LaserVision Posts $0.14 Per Share Profit For First Quarter; Gross Profit Increases 151%; Revenue Up 131%
ST. LOUIS--(BW HealthWire)--Aug. 18, 1999--LASER VISION CENTERS,
INC., (Nasdaq: LVCI) announced today that revenue for its first
quarter ended July 31, 1999, was $20,999,000 compared to $9,110,000
for the same period a year ago.
Net income for the quarter was $4,133,000 or $0.17 per share
($0.14 per share diluted) compared to a net income of $333,000 or
$0.03 for the quarter ended July 31, 1998. The Company noted that
excluding a tax benefit of $747,000 for the quarter ended July 31,
1999, earnings per share (EPS) were $0.14 basic and $0.12 diluted.
LaserVision completed a 2-for-1 stock split on August 9, 1999.
Pre-split, EPS as reported was $0.34 basic and $0.29 diluted.
Excluding the tax benefit, pre-split EPS was $0.28 basic and $0.24
diluted.
U.S. refractive surgical case volume increased 119% to 22,350 for
the period ended July 31, 1999, from 10,206 for the same period a year
ago. More than 580 surgeons accessed LaserVision's services during the
quarter compared to 382 for the July 31, 1998, quarter. As of July 31,
1999, LaserVision operated 48 lasers in the U.S. The Company said that
in the first two weeks of August it has added its 49th and 50th lasers
to its U.S. laser fleet.
"Demand for both our refractive laser and cataract business
remain very robust," said LaserVision CEO, John J. Klobnak, "our
pipeline remains full and we expect this to continue as more surgeons
enter the business. We expect to continue to add more excimer lasers
during the current quarter to handle the growing demand."
LaserVision is one of the world's largest providers of excimer
lasers, related equipment and support services for the treatment of
nearsightedness, farsightedness and astigmatism.
Laser Vision Centers, Inc.
Selected Consolidated Statements of Operations
- - - - - Reflects 2 for 1 Stock Split - - - - -
(thousands, except per share data)
Three Months Ended
July 31,
1999 1998
---- ----
Revenue $20,999 $9,110
Gross Profit 7,203 2,866
Operating Expenses 4,127 2,366
Income from Operations 3,076 500
Net Interest, Minority
Interest and Other 310 (167)
Net Income Before Taxes 3,386 333
Income Tax Benefit 747 -
Net Income 4,133 333
Deemed Preferred Dividends (50) (40)
Net Income Applicable to
Common Shareholders 4,083 293
Net Income Per Share - basic $0.17 $0.02
Net Income Per Share - diluted $0.14 $0.02
Weighted Average Number of
Common Shares Outstanding
- basic 24,177 19,482
Weighted Average Number of
Common Shares
Outstanding - diluted 28,578 21,700
EBITDA $5,277 $1,731
Laser Vision Centers, Inc.
Selected Consolidated Balance Sheet
(in thousands)
July 31, 1999 April 30, 1999
------------- --------------
Cash $ 24,576 $ 8,173
Short-term Investments 36,903
Other Current Assets 19,158 15,238
Net Property 22,114 20,983
Other Assets 8,180 8,795
---------- ---------
Total Assets $110,931 $53,189
======= ======
Current Liabilities $19,750 $16,306
Non-Current Liabilities 6,298 7,784
Minority Interest 645 352
Redeemable Preferred Stock 2,136 2,086
Total Stockholders' Equity 82,102 26,661
--------- --------
Total $ 110,931 $ 53,189
======== ========
Working Capital $ 60,887 $ 7,105
======== ========
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:
Laser Vision Centers, Inc., St. Louis
John A. Stiles, 314/434-6900
jstiles@laservision.com
laservision.com
KEYWORD: MISSOURI
BW1419 AUG 18,1999
13:19 PACIFIC
16:19 EASTERN |
