LCA-Vision Reports Third Quarter 2008 Financi...( CINCINNATI Oct. 28 /- LCA-Vision ...),Health

CINCINNATI, Oct. 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 operational results for the three months and nine months ended September 30, 2008.

Third Quarter 2008 Financial & Operational Results (all comparisons are versus the third quarter of 2007)

-- Revenue was $37.4 million compared with $74.6 million; adjusted revenue was $33.0 million compared with $66.9 million.

-- Procedure volume was 21,484 compared with 44,547.

-- Same-store revenue decreased 52.4%; adjusted same-store revenue decreased 53.5%. There were 68 vision centers included in same-store revenue.

-- Operating loss was $6.2 million compared with operating income of $14.1 million; the adjusted operating loss was $10.1 million compared with adjusted operating income of $7.2 million.

-- Net loss was $4.7 million or $0.25 per diluted share, compared with net income of $10.0 million or $0.51 per diluted share.

-- Opened new LasikPlus(R) vision centers in Nashville, Tennessee and Arlington, Texas and relocated LasikPlus(R) vision centers in Raleigh, North Carolina, and Orlando, Florida.

Year-to-Date 2008 Financial & Operational Results (all comparisons are versus the first nine months of 2007)

-- Revenue was $171.1 million compared with $222.9 million; adjusted revenue was $156.2 million compared with $221.8 million.

-- Procedure volume was 95,729 compared with 152,316.

-- Operating income was $1.4 million compared with $39.7 million; the adjusted operating loss was $12.1 million compared with adjusted operating income of $38.7 million.

-- Net income was $1.6 million, or $0.09 per diluted share, compared with net income of $28.4 million, or $1.41 per diluted share.

LCA-Vision is providing adjusted revenue and operating income as a means of measuring performance that adjusts for th
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