TLC second quarter financial results
TLC Laser Eye Centers Inc
TLC
Shares issued 37,782,456
2000-01-07 close $22.9
Monday Jan 10 2000
Mr. Elias Vamvakas reports
TLC Laser Eye Centers, the world's largest provider of laser vision correction
services, has released its results for the three months ended Nov. 30, 1999.
Fiscal 2000 second quarter net revenues grew to $48.1-million (U.S.), up 60 per cent
from $30.1-million (U.S.) for the same period a year ago. Refractive net revenue grew
to $45.4-million (U.S.), up 69 per cent from $26.8-million (U.S.) for the same period a
year ago.
Over 31,600 paid laser procedures were performed at TLC refractive centres in the
second quarter of fiscal 2000, up from 18,017 for the same period a year ago. TLC
reached another important volume milestone this quarter. In October, 1999, the
company performed its 200,000th laser vision correction procedure. TLC is the first
company worldwide to perform this number.
Income from operations for the fiscal 2000 second quarter was $3.3-million (U.S.), or
nine U.S. cents per share. This represents a 514-per-cent increase from $540,000
(U.S.), or two U.S. cents per share, for the fiscal 1999 comparative quarter.
TLC's net profit for the fiscal 2000 second quarter was $1.2-million (U.S.), or three
U.S. cents per share (three U.S. cents per share fully diluted), up from $660,000
(U.S.), or two U.S. cents per share for the corresponding period a year ago.
Elias Vamvakas, TLC's president and chief executive officer, commented: "The
tremendous interest in laser vision correction -- demonstrated not just by consumers --
but also by corporations and vision plans -- has motivated us to make significant
investments to maintain our leadership position in this exciting industry. TLC is
investing in people, information systems, and marketing to build the TLC brand and to
ensure that TLC becomes top-of-mind when people think about quality laser vision
correction providers."
CONSOLIDATED STATEMENT OF INCOME
Three months ended Nov. 30
(in thousands of U.S. dollars)
1999 1998
Net revenues
Refractive $45,427 $26,836
Other 2,642 3,234
------ ------
Net revenues 48,069 30,070
------ ------
Expenses
Doctor compensation
Refractive 3,772 2,645
Operating 37,250 22,078
Interest and other (1,441) 129
Depreciation and
amortization 5,196 3,545
Start-up and
development expenses - 1,137
------ ------
44,777 29,534
------ ------
Income (loss) before
income taxes and
non-controlling
interest 3,292 536
------ ------
Income taxes
Current 994 -
------ ------
994 -
------ ------
Income (loss) before
non-controlling
interest 2,298 536
Non-controlling
interest (1,122) 123
------ ------
Net income (loss)
for the period $ 1,176 $ 659
====== ======
Basic income
(loss) per share 3 cents 2 cents
CONSOLIDATED STATEMENT OF INCOME
Six months ended Nov. 30
(in thousands of U.S. dollars)
1999 1998
Net revenues
Refractive $95,471 $53,220
Other 4,641 5,813
------ ------
Net revenues 100,112 59,033
------ ------
Expenses
Doctor compensation
Refractive 8,399 5,240
Operating 71,473 41,785
Interest and other (2,543) 840
Depreciation and
amortization 9,272 7,160
Start-up and
development expenses - 2,132
------ ------
86,601 57,157
------ ------
Income (loss) before
income taxes and
non-controlling
interest 13,511 1,876
------ ------
Income taxes
Current 3,918 619
------ ------
3,918 619
------ ------
Income (loss) before
non-controlling
interest 9,593 1,257
Non-controlling
interest (2,151) (195)
------ ------
Net income (loss)
for the period $ 7,442 $ 1,062
====== ======
Basic income
(loss) per share 20 cents 3 cents
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
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