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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
Report</font></div>
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to Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of
1934</font></div>
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Report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; March 5,
2009</font></font></div>
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628-1007</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="FIS_SECTION_2_FINANCIAL_INFORMATION" /><a name="FIS_RESULTS_OF_OPERATIONS">Item
2.02 Results of Operation and Financial Condition</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
March&#160;5, 2009, Obagi Medical Products,&#160;Inc. issued a press release
announcing financial results at December&#160;31, 2008, and for the year and the
fourth quarter then ended.&#160; A copy of the press release is attached hereto
as Exhibit&#160;99.1, which is incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release contains non-GAAP financial information. Management believes that
the presentation of non-GAAP net income, non-GAAP operating expenses, non-GAAP
taxes and non-GAAP net income per basic and diluted share provides important
supplemental information to management and investors about financial and
business trends relating to the Company&#8217;s financial condition and results of
operations. Management believes that the use of these non-GAAP financial
measures provides a better measure of comparability with our prior financial
reports.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
has used these non-GAAP measures when evaluating operating performance because
we believe that the inclusion or exclusion of the items described below provides
an additional measure of our core operating results and facilitates comparisons
of our core operating performance against prior periods and our business model
objectives. We have chosen to provide this information to investors to enable
them to perform additional analyses of past, present and future operating
performance and as a supplemental means to evaluate our ongoing core operations.
Externally, we believe that these non-GAAP measures continue to be useful to
investors in their assessment of our operating performance and their valuation
of the Company. Internally, these non-GAAP measures are significant measures
used by management for purposes of:</font></div>
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluating
      the core operating performance of the
Company;</font></div>
            </td>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Establishing
      internal budgets;</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comparing
      performance with internal forecasts and targeted business
      models;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Strategic
      planning; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Benchmarking
      performance externally against our
competitors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
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            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
financial measures:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Non-GAAP
net income, non-GAAP operating expenses, and non-GAAP taxes are important to the
Company for the reasons noted above and exclude the following
items:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Direct to consumer awareness
      campaign costs.&#160;&#160;</font>This item represents costs associated
      with our direct to consumer awareness campaign launched in the third
      quarter of 2008, which is not a usual and customary component of the
      Company&#8217;s marketing strategy.&#160;&#160;The direct to consumer awareness
      campaign is not a current or near-term strategy.&#160;&#160;As a result,
      management excludes this item from internal operating forecasts and models
      because it is not considered a usual and customary operating activity for
      the Company, and the frequency and variability in the nature of the
      charges can vary significantly from period to period. Excluding this data
      provides investors with a basis to compare our company against the
      performance of other companies without this
  variability.</font></div>
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          <tr valign="top">
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              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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      rent.&#160;&#160;</font>These costs consist of the duplicative rent
      incurred during the transition to the Company&#8217;s new corporate headquarters
      and will not recur any time in the reasonably foreseeable
      future.&#160;&#160;Management excludes this cost duplication from internal
      operating forecasts and models because it is not likely to
      recur.&#160;&#160;&#160;Excluding this data presents a better picture of
      the rental costs incurred by the Company on a normalized basis and
      therefore, provides investors with a more accurate basis for comparison of
      our financial performance..</font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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      costs.&#160;&#160;</font>This item represents severance costs related to
      payments made to the Company&#8217;s former Chief Financial Officer and other
      former employees.&#160;Management excludes these costs from internal
      operating forecasts and models because expenses of this nature in these
      amounts are not considered a normal recurring expense of operations and
      because the Company does not expect them to recur regularly in these
      amounts period over period.&#160;&#160;Excluding these costs provides
      investors with a basis to compare our&#160;&#160;current performance
      against historical results.</font></div>
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            <td align="right" style="WIDTH: 36pt">
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      fee paid to a third party that did not produce any commercially viable
      products.&#160;&#160;This product development fee is not a typical fee
      related to the Company&#8217;s day-to-day operations.&#160;&#160;Management
      excludes this write-off from internal operating forecasts and models
      because it is not considered a core operating activity for the
      Company.&#160;&#160;Excluding this write-off provides investors with an
      additional data point for comparing our current performance against prior
      periods.</font></div>
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            <td align="right" style="WIDTH: 36pt">
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      termination of Credit Agreement. </font>This item reflects the write-off
      of debt issuance costs arising from the termination of our Credit
      Agreement, entered into January 2005 (as amended) and is a non-cash
      expense. &#160;Management excludes this write-off from internal operating
      forecasts and models because the Credit Agreement has been terminated and
      management does not currently anticipate terminating its current credit
      facility and entering into a new credit facility in the foreseeable
