LVCI here's today's news. Seems to me Chris was in this one back in September.
LaserVision Reports Eleventh Profitable Quarter
Company Agrees to Acquire Ambulatory Surgery Development Company
ST. LOUIS--(BW HealthWire)--Dec. 7, 2000--LASER VISION CENTERS, INC. (Nasdaq:LVCI - news) announced today its eleventh straight profitable quarter. Revenue for the second quarter ended October 31, 2000 was $21,657,000 compared to $20,835,000 for the same quarter a year ago, a 4% increase. Revenue for the six-month period ended October 31, 2000 increased 5% to $43,894,000 compared to $41,834,000 for the same period a year ago.
Net income for the quarter ended October 31, 2000 was $449,000 or $0.02 per share ($0.02 per share diluted) compared to $3,935,000 or $0.15 per share ($0.14 per share diluted) for the quarter ended October 31, 1999. Net income for the six-month period ended October 31, 2000 was $1,604,000 or $0.06 per share ($0.06 per share diluted) compared to $8,068,000 or $0.32 per share ($0.28 per share diluted) for the same six-month period a year ago. Both 1999 periods reflected income tax benefits while both 2000 periods reflected a normalized book income tax provision.
The Company said U.S. refractive case volume increased 31% to 29,661 during the quarter ended October 31, 2000. Worldwide refractive case volume was 30,516, a 30% increase over the same quarter a year ago. As of October 31, 2000, LaserVision operated 101 excimer lasers in the U.S. and 105 worldwide. More than 695 surgeons accessed LaserVision services at 308 locations in the U.S. during the quarter ended October 31, 2000.
``While our industry remains in a very difficult period, we are proud that we have been able to maintain our profitable, well capitalized status,'' said John J. Klobnak, LaserVision Chairman and CEO. ``The short to intermediate term prospects for our industry mandate that the company position itself for survival and ultimate victory against certain companies that are willing to lose millions of dollars while attempting to achieve market share. We think their strategy is not sustainable at some of the unrealistic price points we have seen recently. It is important that the company diversify into related ophthalmic product lines that will not be affected by irrational pricing in the LASIK business.''
LaserVision also announced that it has signed a letter of intent to acquire certain intellectual property and key personnel from The BSM Consulting Group which designs and develops ambulatory surgery centers (ASC's). LaserVision said the acquisition would pave the way for the Company to enter the ASC business. As part of the agreement, Bruce Maller, President and CEO of BSM Group, will provide consulting services to LaserVision. ``Bruce Maller is well respected for his ophthalmic consulting. We believe our new relationship will be very well received by the ophthalmic community,'' Mr. Klobnak said. Financial terms of the agreement were not disclosed.
The Company said that the acquisition of BSM's intellectual property will allow LaserVision to capitalize on relationships developed with approximately 900 surgeons who are already accessing the Company's refractive and cataract services to become a more fully integrated ophthalmic services company. The acquisition will lead to the creation of a yet to be named subsidiary of LaserVision and the Company expects to name an operating executive of the subsidiary shortly. Mr. Klobnak said it is possible LaserVision may sell a minority interest of the new subsidiary to an equity partner and over time, the new unit could be spun off to shareholders. ``We will continue to explore all avenues of increasing shareholder value,'' said Mr. Klobnak.
``I look forward to working with the Laser Vision team,'' said Bruce Maller, President and CEO of the BSM Group. ``LaserVision has an excellent reputation in the ophthalmic community and we hope that by working together we can provide LaserVision affiliated surgeons an opportunity to position their practices for the ever changing environment of the ophthalmic industry. Over the years, BSM has made a substantial investment in developing its ASC consulting services. This venture will allow us to more effectively leverage these resources in meeting the needs of the ophthalmic community.''
In March and May of this year, the Company's Board of Directors authorized management to buy back up to 9.9% of the company's outstanding shares. To date, the company has purchased 1,558,300 shares or 6.2% and currently has 1,453,565 treasury shares. From time to time, the Company may buy shares for the purpose of retiring shares or creating treasury stock that may be used for various corporate purposes. From time to time, management and directors and their affiliates may acquire shares either in the open market or in private transactions for the purpose of building equity positions in the company.
Laser Vision Centers, Inc.
Selected Consolidated Statements of Operations
(thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
October 31, October 31,
2000 1999 2000 1999
---- ---- ---- ----
Revenue $21,657 $20,835 $43,894 $41,834
Gross Profit 6,057 6,742 13,095 13,945
Operating Expenses 5,592 3,884 11,464 8,011
Income from Operations 465 2,858 1,631 5,934
Net Interest, Minority Interest,
Equity Investment Gain And
Other Expense 254 487 951 797
Income Before Taxes 719 3,345 2,582 6,731
Income Tax (Expense) Benefit (270) 590 (978) 1,337
Net Income 449 3,935 1,604 8,068
Deemed Preferred Dividends (55) (52) (109) (102)
Net Income Applicable to
Common Shareholders $394 $3,883 $1,495 $7,966
Net Income Per Share -basic $0.02 $0.15 $0.06 $0.32
Net Income Per Share -diluted $0.02 $0.14 $0.06 $0.28
Weighted Average Number of
Common Shares Outstanding -basic 23,866 25,118 23,893 24,647
Weighted Average Number of
Common Shares Outstanding -diluted 24,133 28,859 24,321 28,590
EBITDA $4,523 $5,223 $9,565 $10,500
Laser Vision Centers, Inc.
Selected Consolidated Balance Sheet
(in thousands)
(Unaudited)
October 31, 2000 April 30, 2000
------- -------
Cash $13,911 $17,702
Short-term investments 17,927 31,440
Other Current Assets 16,462 19,120
Net Property 33,161 28,028
Other Assets 35,565 26,977
-------- --------
Total Assets $117,026 $123,267
======== ========
Current Liabilities $18,070 $24,121
Non-Current Liabilities 5,310 5,878
Minority Interest 1,201 1,354
Redeemable Preferred Stock 2,404 2,295
Total Stockholders' Equity 90,041 89,619
-------- --------
Total Liabilities & Equity $117,026 $123,267
======== ========
Working Capital $30,230 $44,141
======== ========
Except for historical information, statements relating to LaserVision's plan, objectives and future performance are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations. Because of various risks and uncertainties, actual strategies and results in future periods may differ materially from those currently expected. Additional discussion of factors affecting LaserVision's business is contained in LaserVision's most recent filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
LaserVision, St. Louis
John A. Stiles, 314/434-6900
jstiles@laservision.com
laservision.com
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