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LCA-Vision Reports Tangible Results from Business Strategy
Date:2/19/2009

Urges Stockholders to Vote Gold Card and Reject Dissidents' Director Slate

CINCINNATI, Feb. 19 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV) today announced that it is mailing to its stockholders a letter in which it urges support for Company management and its Board of Directors.

The full text of the letter follows:

To My Fellow Stockholders:

Your LCA-Vision executive Team is producing tangible results from the aggressive implementation of our detailed business plan.

During the fourth quarter of 2008 we increased our share of the domestic laser vision correction services market to 11.9% from 10.5% in the third quarter, according to Market Scope, LLC, a leading independent ophthalmic industry researcher. In January 2009, our procedure volume grew 48% compared with December 2008 and, although January typically is our highest volume month, this compares very favorably with the 14% increase from December 2007 to January 2008.

Your executive Team, with the full support of your Board of Directors, has taken decisive action to fix a broken business model inherited from former management that does not work in the current economic environment. In 2008 we reduced marketing spend by 21%, cut general and administrative expense by 11% and reduced capital expenditures by 48%, all compared with 2007. Expense-reduction initiatives in 2008 yielded labor cost reductions annualized at $14 million (35% decrease in headcount) and aggressive cash management initiatives generated $3 million in cash flow. Comparing 2009 (the first full year of benefit from cost reductions taken in 2008) with 2007 (the last full year prior to these reductions), we expect the number of procedures for a vision center to reach cash-flow breakeven to decli
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SOURCE LCA-Vision Inc.
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