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

gic plan in LCA-Vision's history. A key feature of our business strategy for 2009 is to build upon the improvements implemented by instituting a 'Lifetime Vision' model, which is intended to allow us to leverage our currently installed fixed asset base and to utilize fully the highly trained and skilled ophthalmic surgeons and optometrists within the company," stated Straus. "The 'Lifetime Vision' model is based on the concept that an individual should be a patient of LCA-Vision for life, and rejects the old 'Catch & Release' model implemented by previous management that did not allow for repeat sources of revenue. The advancement and development of the 'Lifetime Vision' model, including intraocular lens surgery, will be a management focus in 2009."

Cash & Investments

Net cash provided by operating activities in 2008 was $7.6 million. Cash and investments totaled $59.5 million as of December 31, 2008, compared with cash and investments of $62.4 million as of December 31, 2007, and $67.1 million as of September 30, 2008. The change in cash and investments during the fourth quarter included cash used in operations of $2.3 million, capital expenditures of $1.3 million, payments on capital leases and loans of $2.1 million, fair value reductions on investments of $1.2 million and other uses of $0.7 million. In late April, the company borrowed $19.2 million to finance the majority of its IntraLase(R) lasers. The loan requires monthly payments over a five-year period at a fixed interest rate of 4.96%. As of December 31, 2008, the remaining outstanding balance of this loan was $16.9 million.

The par value of auction rate securities held by the company as of December 31, 2008 was $5.6 million, compared with $18.3 million as of December 31, 2007. All 2008 redemptions of auction rate securities were at par value. Based on a valuation of the remaining auction rate securities, LCA-Vision has recorded a $0.8 milli
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SOURCE LCA-Vision Inc.
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