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Founders & Former Executive Management Team of LCA-Vision Seek Change to Rescue Company
Date:11/21/2008

ss of 1,000% from 2003-2006. In the process, not only did our shareholders profit handsomely, so too did our physician partners and our employees. In fact, in 2006 LCAV was named one of the top Small Cap Growth companies in the United States by Fortune and one of the "Hot Growth Companies" by Business Week.

Today, these prior successes feel like a distant memory of a bygone era. LCAV's call center now stands eerily quiet, its LasikPlus vision centers have neither many patients nor sufficient staff to take care of them. And in the homes of the poor shareholders who stood resolute by the Company as it fumbled and flummoxed about over the last couple of years, there is only despair and disbelief. It is indeed shocking to us all how "successful" the Company has been in destroying so much value, in so little time.

The failures of the Company over the last two years are numerous and noteworthy. LCAV's shares have decreased over 90% from $32.71 to $2.73 since Steve Straus was hired as CEO by the Board of Directors in November 2006. This represents a staggering loss in value to the Company's shareholders of hundreds of millions of dollars of market capitalization. In fact, whether it be the Company's market capitalization, same store revenues, procedural volume, marketing costs, cash on the balance sheet, or employee attrition and morale, the story of abysmal performance is the same, regardless of the metric or indicator one looks at.

While the macroeconomic and consumer environment have created challenges, at the same time the Company has openly admitted it has lost industry market share. In the last three quarters the Company has lost almost one third of the market share it used to command. In the fourth quarter of 2007 national market share was just under 15% and in the third quarter of 2008 national market share was a little over 10%.

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SOURCE Stephen N. Joffe
Copyright©2008 PR Newswire.
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