CINCINNATI, Nov. 21 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV), a leading provider of laser vision correction services under the LasikPlus(R) brand, today announced the appointment of Michael J. Celebrezze to the position of Chief Financial Officer on a permanent basis, effective December 1, 2008. Mr. Celebrezze, who has served as interim CFO since June 2008, was appointed to the LCA-Vision Executive Management team as Senior Vice President of Finance and Treasurer in July 2007, and joined the company as Vice President of Finance and Treasurer in July 2006.
"Following an extensive search and a thorough review of Mike's performance, the LCA-Vision board of directors unanimously approved his appointment as permanent CFO," said Steven C. Straus, Chief Executive Officer of LCA-Vision. "Mike stepped quickly and effectively into the CFO position in June and has performed admirably since then, making for a smooth transition during a challenging economic time. In addition to his other responsibilities as interim CFO, Mike successfully implemented a series of initiatives designed to conserve cash and better align our expense structure with current procedure volumes. Mike also is a valuable member of the LCA-Vision Executive Management team, where he plays an instrumental role in formulating and implementing strategic direction for all facets of our company."
Among initiatives aimed at supporting procedure volume and controlling costs, the company has begun both a head-to-head clinical study and has requested cost proposals to evaluate potentially reducing the number of excimer laser technology platforms utilized in its LasikPlus(R) vision centers. "We expect that results from this study will confirm that technological advancements in laser vision correction equipment allow us to achieve our high standard of clinical outcomes regardless of the platform utilized in the procedure at a lower overall cost," commented Mr. Straus. "Results from this study could enable a reduction in the number of technology platforms per LasikPlus(R) vision center from our current three platforms to two or perhaps even one."
He added, "During the first few weeks of our new marketing program, we are performing qualitative and quantitative reviews of our marketing activities as the first in an active and methodical progression to strengthen the LasikPlus(R) brand and clarify our messages, with a goal of reinvigorating our direct-to-consumer programs."
Mr. Celebrezze said, "I am delighted to be assuming the CFO position on a permanent basis. We are affirming our commitment to controlling expenses and balancing cash conservation with long-term success, including managing all aspects of our business as reflected in the previously announced closing of our center in Boise, Idaho. We will continue to minimize capital expenditures and closely manage working capital, while building upon positive patient experiences, exceptional clinical outcome and advanced diagnostic and surgical technology that are the hallmark of the LasikPlus(R) brand."
Prior to joining LCA-Vision, Mr. Celebrezze served for five years as CFO
at First Transit Inc., a national public-transportation company with annual
revenue of $400 million. He previously was employed for 17 years with
APCOA/Standard Parking, where he held a variety of financial positions
including Executive Vice President and CFO. Mr. Celebrezze holds a Certified
Public Accounting designation in Ohio (inactive), and received a BS in
This news release contains forward-looking statements based on current expectations, forecasts and assumptions of LCA-Vision that are subject to risks and uncertainties. These forward-looking statements in this release are based on information available to us as of the date hereof. Actual results could differ materially from those stated or implied in our forward-looking statements due to risks and uncertainties associated with our business, including, without limitation, those concerning economic, political and sociological conditions; the acceptance rate of new technology, and our ability to successfully implement new technology on a national basis; market acceptance of our services; the successful execution of marketing strategies to cost-effectively drive patients to our vision centers; competition in the laser vision correction industry; an inability to attract new patients; the possibility of long-term side effects and adverse publicity regarding laser vision correction; operational and management instability; legal or regulatory action against us or others in the laser vision correction industry; our ability to profitably operate vision centers and retain qualified personnel during periods of lower procedure volumes; the relatively high fixed cost structure of our business; the continued availability of non-recourse third- party financing for our patients on terms similar to what we have paid historically; and the future value of revenues financed by us and our ability to collect on such financings which will depend on a number of factors, including the worsening consumer credit environment and our ability to manage credit risk related to consumer debt, bankruptcies and other credit trends. In addition, an ongoing FDA study about post-Lasik quality-of-life matters could potentially impact negatively the acceptance of Lasik. For a further discussion of the factors that may cause actual results to differ materially from current expectations, please review our filings with the Securities and Exchange Commission, including but not limited to our reports on Forms 10-K, 10-Q and 8-K. Except to the extent required under the federal securities laws and the rules and regulations promulgated by the Securities and Exchange Commission, we assume no obligation to update the information included in this news release, whether as a result of new information, future events or circumstances, or otherwise.
About LCA-Vision Inc./LasikPlus(R)
LCA-Vision Inc., a leading provider of laser vision correction services under the LasikPlus(R) brand, operates 77 LasikPlus(R) fixed-site laser vision correction centers in 33 states and 59 markets in the United States and a joint venture in Canada. Additional company information is available at www.lca-vision.com and www.lasikplus.com.
Earning Trust Every Moment. Transforming Lives Every Day. For Additional Information Company Contact: Investor Relations Contact: Barb Kise Jody Cain LCA-Vision, Inc. Lippert/Heilshorn & Associates 513-792-9292 310-691-7100
|SOURCE LCA-Vision Inc.|
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