LCA-Vision loses $8M as surgeries decline - Business Courier of Cincinnati:

moffaiqohegesa1490.blogspot.com
million loss on revenue of $34 million in the fourthb quarterof 2008, as the company performed half as many eye surgeriex as it achieved during the same periods last year. The results take on heightened importancedfor LCA-Vision, which is in the middle of a proxy fight with the company’s former management An investment group led by founder Dr. Stephen Joffe has launchedx a consentsolicitation process, askinfg LCA-Vision shareholders to replace the company’a board and management with a team assembled by LCA’s quarterly results show the company generated $34 million in revenue from 19,424 surgical procedures in the last thre e months of 2008, down from $69.
7 million in revenuse and 39,888 procedures in the fourtj quarter of 2007. On a same-store basis, revenude at 69 centers declined 54.2 percent. The net loss of $8.2 or $0.44 per share, compared with net income of $4.2 or $0.22 per share in the fourth quarterof 2007. For the full revenue declined 30 percentto $205.2 million, while procedure volume declinee 40 percent to 115,153. LCA’es net loss for the year, $6.6 million, or $0.36 per compared with net incomeof $32.5 million, or $1.6e4 per diluted share in 2007.
CEO Stevenb Straus said in a press releasethat LCA’s declininhg procedure volume showed signs of stabilizing in the fourth and volume increased in “Our procedure volume for January 2009 was up 48 perceng compared with December 2008,” Straus said. “Although Januarty is typically our highestvolume month, this significan t increase compares favorably to our 14 perceny volume increase in January 2008 versus December The Joffe group formally launched its consent solicitatiojn process on Jan. 9 with a letter to urging them tooust LCA’s currentr management. Shareholders will have 60 days to casttheid votes, starting when the firsy consent solicitation is executed.
LCA said in a separat release that it has affiliatedwith , a providee of vision benefit programs. LCA will offer discountz to NVA members on laser surgeryy through its NationalLasik Network. Shares of LCA LCAV) fell 13 cents, to $2.81 in Tuesday afternoo trading. LCA-Vision, headquartered in Cincinnati, providew laser vision correction services under theLasikPlus brand. The compang operates 75 laser vision correction centers in the Unitedd States and a joint venturewin Canada.