Two incredible announcements!
Laser Vision Centers, Inc. Agrees To Aquire Midwest Surgical Services (MSS); Move Expands LaserVision's Services To Include Mobile Cataract Services
Business/Health Editors
ST. LOUIS--(BW HealthWire)--Nov. 30, 1998--LASER VISION CENTERS, INC., (NASDAQ: LVCI) announced today that it has agreed in principle to acquire Midwest Surgical Services, Inc., (MSS).
MSS is a profitable, privately held, Minneapolis-based provider of mobile cataract services to ophthalmologists in small markets. It currently provides these services to 146 surgeons at 185 sites in 24 states and has 44 employees. LaserVision believes MSS is the largest U.S. provider of mobile cataract services.
LaserVision will acquire all the stock of MSS for an initial payment of $3.5 million in cash and notes, with potential additional consideration of up to $8.25 million in cash and LaserVision common stock based on the performance of MSS through July 2001. The acquisition is expected to be completed by December 31, 1998.
"We are very pleased to announce the pending acquisition of MSS. We believe the services provided by MSS will be very complementary to our excimer laser and microkeratome services," LaserVision Chairman and CEO, John J. Klobnak said. "We have continued to see refractive surgery prosper in smaller and medium sized markets and we believe that many of the cataract surgeons served by MSS will be good candidates for our refractive surgical services. Approximately 20% of these surgeons currently work with LaserVision."
"We see the proposed acquisition as a positive event for our customers. MSS has a tremendous reputation for excellence centering on quality products and impeccable customer service consistent with LaserVision's," Tom Eakins, President and CEO of MSS said. "This relationship will enhance our nationwide expansion of cataract services and continue our ability to provide development opportunities to the ophthalmologists' practices and community hospitals."
Laser Vision Centers, Inc. is the world's largest operator of excimer lasers with locations in the United States, Canada, the United Kingdom, Ireland, Sweden and Greece. The excimer laser is a device which allows eye surgeons to correct nearsightedness, farsightedness and astigmatism with an outpatient procedure which usually lasts less than one minute.
Except for historical information, statements relating to the Company'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 the Company's business is contained in the Company's most recent filings with the Securities and Exchange Commission.
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CONTACT: Laser Vision Centers, Inc., St. Louis
John A. Stiles, 314-434-6900
jstiles@laservision.com
laservision.com
KEYWORD: MISSOURI
INDUSTRY KEYWORD: MEDICINE
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BW0301 NOV 30,1998
13:34 PACIFIC
16:34 EASTERN
Laser Vision Centers, Inc. Posts $0.09 Profit; Revenues Increase 99% Over A Year Ago
ST. LOUIS--(BW HealthWire)--Nov. 30, 1998--LASER VISION CENTERS,
INC. (Nasdaq Symbol: LVCI) announced today that revenue for its second
quarter ended October 31, 1998, was $10,402,000 compared to $5,224,000
for the same quarter last year, a 99% increase.
Revenue for the six month period ended October 31, 1998, was
$19,512,000 compared to $9,321,000 for the same six month period a
year ago, an increase of 109%.
Net income for the quarter was $958,000 or $0.09 per share
compared to a net loss of $1,173,000 or $0.14 per share for the same
quarter one year ago. Net income for the six month period ended
October 31, 1998, was $1,290,000 or $0.12 per share ($0.11 per share
fully diluted) compared to a net loss of $2,710,000 or $0.31 per share
for the six month period ended October 31, 1997.
The Company reported that it performed more than 11,600 surgical
cases in the U.S. during the quarter and over 12,600 worldwide. The
Company noted that it was the sixth consecutive quarter of both
increased revenue and improved operating results and the third
consecutive quarter of profitability.
In addition, 408 U.S. surgeons accessed LaserVision's services
during the quarter, 30 of whom were using LaserVision for the first
time.
"All of us at LaserVision are pleased with the second quarter
results. We believe these numbers clearly show a business model that
is both flexible and full of potential leverage," LaserVision Chairman
and CEO John J. Klobnak said. "I am very pleased that operating
expenses as a percentage were nearly flat against the prior year,
while business doubled. We believe this industry is poised for
continued robust growth and we feel our company is well positioned to
grow."
Laser Vision Centers, Inc. is the world's largest operator of
excimer lasers with locations in the United States, Canada, the United
Kingdom, Ireland, Northern Ireland, Sweden and Greece. The excimer
laser is a device which allows eye surgeons to correct
nearsightedness, farsightedness and astigmatism with an outpatient
procedure which usually lasts less than one minute.
Laser Vision Centers, Inc.
Selected Consolidated Statements of Operations
(thousands, except share and per share data)
Three Months Ended Six Months Ended
October 31, October 31,
1998 1997 1998 1997
---- ---- ---- ----
Revenue: $10,402 $5,224 $19,512 $9,321
Gross Profit: $3,655 $1,276 $6,521 $2,057
Operating Expenses: $2,512 $2,309 $4,878 $4,440
Income (Loss) from
Operations: $1,143 ($1,033) $1,643 ($2,383)
Net Interest Expense: ($ 185) ($ 140) ($ 353) ($ 327)
Net Income (Loss): $ 958 ($1,173) $1,290 ($2,710)
Preferred Dividends: ($ 41) ($ 66) ($ 81) ($ 99)
Net Income (Loss) Per
Share: $ 0.09 ($ .14) $ 0.12 ($ 0.31)
Net Income (Loss)
Per Share - diluted: $ 0.09 ($ 0.14) $ 0.11 ($ 0.31)
Weighted Average Number of
Common Shares
Outstanding: 9,927,000 9,044,000 9,834,000 8,933,000
Weighted Average Number of
Common Shares Outstanding -
diluted: 10,708,000 9,044,000 10,779,000 8,933,000
EBITDA: $2,508 $ 177 $4,239 ($ 11)
Laser Vision Centers, Inc.
Selected Consolidated Balance Sheet Data
(in thousands)
October 31, April 30,
1998 1998
---- ----
Cash: $ 8,491 $ 8,430
Other Current Assets: 8,495 5,845
Net Property: 14,703 14,191
Other Assets: 4,912 2,363
Total Assets: $36,601 $30,829
Current Liabilities: $11,408 $ 8,721
Non-Current Liabilities: 6,744 6,615
Total Stockholders' Equity: 18,449 15,493
Total Liabilities & Equity: $36,601 $30,829
Working Capital: $ 5,578 $ 5,554
======== ========
Company'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
the Company's business is contained in the Company'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
BW0293 NOV 30,1998
13:21 PACIFIC
16:21 EASTERN |
