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LCA-Vision Reports Third Quarter 2008 Financial Results
Date:10/28/2008

reducing costs in all other discretionary areas. Capital expenditures are being minimized by halting new center openings and center relocations for the rest of 2008 and dividend payments for the time being. Working capital is also being closely managed. During the third quarter we adjusted payment terms with most vendors to 30 days and generated $4.5 million of cash through accounts payable management. As we have reduced expenses and spending to a low level, cash flow in the fourth quarter and beyond will largely be dependent on the level of procedure volume and changes in working capital."

Cash & Investments

Net cash provided by operating activities in the first nine months of 2008 was $9.9 million. Cash and investments totaled $67.1 million as of September 30, 2008, compared with cash and investments of $62.4 million as of December 31, 2007, and $67.9 million as of June 30, 2008. In late April, the Company borrowed $19.2 million to finance the majority of its IntraLase(R) lasers. The loan requires monthly payments over a five-year period at a fixed interest rate of 4.96%. As of September 30, 2008, the remaining outstanding balance of this loan was $17.8 million.

The par value of auction rate securities as of September 30, 2008 was $6.2 million, compared with $18.3 million as of December 31, 2007. LCA-Vision redeemed $12.1 million of auction rate securities at par value during the nine months ended September 30, 2008 and has redeemed another $500,000 at par value since the beginning of the fourth quarter of 2008. Based on a valuation of the remaining auction rate securities, certain instruments with a par value of $2.3 million were deemed to have other-than-temporary impairment, and LCA- Vision has recorded a $1.1 million loss on these investments within the consolidated statement of operations as of September 30, 2008. The remaining portfolio of auction rate securities, with a par value of $3.4 million, was deemed to have temporary impairment;
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SOURCE LCA-Vision Inc.
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