Gary and ALL,
The following is the latest news release from LCAS-Vision, Inc. copied from Yahoo, very good indeed!!!
Harry
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Tuesday April 28, 8:31 am Eastern Time
Company Press Release
LCA-Vision Posts 161 Percent Increase in Quarterly
Revenues
Quarterly EBITDA Continues To Improve
CINCINNATI--(BUSINESS WIRE)--April 28, 1998-- Company Will Be Cash Flow Positive in Third Quarter LCA-Vision Inc. (NASDAQ:LCAV - news), the leading U.S.-based company in the fast-growing laser vision correction sector, today reported 161 percent growth in first-quarter revenues on a 98 percent increase in procedure volume.
For the first quarter ended March 31, 1998, total revenues rose to $7.21 million, up from $2.76 million a year ago. Corresponding patient procedure volume nearly doubled to 4,451, compared with 2,248 procedures for the first quarter of 1997.
For the quarter, the company's net loss applicable to common shares decreased to $1.64 million, or 4 cents per share, versus a comparable net loss of $1.83 million, or 9 cents per share, for the same period in 1997. Outstanding common shares for first-quarter 1997 and 1998, respectively, rose from 19.6 million to 36.7 million, principally as a result of the August 1997 acquisition of centers owned by laser manufacturer Summit Technology (NASDAQ: BEAM - news).
EBITDA also indicated a dramatic improvement in operating performance versus both the prior quarter, ended December 31, 1997, and the comparable quarter a year ago. LCA-Vision improved EBITDA, cutting first-quarter 1998 losses to $359,000, down sharply from losses of $1,229,000 and $1,151,000 for the fourth and first quarters of 1997, respectively.
Commenting on LCA-Vision's steadily improving performance, Chairman and CEO Dr. Stephen N. Joffe said: "The big jump in revenues reflects swelling demand for laser vision correction and a clear signal to us that our industry is about to move into high gear. The vast majority of our centers posted dramatic improvements in patient volume during the first three months of 1998, and continue to do so. Many centers have already moved into the black, and the company, as a whole, will be cash flow positive by the end of the third quarter." During the quarter, losses continued to shrink at an accelerated pace," he added. "Costs associated with the acquisition and revamping of the former Summit centers are quickly winding down, we've closed a number of poor performing or redundant centers, and we continue to focus our resources and attention on building operating profitability at our most promising centers". "In addition to swelling patient demand, a number of factors are fueling our optimism. Patient enthusiasm for LASIK, the second generation laser vision correction procedure, continues to grow rapidly. LASIK produces an almost immediate vision improvement in a single sitting and markedly reduces full recovery time. This has been accompanied by a tremendous outpouring of positive
patient word-of-mouth that is likely to trigger a geometric increase in the number of potential patients seriously considering the procedure. Also, with the FDA's pending approval of laser vision
treatment for farsightedness, the industry can anticipate the addition of perhaps another 30 million potential candidates for laser vision correction.
"We have also been encouraged by the recent spate of positive media attention that laser vision correction has received both nationally and in the many local markets served by our centers. We believe media attention from knowledgeable health reporters and other responsible journalists will continue to elevate public awareness of the outstanding safety and effectiveness of laser vision correction."
LCA-Vision currently operates 27 laser vision correction centers in the U.S., two in Canada and one in Helsinki, Finland. More than 25,000 successful procedures have been performed at all of the company's sites. The professional network serving the company's sites includes more than 600 practicing ophthalmologists and 800 referring optometrists.
(NOTE: EBITDA -- Earnings Before Interest, Taxes, Depreciation and Amortization)
Safe Harbor Statement: 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 Months Ended March 31, 1998 and 1997
(000 omitted except per share amounts)
Three Months Ended
March 31,
1998 1997
Net revenues:
Laser refractive eye surgery centers $ 6,514 $ 1,585
Multi-specialty laser surgery programs 497 699
Other 198 478
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Total net revenues 7,209 2,762
Direct operating expenses 5,475 1,871
General and administrative expenses 2,093 1,879
Pre-operating expenses 163
Depreciation and amortization 1,055 413
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Operating (loss) (1,414) (1,564)
Equity in income (loss) of
Unconsolidated affiliates 56 (9)
Interest expense (344) (236)
Interest income 112 19
Other 25 6
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(Loss) before income taxes (1,565) (1,784)
Income taxes (28) (50)
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Net (loss) (1,593) (1,834)
Accrued dividend - Class B
preferred stock (43)
Amount applicable to (loss)
per common share $(1,636) $(1,834)
Net (loss) per common share
Basic $ (0.04) $ (0.09)
Diluted $ (0.04) $ (0.09)
Average common shares outstanding 36,664,816 19,596,398
Operating (loss) $(1,414) $(1,564)
Depreciation and amortization 1,055 413
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EBITDA $ (359) $(1,151)
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Contact:
Stephen N. Joffe, MD or Larry Rapp
LCA-Vision Inc.
(513) 792-9292
or
Joel Pomerantz or Ken DiPaola
The Dilenschneider Group, Inc.
(212) 922-0900
END OF NEWS RELEASE
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