      future.&#160;&#160;Excluding this write-off provides investors with
      another metric for estimating future
  performance.</font></div>
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      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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            <td align="right" style="WIDTH: 36pt">
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      benefit</font>. This item represents the additional amount of tax expense
      or benefit that the Company would accrue if it used non-GAAP results
      instead of GAAP results in the calculation of its tax
      liability.&#160;&#160;Taken together with the items outlined above, it
      provides investors with another means of comparing the Company&#8217;s
      performance.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
net income per basic and diluted share:</font></div>
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numerator used in the calculation of non-GAAP net income per basic and diluted
share is non-GAAP net income computed as described above. In the denominator,
the Company uses the GAAP basic and diluted shares.&#160; Some of the
limitations of relying on non-GAAP financial measures include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Direct to consumer awareness
      campaign costs.&#160;&#160;</font>This item represents costs associated
      with our direct to consumer awareness campaign launched in the third
      quarter of 2008, which is not a usual and customary component of the
      Company&#8217;s marketing&#160;&#160;strategy.&#160;&#160;While we do not expect
      to incur similar costs in the foreseeable future, these costs reflect
      deliberate decisions made as part of running our business and are
      important to a complete view of our historical
  results.</font></div>
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      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Double
      rent.&#160;&#160;</font>These costs consist of the duplicative
      rent&#160;incurred during the transition to the Company&#8217;s new corporate
      headquarters and are not expected to recur.&#160;&#160;However, some
      investors may view these costs as relevant were we to relocate our
      corporate headquarters in the
future.</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Severance
      costs.&#160;&#160;</font>These costs relate to payments made to the
      Company&#8217;s former Chief Financial Officer and other former employees.
      &#160;While this expense item may recur in the future, the Company does
      not currently anticipate any related expenses to be of a similar magnitude
      in any given period.&#160;&#160;However, given the current state of the
      global economy, investors may view this expense item as indicative of near
      term costs that may be incurred as part of the Company&#8217;s ongoing business
      and are an important component to an evaluation of future
      results.</font></div>
            </td>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Product development
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">write-off</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.&#160;&#160;</font>This item
      represents the write-off of a 2006 a non refundable product development
      fee paid to a third party that did not produce any commercially viable
      products.&#160;&#160;While this item is not representative of typical
      business operations because all of the Company&#8217;s product development
      efforts are provided by a single third party contractor with predictable
      expenses and related products being commercialized, investors may view a
      decision to make such a payment reflective of risks inherent in the nature
      of our business and therefore view it as relevant in analyzing the
      Company&#8217;s&#160;&#160;historical and future
  results.</font></div>
            </td>
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    <div>
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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      extinguishment of debt. </font>This item reflects the write-off of debt
      issuance costs arising from the termination of our Credit Agreement,
      entered into January 2005 (as amended) and is a non-cash expense.
      While&#160;&#160;management does not expect to incur similar costs in the
      foreseeable future, given the current economic environment, investors may
      view this expense as capable of recurring should our cash flow position or
      business strategy materially
change..</font></div>
            </td>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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      </font>This item represents the additional amount of tax expense or
      benefit that the Company would accrue if it used non-GAAP results instead
      of GAAP results in the calculation of its tax liability. The limitation in
      it is that it does not include the effect of all the items excluded from
      the non-GAAP financial statements.</font></div>
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            <td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
supplemental non-GAAP financial measures should be read in conjunction with the
comparable information presented in accordance with generally accepted
accounting principles in the United States of America and in our reports filed
pursuant to the Securities Exchange Act of 1934, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
information furnished herewith pursuant to Item 2.02 of this Current Report and
in Exhibit&#160;99.1 hereto shall not be deemed to be &#8220;filed&#8221; for the purposes
of Section&#160;18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. The information in this
Item 2.02 and in Exhibit&#160;99.1 hereto shall not be incorporated by reference
into any registration statement or other document pursuant to the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific
reference in such filing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="FIS_SECTION_9_FINANCIAL_STATEMENTS_AND_E" /><a name="FIS_FINANCIAL_STATEMENTS_AND_EXHIBITS">Item 9.01 Financial Statements and
Exhibits</a></font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.6pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(d)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
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                <td valign="bottom" width="77%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
                </td>
                <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="77%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release of Obagi Medical Products,&#160;Inc. dated March 5,
      2009</font></div>
                </td>
              </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>&#160;<a name="FIS_SIGNATURES" /></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.6pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">OBAGI
      MEDICAL PRODUCTS, INC.</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      March 5, 2009</font></div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
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form8k030509.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported):
March 5,
2009
Obagi
Medical Products, Inc.
