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

of $38.4 million.
  • Operating loss and adjusted operating loss included $3.5 million in restructuring and impairment charges.
  • Net loss was $6.6 million or $0.36 per share, compared with net income of $32.5 million or $1.64 per diluted share.
  • LCA-Vision is providing both adjusted revenue and operating income as a means of measuring performance that adjusts for the non-cash impact of accounting for separately priced extended warranties. A reconciliation of revenue and operating income (loss) as reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP) is provided at the end of this news release. Management believes the adjusted information better reflects operating performance and, therefore, is more meaningful to investors.

    "During the fourth quarter, we began to benefit from our numerous business initiatives implemented throughout 2008, even though the decline in the overall U.S. economy and weakening consumer confidence continued to impact discretionary spending and led to what we believe was additional deterioration in overall industry procedure volume," said Steven C. Straus, Chief Executive Officer of LCA-Vision. "Notably, the year-over-year procedure volume decline rate in the fourth quarter showed stabilization compared with the 2008 third quarter, and our procedure volume for January 2009 was up 48% compared with December 2008. Although January is typically our highest volume month, this significant increase compares favorably to our 14% procedure volume increase in January 2008 versus December 2007."

    Straus added, "We are building on a strengthened infrastructure based on the many processes and procedures put in place since November 2006. We have professionalized the operations of LCA-Vision, taking us from a start-up enterprise to an industry leader. We have a leadership team with deep expertise in healthcare, expense and cash man
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    SOURCE LCA-Vision Inc.
    Copyright©2009 PR Newswire.
    All rights reserved

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