LCAV another Laser Vision stock:
LCA-Vision Reports 2Q Profit of $0.05 Versus Loss of $0.32 in 1998
Laser Vision Correction Revenues Up 73%
Wednesday July 28, 3:58 am Eastern Time
Company Press Release
LCA-Vision Reports 2Q Profit of $0.05 Versus Loss of $0.32 in 1998
Laser Vision Correction Revenues Up 73%
CINCINNATI--(BW HealthWire)--July 28, 1999-- LCA-Vision Inc. (NASDAQ NM: LCAV - news), a leading U.S. based provider of laser vision correction services, today reported results for the 1999 second quarter.
For the three months ended June 30, 1999, LCA-Vision reported net income of $2,347,000, or $0.05 per basic and diluted share, compared with a net loss of $11,602,000, or a loss of $0.32 per basic and diluted share, in the comparable period last year. The 1998 loss includes a restructuring provision of $10,500,000.
Laser vision correction revenues for the second quarter of 1999 were $14,346,000, compared with $8,290,000 for the same period last year, an increase of 73%. Total revenues for the second quarter of 1999 were $14,730,000, compared with $9,019,000 for the same period last year.
Net income for the six months ended June 30, 1999 was $3,977,000, or $0.09 per basic and diluted share, compared with a net loss of $13,236,000, or a loss of $0.36 per basic and diluted share, in the comparable period last year. Laser vision correction revenues for the first half of 1999 were $27,735,000, compared with $14,736,000 for the same period last year, an increase of 88%. Total revenues for the first half of 1999 were $28,597,000, compared with $16,228,000 for the same period in 1998.
''The highlight of the quarter is unquestionably the significant gains in year over year revenue growth and profits. We continue to exceed expectations both internally and externally, and to generate significant cash flow. In July, we successfully completed a public offering that will enable us to pursue our strategy to roll out new centers in contiguous markets, and allow LCA-Vision to leverage its established reputation for consistent and quality patient care. The growing consumer awareness, and increased patient confidence in our physicians' outcomes continues to fuel our growth,'' said Stephen Joffe, chairman and chief executive officer of LCA-Vision.
As previously reported during the second quarter, LCA-Vision raised over $37 million in a secondary equity offering, the proceeds of which will be reflected in the 1999 third quarter financial results. Coinciding with the public offering, the Company's shares began trading on the Nasdaq National Market System. Also during the quarter, the Company announced it had entered into an arrangement with Cole Managed Vision, a division of Cole National Corporation, to provide access to laser vision correction to Cole Managed Vision members nationwide. Joffe added, ''This is the first time that laser vision correction is being offered through a managed care organization on a nationwide basis. This agreement will provide us with the opportunity to access over 50 million managed care lives, though we don't expect its impact to be significant during this year.''
Also commenting on the quarter, Larry Rapp, Treasurer and Chief Financial Officer stated, ''As we continue to build our procedure volume, additional leverage is created. The costs of running our business are fixed in nature and as procedure volume increases our operating margins expand significantly. This margin expansion supports our strategy of increasing procedures at our current centers as well as undertaking an expansion program.''
LCA-Vision operates laser vision correction centers in the U.S., Canada and Europe, which are supported by a network of over 2,200 ophthalmologists and optometrists. Since inception, approximately 70,000 laser vision correction procedures have been performed at the Company's centers.
This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the impact of competition and pricing, procedure demand and marketplace acceptance, and unforeseen fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
LCA-VISION INC.
Condensed Consolidated Statements of Operations
for the Three and Six Months Ended June 30, 1999 and 1998
(unaudited)
in thousands, except per share data
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
---- ---- ---- ----
Revenues:
Laser refractive
surgery $14,346 $8,290 $27,735 $14,736
Other 384 729 862 1,492
-------- ------- ------- --------
Total revenues 14,730 9,019 28,597 16,228
Operating costs and
expenses:
Medical professional
and license fees 6,186 3,537 12,201 6,193
Direct costs of services 2,732 2,644 5,288 5,463
General and
administrative expenses 3,253 2,485 6,223 4,578
Depreciation and
amortization 724 1,069 1,436 2,124
Restructuring provision (150) 10,500 (150) 10,500
----- ------- ------ ------
Operating income (loss) 1,985 (11,216) 3,599 (12,630)
Equity in earnings from
unconsolidated businesses 94 (19) 417 37
Interest expense 27 247 120 590
Interest income 129 84 276 196
Other income (expense) 218 35 (59) 61
------ -------- ------- --------
Income (loss) before
taxes on income 2,399 (11,363) 4,113 (12,926)
Taxes on income 8 110 8 138
-------- -------- ------- --------
Net income (loss) 2,391 (11,473) 4,105 (13,064)
Dividends to preferred
shareholders 44 129 128 172
-------- --------- ------ ----------
Income (loss) available
to common shareholders $2,347 $(11,602) $3,977 $(13,236)
====== ======== ====== =========
Income (loss) per
common share
Basic $0.05 $(0.32) $0.09 $(0.36)
Diluted $0.05 $(0.32) $0.09 $(0.36)
Weighted average shares used
in computation
Basic 45,450 36,818 44,614 36,742
Diluted 49,035 36,818 47,962 36,742
--------------------------------------------------------------------------------
Contact:
Company Contacts: LCA-Vision Inc., Cincinnati
Stephen N. Joffe, Chairman & CEO,
Larry Rapp, Treasurer & CFO,
513/792-9292
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc., New York
Bruce Voss (Bruce@lhai.com), 310/575-4848
Ruth Abeshaus (Ruth@lhai.com), 212/838-3777 |
