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

er Michael Celebrezze commented, "We have taken multiple recent actions to improve cash flow and better align our expenses with procedure volume." Those actions include:

  • Reducing the size of the workforce by 9% in June. Headcount reductions since January 2008 have totaled 41%, generating a savings of approximately $17 million annually. We are also focused on moving toward an increasingly part-time workforce to further reduce compensation expenses.
  • Extending the freeze on wages, placing new center openings on hold and minimizing existing vision center renovations.
  • Closing three additional vision centers and one pre-operative center at the end of the second quarter based on underperformance. We may decide to re-enter some of these markets when economic conditions improve.
  • Reducing the number of excimer laser platform technologies from three to two in all LasikPlus(R) vision centers. Our revised relationships with Abbott Medical Optics and Alcon Inc. permitted us to reduce operating expenses, retire a portion of our capital lease obligations and add cash to our balance sheet.
  • Reduced capital expenditures to a minimum with only $178,000 spent year-to-date.

"Our financial results for the second quarter include $1.6 million in restructuring and impairment charges, yet we benefited from a $6 million tax refund related to the utilization of net operating losses generated in 2008. We generated $5.2 million in cash from operations during the quarter," Celebrezze added.

Advanced Vision Analysis

"We are ready to begin testing of our Advanced Vision Analysis (AVA) program, the first initiative in our Lifetime Vision model," said Straus. "We have integrated the advanced diagnostic equipment into our systems in the first of 13 test markets and expect to perform our initial procedure within the next few weeks. AVA constitute
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SOURCE LCA-Vision Inc.
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