LCA-Vision Reports Second Quarter Financi...(ing income of $7.5 million; adjusted ope...),Health

Date:7/28/2009

ing income of $7.5 million; adjusted operating loss was $20.8 million compared with adjusted operating loss of $2.0 million. Operating loss and adjusted operating loss included $2.5 million in restructuring and impairment charges and $0.8 million in consent revocation charges in 2009; operating income and adjusted operating loss in the first six months of 2008 included restructuring charges of $0.5 million.

Net loss was $9.7 million or $0.52 per share, compared with net income of $6.3 million or $0.34 per diluted share.

Since the first quarter of 2007, LCA-Vision has provided both adjusted revenue and operating income (loss) 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 is more reflective of operating performance and, therefore, more meaningful to investors.

"As unemployment rates continue to rise and consumer confidence levels remain low, independent surveys and our own research indicate reluctance on the part of Americans to spend on elective, self-pay surgical procedures, resulting in further volume declines at our LasikPlus((R)) vision centers and throughout our industry. We anticipate continued volume softness throughout the remainder of 2009; however, as the economic downturn in 2008 had a greater impact on the second half of that year, we expect an improvement in year-over-year volume declines in the coming quarters," said Steven C. Straus, Chief Executive Officer of LCA-Vision. "We have been able to increase our average per-procedure price, excluding deferred revenue, by $87 over the past two quarters, following testing late last year that indicated some inelastic
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SOURCE LCA-Vision Inc. Copyright©2009 PR Newswire. All rights reserved

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