UPDATE 1-Mentor fourth-quarter net income falls 12 pct

(Adds sales details, stock price)

LOS ANGELES, Jan 31 (Reuters) - Mentor Corp MNT.N said on Thursday that its fourth-quarter net income fell 12 percent due to restructuring costs.

Mentor, which makes breast implants, said its fiscal third-quarter net earnings fell to $11.9 million from $13.6 million. However, earnings per share rose to 32 cents per share from 29 cents per share, in the year ago period, as diluted shares outstanding decreased 19 percent in the most recent quarter.

Excluding severance and acquisition-related charges, the company said it earned 37 cents a share in the quarter. Wall Street had expected a profit of 31 cents per share after excluding one-time items, according to Reuters Estimates.

The Santa Barbara, California-based company said net sales for the quarter rose 23 percent to $92.9 million, primarily due to conversion from saline breast implants to the company's silicone implants, which won U.S. approval in November 2006.

Shares of Mentor, which fell 18 cents to close at $34.62 on the New York Stock Exchange, were halted after hours. (Reporting by Deena Beasley; editing by Carol Bishopric)