LCA-Vision Record First Quarter Net Profit Fueled by Record Procedure Volume and
Improved Price
Realization; Company Continues Focus on Three Key Profit Drivers
Business Editors & Health/Medical Writers
CINCINNATI--(BW HealthWire)--May 2, 2001--LCA-Vision Inc. (Nasdaq:
LCAV) (Nasdaq Europe: LCAV), a leading provider of value-priced laser
vision correction services across the U.S., today reported financial
results for the three months ended March 31, 2001.
For the first quarter of 2001, the company posted a net profit of
$1,299,000, or $0.03 per basic and diluted share, the highest
quarterly net profit since LCA-Vision was founded.
For the fourth quarter of 2000, the company posted a net loss of
$1,559,000, or a loss of $0.03 per share, while in the year-ago first
quarter, LCA-Vision reported net income of $62,000, or $0.00 per basic
and diluted share.
Laser vision correction revenues for the first quarter of 2001
rose 56% to $22,445,000, compared with $14,396,000 in the fourth
quarter of 2000, and were up 24% compared with $18,151,000 in the
first quarter of 2000.
First quarter 2001 average price realization per procedure rose to
$897 and the contribution margin increased to 80.0%, compared with an
average price realization per procedure of $877 and a contribution
margin of 78.6% in the fourth quarter of 2000. Contribution margin is
calculated by deducting medical, professional and license fees from
laser refractive surgery revenues.
Net cash provided by operations in the first quarter of $2,719,000
exceeded the combined capital expenditures of $727,000 and repurchase
of $1,066,000 of common stock. As a result, cash and short-term
investments increased to $28,551,000 at March 31, 2001, from
$28,318,000 at Dec. 31, 2000.
"Our strong 2001 first quarter results demonstrate the ability of
LCA-Vision to meet the company's financial goals by focusing on three
key profit drivers: the cost of patient acquisition, average price
realization and capacity utilization," said Thomas E. Wilson, chief
executive officer of LCA-Vision. "We remain on target to complete in
excess of 100,000 procedures in 2001, and to deliver full-year
earnings in line with analyst expectations of $0.10 to $0.16 per
share. New center openings in the second half of this year will build
the foundation for continued gains in market share and profitability
in 2002 and beyond."
In December 2000, the board of directors authorized a repurchase
of an additional five million shares of common stock. Of that
authorization, the company has repurchased 504,687 shares at an
average price of $2.60 through April 30, 2001.
LCA-Vision has scheduled an investor conference call regarding
this announcement to be held today, beginning at 10 a.m. Eastern Time.
Individual investors are invited to listen to the conference call over
the Internet, by going to the "Investors" section of the company's
Website at www.LasikPlus.com. A replay will begin shortly after the
call has ended and will be available for 30 days.
LCA-Vision owns and operates 33 LasikPlus value-priced laser
vision correction facilities in the U.S., plus one center in Canada
and a joint venture in Europe.
For additional information, visit the company's Website at
www.LasikPlus.com.
This news 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.
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LCA-Vision Inc.
Condensed Consolidated Statements of Operations
(Dollars in thousands except per share data)
(Unaudited)
Three months ended March 31,
2001 2000
Revenues
Laser refractive surgery $22,445 $18,151
Other 45 20
Total revenues 22,490 18,171
Operating costs and expenses
Medical professional and license fees 4,497 5,853
Direct costs of services 9,301 5,653
General and administrative expenses 2,175 2,332
Marketing and advertising 3,411 4,127
Depreciation 1,386 776
Operating income (loss) 1,720 (570)
Equity in earnings from
unconsolidated businesses 77 7
Minority equity interest (4) 6
Interest (expense) (4) (21)
Interest income 301 676
Other income 5 11
Income before taxes on income 2,095 109
Income tax expense 796 47
Net income $1,299 $62
Income per common share
Basic $0.03 $0.00
Diluted $0.03 $0.00
Weighted average shares outstanding
Basic 47,045 51,876
Diluted 47,607 54,670
LCA-Vision Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands except per share data)
(Unaudited)
March 31, Dec. 31,
Assets 2001 2000
Current Assets
Cash and cash equivalents $24,173 $19,692
Short-term investments 4,378 8,626
Accounts receivable, net 497 1,417
Receivable from vendor 712 2,280
Deferred tax asset 521 521
Prepaid expenses, inventory and other 2,166 2,001
Total current assets 32,447 34,537
Property and Equipment 32,587 31,860
Accumulated depreciation and amortization (11,643) (10,340)
Property and equipment, net 20,944 21,520
Goodwill, net 718 753
Deferred tax asset 15,289 16,085
Obligations due from shareholders 190 190
Investment in unconsolidated businesses 373 295
Other assets 2,196 2,217
Total assets $72,157 $75,597
Liabilities and Shareholders' Investment
Current liabilities
Accounts payable $3,609 $7,587
Accrued liabilities and other 3,504 2,709
Debt maturing in one year 110 178
Total current liabilities 7,223 10,474
Long-term debt 19 48
Commitments and contingencies -- --
Minority equity interest 34 30
Shareholders' investment
Preferred stock
Common stock ($0.01 par value; 52,156,004
and 52,046,528 shares and 46,927,308 and
52,035,619 shares issued and outstanding,
respectively) 112 112
Contributed capital 90,911 90,858
Warrants 2,105 2,105
Notes receivable from shareholders (1,434) (1,013)
Common stock in treasury, at cost (5,228,696
shares and 4,718,896 shares) (10,941) (9,875)
Accumulated deficit (15,838) (17,137)
Foreign currency translation adjustment (34) (5)
Total shareholders' investment 64,881 65,045
Total liabilities and
shareholders' investment $72,157 $75,597
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--30--rs/la*
CONTACT: LCA-Vision Inc., 513/792-9292
Thomas E. Wilson
Alan H. Buckey
www.lasikplus.com
or
Lippert/Heilshorn & Associates Inc. (Investor Relations)
Bruce Voss, bvoss@lhai.com
Zachary Bryant, zbryant@lhai.com
310/691-7100
www.lhai.com
KEYWORD: OHIO
INDUSTRY KEYWORD: MEDICAL CONFERENCE CALLS EARNINGS
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May-02-2001 11:04 GMT
Symbols:
US;LCAV
Source BW Business Wire
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