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LCA-Vision Reports Second Quarter Financial Results
Date:7/28/2009

CINCINNATI, July 28 /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 six months ended June 30, 2009.

Second Quarter 2009 Operational and Financial Results (all comparisons are versus the second quarter of 2008)

  • Revenue was $31.7 million compared with $54.2 million; adjusted revenue was $29.4 million compared with $49.2 million.
  • Procedure volume was 17,864 compared with 30,086.
  • Same-store revenue (73 vision centers) decreased 41.5%; adjusted same-store revenue decreased 39.7%.
  • Operating loss was $11.8 million compared with operating loss of $3.0 million; adjusted operating loss was $13.9 million compared with adjusted operating loss of $7.4 million. Operating loss and adjusted operating loss in the second quarter of 2009 included $1.6 million in restructuring and impairment charges.
  • Net loss was $6.9 million or $0.37 per share, compared with net loss of $573,000 or $0.03 per share.
  • Net cash provided by operating activities was $5.2 million. Compared with use of $3.1 million.
  • Cash and investments totaled $67.1 million as of June 30, 2009, an increase of $2.7 million from March 31, 2009 and up $7.6 million from December 31, 2008.

Year-to-date 2009 Operational and Financial Highlights (all comparisons are versus the first six months of 2008)

  • Revenue was $79.6 million compared with $133.8 million; adjusted revenue was $74.2 million compared with $123.2 million.
  • Procedure volume was 45,723 compared with 74,245.
  • Operating loss was $16.0 million compared with operat
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SOURCE LCA-Vision Inc.
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