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LCA-Vision Announces First Quarter 2009 Financial Results
Date:4/28/2009

Second consecutive quarter of market share gains; Reports positive cash flow

CINCINNATI, April 28 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV), a leading provider of laser vision correction services under the LasikPlus(R) brand, today announced financial and operating results for the three months ended March 31, 2009.

First Quarter 2009 Results (all comparisons are versus the first quarter of 2008)

  • Revenue was $47.9 million compared with $79.6 million; adjusted revenue was $44.9 million compared with $74.0 million.
  • Procedure volume was 27,859 compared with 44,159. Rate of procedure volume decline was 37%, an improvement from year-over-year declines of 51% in the 2008 fourth quarter and of 52% in the 2008 third quarter.
  • Same-store revenue (71 vision centers) decreased 40.7%; adjusted same-store revenue decreased 40.4%.
  • Operating loss was $4.2 million compared with operating income of $10.5 million; adjusted operating loss was $6.9 million compared with adjusted operating income of $5.4 million. Operating loss and adjusted operating loss included $0.9 million in restructuring expense and $0.8 million in consent revocation expenses; operating income and adjusted operating income in the first quarter of 2008 included restructuring expense of $0.5 million.
  • Net loss was $2.8 million, or $0.15 per share, compared with net income of $6.9 million, or $0.37 per diluted share.

First Quarter 2009 Operational and Financial Highlights

  • Increased estimated market share to 13.0% of total industry procedure volume, based on independent market researcher Market Scope(R), LLC's projected industry procedure volume of 213,500 for the period. LCA-Vis
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SOURCE LCA-Vision Inc.
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