(BSNS WIRE) LaserVision Records Earnings Of $0.55 Per Diluted Share For
LaserVision Records Earnings Of $0.55 Per Diluted Share For Fiscal 1999;
Company Announces 2-For-1 Stock Split
Business and Health Editors
ST. LOUIS--(BW HealthWire)--July 12, 1999--LASER VISION CENTERS,
INC. (Nasdaq: LVCI) announced today that revenue for the fourth
quarter ended April 30, 1999 increased 141% to $18,785,000 from
$7,803,000 for the April 1998 quarter. Net income for the April 1999
quarter was $2,987,000 or $0.28 per share ($0.23 per share diluted)
compared to $127,000 or $0.01 per share for the same quarter a year
ago. For the quarter, earnings before interest, taxes, depreciation
and amortization (EBITDA) increased 182% from $1,594,000 to
$4,493,000.
Revenues for the 1999 fiscal year were $52,359,000, a 123%
increase over fiscal 1998 revenue of $23,469,000. Net income for
fiscal 1999 was $6,540,000 or $0.63 per share ($0.55 per share
diluted) compared to a net loss for fiscal 1998 of $3,496,000 or $0.59
per share. For the year, EBITDA increased by 635% to $11,474,000 from
$1,562,000.
LaserVision noted that excluding a tax benefit of $1,489,000 for
the year ended April 30, 1999 earnings per share were $0.48 basic and
$0.42 diluted. Excluding a tax benefit of $687,000 for the quarter
ended April 30, 1999, earnings per share were $0.21 basic and $0.17
diluted.
LaserVision's Board of Directors today approved a 2-for-1 stock
split payable August 9, 1999 to shareholders of record at the close of
business on July 23, 1999. Had the stock split been reflected as if it
occurred on May 1, 1997, then basic net income per share would have
been $0.31 ($0.24 excluding the tax benefit) for the year ended
April 30, 1999 versus a loss of $0.30 for the year ended April 30,
1998. Diluted net income per share would have been $0.27 ($0.21
excluding the tax benefit) for fiscal 1999 versus a loss of $0.30 for
fiscal 1998.
For the April 1999 quarter, basic EPS after the stock split would
have been $0.14 ($0.11 excluding the tax benefit) versus $0.00 for the
April 1998 quarter and diluted EPS would have been $0.11 ($0.08
excluding the tax benefit) for the April 1999 quarter versus $0.00 for
the April 1998 quarter.
"We are proud to report another banner year. The Company
continues to exceed internal and external expectations. LaserVision
continues to experience growth in terms of procedures, new surgeons
and lasers," LaserVision Chairman and CEO John J. Klobnak said. "We
are extremely pleased with the growth in earnings and cash flow. We
are also very pleased with our recent acquisition of Midwest Surgical
Services, which is exceeding our projections. The continued growth in
the marketplace and the predictability of our business model have
required us to expand at a more rapid rate than we had anticipated to
keep up with demand."
Mr. Klobnak noted LaserVision had added four new lasers to its
U.S. laser fleet in May, four in June and plans to add six in July. He
said LaserVision has 11 more lasers on order with Visx.
"We are also pleased to announce the two-for-one stock split.
Since LaserVision has such a high percentage of institutional
ownership, we believe this move will invite more smaller investors
into the Company," Klobnak said.
Laser Vision is one of the world's largest providers of excimer
lasers, related equipment and support services for the treatment of
nearsightedness, farsightedness and astigmatism.
-0-
*T
Laser Vision Centers, Inc.
Selected Consolidated Statements of Operations
(thousands, except per share data)
Three Months Ended Twelve Months Ended
April 30, April 30,
1999 1998 1999 1998
---- ---- ---- ----
Revenue $ 18,785 $ 7,803 $52,359 $ 23,469
Gross Profit $ 6,463 $ 2,785 $17,691 $ 6,719
Operating Expenses $ 3,882 $ 2,514 $11,809 $ 9,592
-------- ------ ------- --------
Income (Loss) from
Operations $ 2,581 $ 271 $ 5,882 ($ 2,873)
Net Interest, Minority
Interest
and Other Expense ($ 281) ($ 144) ($ 831) ($ 623)
---------- --------- ----------- ----------
Net Income (Loss)
Before Taxes $ 2,300 $ 127 $ 5,051 ($ 3,496)
Income Tax Benefit $ 687 $ 0 $ 1,489 $ 0
--------- --------- -------- ----------
Net Income (Loss) $ 2,987 $ 127 $ 6,540 ($ 3,496)
Deemed Preferred
Dividends $ 49 $ 43 $ 171 $ 1,930
--------- -------- --------- --------
Net Income (Loss)
Applicable to
Common Shareholders $ 2,938 $ 84 $ 6,369 ($ 5,426)
========= ======= ========= =========
Net Income (Loss)
Per Share-basic $ 0.28 $ 0.01 $ 0.63 ($ 0.59)
Net Income (Loss)
Per Share - diluted $ 0.23 $ 0.01 $ 0.55 ($ 0.59)
Weighted Average
Number of
Common Shares
Outstanding-basic 10,633 9,558 10,145 9,178
Weighted Average
Number of
Common Shares
Outstanding-diluted 13,153 9,558 11,965 9,178
EBITDA $ 4,493 $ 1,594 $11,474 $ 1,562
Laser Vision Centers, Inc.
Selected Consolidated Balance Sheet
(in thousands)
April, 1999 April, 1998
----------- -----------
Cash $ 8,173 $ 8,430
Other Current Assets $ 15,238 $ 5,845
Net Property $ 20,983 $ 14,191
Other Assets $ 8,795 $ 2,363
-------- --------
Total Assets $ 53,189 $ 30,829
======= =======
Current Liabilities $ 16,306 $ 8,721
Non-Current Liabilities $ 7,784 $ 6,615
Minority Interest $ 352 -
Redeemable Preferred Stock $ 2,086 $ 1,915
Total Stockholders' Equity $ 26,661 $ 13,578
------- -------
Total Liabilities & Equity $ 53,189 $ 30,829
======= =======
Working Capital $ 7,105 $ 5,554
======== ========
*T
The April 30, 1999 balance sheet does not include the $49 million
that LaserVision received in May 1999 from the sale of 1,000,000
shares in a secondary stock offering and the exercise of 563,500
warrants and options.
Except for historical information, statements relating to
LaserVision'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 LaserVision's business is contained in
LaserVision's most recent filings with the Securities and Exchange
Commission.
--30--MG/dx*
CONTACT: Laser Vision Centers, Inc.
John A. Stiles
314-434-6900
jstiles@laservision.com
laservision.com
KEYWORD: MISSOURI
INDUSTRY KEYWORD: MEDICINE EARNINGS
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