(Exact
name of registrant as specified in its charter)
001-33204
(Commission
File Number)
Delaware
22-3904668
(State
      or other jurisdiction of incorporation)
(I.R.S.
      Employer Identification No.)
3760
Kilroy Airport Way, Suite 500, Long Beach, CA 90806
(Address
of principal executive offices, with zip code)
(562)
628-1007
(Registrant's
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to
      Rule 425 under the Securities Act (17 CFR
  230.425)
o
Soliciting material pursuant to
      Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
o
Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
2.02 Results of Operation and Financial Condition
On
March 5, 2009, Obagi Medical Products, Inc. issued a press release
announcing financial results at December 31, 2008, and for the year and the
fourth quarter then ended.  A copy of the press release is attached hereto
as Exhibit 99.1, which is incorporated herein by reference.
This
press release contains non-GAAP financial information. Management believes that
the presentation of non-GAAP net income, non-GAAP operating expenses, non-GAAP
taxes and non-GAAP net income per basic and diluted share provides important
supplemental information to management and investors about financial and
business trends relating to the Company's financial condition and results of
operations. Management believes that the use of these non-GAAP financial
measures provides a better measure of comparability with our prior financial
reports.
Management
has used these non-GAAP measures when evaluating operating performance because
we believe that the inclusion or exclusion of the items described below provides
an additional measure of our core operating results and facilitates comparisons
of our core operating performance against prior periods and our business model
objectives. We have chosen to provide this information to investors to enable
them to perform additional analyses of past, present and future operating
performance and as a supplemental means to evaluate our ongoing core operations.
Externally, we believe that these non-GAAP measures continue to be useful to
investors in their assessment of our operating performance and their valuation
of the Company. Internally, these non-GAAP measures are significant measures
used by management for purposes of:
§
Evaluating
      the core operating performance of the
Company;
§
Establishing
      internal budgets;
§
Comparing
      performance with internal forecasts and targeted business
      models;
§
Strategic
      planning; and
§
Benchmarking
      performance externally against our
competitors.
Non-GAAP
financial measures:
Non-GAAP
net income, non-GAAP operating expenses, and non-GAAP taxes are important to the
Company for the reasons noted above and exclude the following
items:
§
Direct to consumer awareness
      campaign costs.
This item represents costs associated
      with our direct to consumer awareness campaign launched in the third
      quarter of 2008, which is not a usual and customary component of the
      Company's marketing strategy.  The direct to consumer awareness
      campaign is not a current or near-term strategy.  As a result,
      management excludes this item from internal operating forecasts and models
      because it is not considered a usual and customary operating activity for
      the Company, and the frequency and variability in the nature of the
      charges can vary significantly from period to period. Excluding this data
      provides investors with a basis to compare our company against the
      performance of other companies without this
  variability.
§
Double
      rent.
These costs consist of the duplicative rent
      incurred during the transition to the Company's new corporate headquarters
      and will not recur any time in the reasonably foreseeable
      future.  Management excludes this cost duplication from internal
      operating forecasts and models because it is not likely to
      recur.   Excluding this data presents a better picture of
      the rental costs incurred by the Company on a normalized basis and
      therefore, provides investors with a more accurate basis for comparison of
      our financial performance..
§
Severance
      costs.
This item represents severance costs related to
      payments made to the Company's former Chief Financial Officer and other
      former employees. Management excludes these costs from internal
      operating forecasts and models because expenses of this nature in these
      amounts are not considered a normal recurring expense of operations and
      because the Company does not expect them to recur regularly in these
      amounts period over period.  Excluding these costs provides
      investors with a basis to compare our  current performance
      against historical results.
§
Product development
      write
-
off.
This
      item represents the write-off of a 2006 non refundable product development
      fee paid to a third party that did not produce any commercially viable
      products.  This product development fee is not a typical fee
      related to the Company's day-to-day operations.  Management
      excludes this write-off from internal operating forecasts and models
      because it is not considered a core operating activity for the
      Company.  Excluding this write-off provides investors with an
      additional data point for comparing our current performance against prior
      periods.
