THEIR CLAIM: The Company has lowered its annual cash flow breakeven point from 170,000 procedures to 110,000 procedures.
THE REALITY: 170,000 procedures were clearly not the breakeven point in 2006 or 2007. For example, in 2006 the Company performed 185,000 procedures and reported net cash from operations of over $51 million, clearly not all of which was derived from the additional 15,000 procedure spread. We believe this is a material misstatement, yet another sad example of the Company's "fuzzy math" as it continues to mislead its stockholders.
CAN YOU AFFORD WHAT THE COMPANY IS NOT TELLING YOU?
In a recent news article, it was disclosed that the Company had signed a letter of intent to acquire a single physician's practice in Kansas City, Kansas for $12 million. The Medical Advisory Board of the Company, which is comprised of some the most experienced refractive surgeons in the United States and whose charter is to provide medical advice to the Board and management, unanimously opposed this acquisition. In a letter to CEO Steve Straus and the Board, copied to all of the Company's affiliated surgeons, one of the Company's most experienced and respected surgeons wrote, "You clearly question the motives, loyalty and value of the surgeon group and we question your integrity and agenda as our chief executive."
You have a voice, a choice, and a vote. We urge you to use it now, before it is too late!
CURRENT LCA-VISION LEADERSHIP -- A RECORD OF COSTLY FAILURE
The current leadership of LCA has failed both you and the Company, and even now is seeking to avoid direct accountability for it - claiming that falling consumer confidence, not fumbled management, is the real culprit.
It is time to se
|SOURCE LCA-Vision Full Value Committee|
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