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LCA-Vision Announces Fourth Quarter and Full Year 2008 Financial Results
Date:2/10/2009

Sequential quarter decline in procedure volume rate shows signs of stabilization; December 2008 to January 2009 procedure volume up 48%

Provides near-term financial outlook

CINCINNATI, Feb. 10 /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 and 12 months ended December 31, 2008.

Fourth Quarter 2008 Results (all comparisons are versus the fourth quarter of 2007)

  • Revenue was $34.0 million compared with $69.7 million; adjusted revenue was $30.3 million compared with $62.9 million.
  • Procedure volume was 19,424 compared with 39,888.
  • Same-store revenue (69 vision centers) decreased 54.2%; adjusted same-store revenue decreased 55.3%.
  • Operating loss was $9.6 million compared with operating income of $5.9 million; adjusted operating loss was $13.0 million compared with adjusted operating loss of $0.3 million.
  • Operating loss and adjusted operating loss included $2.1 million in restructuring and impairment charges.
  • Net loss was $8.2 million or $0.44 per share, compared with net income of $4.1 million or $0.22 per diluted share.

Full Year 2008 Results (all comparisons are versus the full year 2007)

  • Revenue was $205.2 million compared with $292.6 million; adjusted revenue was $186.5 million compared with $284.6 million.
  • Procedure volume was 115,153 compared with 192,204.
  • Operating loss was $8.2 million compared with operating income of $45.6 million; adjusted operating loss was $25.1 million compared with adjusted operating income
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SOURCE LCA-Vision Inc.
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