§
Debt issuance costs upon
      termination of Credit Agreement.
This item reflects the write-off
      of debt issuance costs arising from the termination of our Credit
      Agreement, entered into January 2005 (as amended) and is a non-cash
      expense.  Management excludes this write-off from internal operating
      forecasts and models because the Credit Agreement has been terminated and
      management does not currently anticipate terminating its current credit
      facility and entering into a new credit facility in the foreseeable
      future.  Excluding this write-off provides investors with
      another metric for estimating future
  performance.
§
Non-GAAP income tax
      benefit
. This item represents the additional amount of tax expense
      or benefit that the Company would accrue if it used non-GAAP results
      instead of GAAP results in the calculation of its tax
      liability.  Taken together with the items outlined above, it
      provides investors with another means of comparing the Company's
      performance.
1
Non-GAAP
net income per basic and diluted share:
The
numerator used in the calculation of non-GAAP net income per basic and diluted
share is non-GAAP net income computed as described above. In the denominator,
the Company uses the GAAP basic and diluted shares.  Some of the
limitations of relying on non-GAAP financial measures include:
§
Direct to consumer awareness
      campaign costs.
This item represents costs associated
      with our direct to consumer awareness campaign launched in the third
      quarter of 2008, which is not a usual and customary component of the
      Company's marketing  strategy.  While we do not expect
      to incur similar costs in the foreseeable future, these costs reflect
      deliberate decisions made as part of running our business and are
      important to a complete view of our historical
  results.
§
Double
      rent.
These costs consist of the duplicative
      rent incurred during the transition to the Company's new corporate
      headquarters and are not expected to recur.  However, some
      investors may view these costs as relevant were we to relocate our
      corporate headquarters in the
future.
§
Severance
      costs.
These costs relate to payments made to the
      Company's former Chief Financial Officer and other former employees.
       While this expense item may recur in the future, the Company does
      not currently anticipate any related expenses to be of a similar magnitude
      in any given period.  However, given the current state of the
      global economy, investors may view this expense item as indicative of near
      term costs that may be incurred as part of the Company's ongoing business
      and are an important component to an evaluation of future
      results.
§
Product development
write-off
.
This item
      represents the write-off of a 2006 a non refundable product development
      fee paid to a third party that did not produce any commercially viable
      products.  While this item is not representative of typical
      business operations because all of the Company's product development
      efforts are provided by a single third party contractor with predictable
      expenses and related products being commercialized, investors may view a
      decision to make such a payment reflective of risks inherent in the nature
      of our business and therefore view it as relevant in analyzing the
      Company's  historical and future
  results.
§
Debt issuance costs upon
      extinguishment of debt.
This item reflects the write-off of debt
      issuance costs arising from the termination of our Credit Agreement,
      entered into January 2005 (as amended) and is a non-cash expense.
      While  management does not expect to incur similar costs in the
      foreseeable future, given the current economic environment, investors may
      view this expense as capable of recurring should our cash flow position or
      business strategy materially
change..
§
Non-GAAP income tax benefit.
This item represents the additional amount of tax expense or
      benefit that the Company would accrue if it used non-GAAP results instead
      of GAAP results in the calculation of its tax liability. The limitation in
      it is that it does not include the effect of all the items excluded from
      the non-GAAP financial statements.
All
supplemental non-GAAP financial measures should be read in conjunction with the
comparable information presented in accordance with generally accepted
accounting principles in the United States of America and in our reports filed
pursuant to the Securities Exchange Act of 1934, as amended.
The
information furnished herewith pursuant to Item 2.02 of this Current Report and
in Exhibit 99.1 hereto shall not be deemed to be "filed" for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. The information in this
Item 2.02 and in Exhibit 99.1 hereto shall not be incorporated by reference
into any registration statement or other document pursuant to the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01 Financial Statements and
Exhibits
(d)
Exhibits
Exhibit Number
Description
99.1
Press
      Release of Obagi Medical Products, Inc. dated March 5,
      2009
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
OBAGI
      MEDICAL PRODUCTS, INC.
Date:
      March 5, 2009
By:
/s/ PRESTON
      S. ROMM
Preston
      S. Romm
Chief
      Financial Officer
3