related to repositioning initiatives pulled down Advanced Medical Optics' net income to $2,600,000, as compared to $13,800,000 in the year-ago period. Total sales rose by 23.7 percent to $238.2 million. Sales of eye care products dropped by 23 percent to $56.8 million, with a negative impact of 4.3 percentage points from foreign currency exchange. The company's revenues from laser vision correction were up by 14.4 percent to $61 million.
AMO has appointed Richard A. Meier as executive vice president of operations and chief financial officer. He will also become president of AMO's eye care group, replacing James Cooke, who recently retired from this position. Other new appointments have taken place after the company split its strategy and technology group into two divisions ? one for strategic & corporate development and the other one for R&D. Jane Rady, formerly in charge of strategy & technology, will head up the strategic & corporate development team. Leonard Borrman now runs R&D for AMO's eye care, laser vision correction and cataract/implant product lines.