LCA-Vision Announces Fourth Quarter and Full Year 2008 Financi...(on loss on these investments within the ...),Health

Date:2/10/2009

on loss on these investments within the consolidated statement of operations during the fourth quarter of 2008. An additional $1.1 million loss was recorded in the third quarter of 2008. The company also recorded a $1.2 million loss on its $3.0 million in original cost value equity investments in the fourth quarter. Overall, non-operating income includes $3.1 million of fair value adjustments for investments in the full year 2008 results.

LCA-Vision did not repurchase any shares of its common stock during 2008. Approximately $40 million remains available for repurchase under the company's stock repurchase program approved by the Board of Directors.

Near-Term Financial Outlook

LCA-Vision will continue to manage cash and investments conservatively in 2009.

• No new vision centers are currently planned for the year. LCA-Vision plans to restart its successful de novo center opening program following improvements in the economy;
• The company will continue to manage general and administrative expenses aggressively, which are expected to remain relatively unchanged in 2009 compared with 2008;
• Center direct costs per center are expected to decline in 2009;
• We will monitor the efficiency of marketing spending and modify our spending based on effectiveness, taking it up if demand improves and reducing it if demand declines, and
• Capital expenditures are expected to be approximately $2.0 million in 2009, down significantly from $14.9 million in 2008.

Comparing 2009 (the first full year to benefit from cost reductions) with 2007 (prior to cost reductions), vision center breakeven eyes per month are expected to decline to 105 from 125, and the number of procedures per year required for company cash flow to be breakeven is expected to decline to approximately 110,000 from 170,000.

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SOURCE LCA-Vision Inc. Copyright©2009 PR Newswire. All rights reserved

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