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

ction initiatives, such as our 35% headcount reduction, which yielded labor cost reductions annualized at $14 million, generated substantial savings while preserving positive patient experiences and clinical outcomes. More aggressive cash management initiatives, such as improved management of vendor terms, generated $3 million in cash flow in 2008.

"Ongoing initiatives are expected to reduce further our costs in the coming year," he added. "These include negotiations to rationalize the number of excimer lasers in each vision center to reduce royalty fees and maintenance costs, steps to further improve collection results from internally financed patients including the use of credit scores to qualify patients for appropriate financing options, and continued migration toward an increasingly part-time workforce to complement a core group of full-time employees. Additionally, after carefully analyzing the performance of our vision centers in Little Rock and Tulsa, we have closed those facilities. These decisions, as well as the previously announced closure of Boise, were based on a number of factors that included an evaluation of the anticipated timing of improvement in procedure volume and the extent of the expected improvement as well as the costs associated with closing a center."

Celebrezze added, "The quarter was impacted negatively by restructuring and impairment charges that totaled $2.1 million. We closed three vision centers and recorded a $1.4 million charge for abandoned assets and future rent accruals. Severance charges related to workforce reductions totaled $0.1 million, and a thorough analysis of assets resulted in a $0.6 million impairment charge. For the year, restructuring and impairment charges, which included severance for previously announced headcount reductions, were $3.5 million."

"Lifetime Vision" Model

"During 2008, our executive management team completed the first strate
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SOURCE LCA-Vision Inc.
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