TLC The Laser Center three-month results
TLC The Laser Center Inc TLC
Shares issued 37,182,456 Oct 6 close $32.00
Thu 7 Oct 99 News Release
Mr. Elias Vamvakas reports
TLC The Laser Center Inc., the world's largest provider of laser vision
correction services, has released its results for the three months ended
Aug. 31, 1999. Results were characterized by continuing record revenues and
profitability. All were driven primarily by strong growth in the number of
refractive laser procedures performed.
Fiscal 2000 first quarter net revenues grew to $52-million (U.S.), up 80
per cent from $29-million (U.S.) for the same period a year ago. Refractive
net revenue grew to $50-million (U.S.), up 90 per cent from $23.8-million
(U.S.) for the same period a year ago.
Over 33,200 paid laser procedures were performed at TLC refractive centres
in the first quarter of fiscal 2000, which is a 87 per cent increase from
17,781 for the same period a year ago.
Pricing for the procedure remains strong. On Sept. 2, 1999, the company
announced that, based on preliminary analysis of Q1-00 financial results,
it expected average refractive net revenue after doctor compensation per
procedure for the quarter to exceed $1,320 (U.S.).
Actual average refractive net revenue after doctor compensation per
procedure for the fiscal 2000 first quarter was $1,368 (U.S.). This
compares with an average of $1,338 (U.S.) for the same period a year ago
and up from $1,288 (U.S.) for the previous quarter.
Income from operations for the fiscal 2000 first quarter was $10.2-million
(U.S.), or 27 U.S. cents per share. This represents a 662 per cent increase
from $1.3-million (U.S.), or four U.S. cents per share, for the fiscal 1999
comparative quarter.
TLC's net profit for the fiscal 2000 first quarter was $6.3-million (U.S.),
or 17 U.S. cents per share (16 U.S. cents per share fully diluted), up from
$0.4-million (U.S.), or one U.S. cent per share for the corresponding
period a year ago.
Elias Vamvakas, TLC's president and chief executive officer, commented that
the company "was very pleased with its first quarter results. This quarter
clearly demonstrates the strength of TLC's business model and the financial
leverage associated with it. Indeed, operating income from this quarter
alone matched operating income achieved for the entire fiscal 1999 year."
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
CONSOLIDATED STATEMENT OF INCOME
Three months ended Aug. 31
(thousands of U.S. dollars)
1999 1998
Net revenues
Refractive $ 50,044 $ 26,384
Other 1,999 2,579
-------- --------
Net revenues 52,043 28,963
-------- --------
Expenses
Doctor compensation
refractive 4,627 2,595
Operating 34,223 19,707
Interest and other (1,102) 711
Depreciation
and amortization 4,076 3,615
Start-up and
development expenses - 995
-------- --------
41,824 27,623
-------- --------
Income before
income taxes and
non-controlling
interest 10,219 1,340
-------- --------
Income taxes
Current 2,924 619
-------- --------
2,924 619
-------- --------
Income before
non-controlling
interest 7,295 721
Non-controlling
interest (1,029) (318)
-------- --------
Net income
for the period $ 6,266 $ 403
======== ========
Basic income
per share 17 cents 1 cent
(c) Copyright 1999 Canjex Publishing Ltd |
