U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2000.
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT.
For the transition period from __________ to __________
Commission file number 0-27610
LCA-Vision Inc. (Exact name of registrant as specified in its charter)
Delaware | 11-2882328 |
(State or other jurisdiction of | (IRS Employer |
incorporation or organization) | Identification No.) |
7840 Montgomery Road, Cincinnati, Ohio 45236
(Address of principal executive offices)
(513) 792-9292
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 52,052,778 shares as of April 28, 2000.
LCA-VISION INC.
INDEX
Facing Sheet | Page No. | ||||
Index | 1 | ||||
Part I. | Financial Information | 2 | |||
Item 1. | Financial Statements | ||||
Condensed Consolidated Balance Sheets at March 31, 2000
and at December 31, 1999 |
3 | ||||
Condensed Consolidated Statements of Income for the Three
Months Ended March 31, 2000 and 1999 |
4 | ||||
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2000 and 1999 |
5 | ||||
Notes to Condensed Consolidated Financial Statements | 6 | ||||
Item 2. | Managements' Discussion and Analysis of Financial Condition and Results of Operations |
10 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 12 | |||
Part II. | Other Information | 13 | |||
Item 1. | Legal Proceedings | ||||
Item 2. | Changes in Securities and Use of Proceeds | ||||
Item 3. | Defaults Upon Senior Securities | ||||
Item 4. | Submission of Matters to a Vote of Security Holders | ||||
Item 5. | Other Information | ||||
Item 6. | Exhibits and Reports on Form 8-K | 14 | |||
Signatures | 16 |
LCA-VISION INC.
Condensed Consolidated Balance Sheets
March 31, 2000 and
December 31, 1999
(Dollars in thousands, except per share amounts) | ||
March 31, 2000 (1) | December 31, 1999 | |
Assets | ||
Current assets | ||
Cash and cash equivalents | $12,181 | $11,891 |
Short-term investments | 39,346 | 37,299 |
Accounts receivable, net | 700 | 1,971 |
Deferred tax asset | 631 | 631 |
Prepaid expenses, inventory and other | 1,647 | 1,984 |
---------- | --------- | |
Total current assets | 54,505 | 53,776 |
Property and equipment, net | 10,879 | 9,726 |
Goodwill, net | 865 | 902 |
Deferred tax asset | 13,162 | 12,950 |
Obligations due from shareholders | 708 | 708 |
Investment in unconsolidated businesses | 260 | 254 |
Other assets | 3,068 | 6,974 |
-------- | --------- | |
Total assets | $83,447 | $85,290 |
===== | ===== | |
Liabilities and Shareholders' Investment | ||
Current liabilities | ||
Accounts payable | $2,704 | $2,458 |
Accrued liabilities and taxes | 2,110 | 1,821 |
Debt maturing in one year | 608 | 676 |
------- | ------- | |
Total current liabilities | 5,422 | 4,955 |
Long-term debt | 142 | 250 |
Minority equity interest | 18 | 40 |
Commitments and contingencies | -- | -- |
Shareholders' investment | ||
Preferred stock | -- | -- |
Common stock ($0.001 par value; 52,046,528 shares
and 51,513,989 shares issued) |
111 |
111 |
Contributed capital | 89,517 | 88,348 |
Warrants | 2,961 | 6,362 |
Common stock in treasury, at cost | (30) | (30) |
Accumulated deficit | (14,709) | (14,771) |
Foreign currency translation adjustment | 15 | 25 |
--------- | --------- | |
77,865 | 80,045 | |
--------- | --------- | |
Total liabilities and shareholders' investment | $ 83,447 | $ 85,290 |
====== | ====== |
(1) Unaudited
The Notes to Condensed Consolidated Financial Statements are an integral part of this statement.
LCA-VISION INC.
Condensed Consolidated Statements of Income
for the Three Months Ended March 31, 2000 and 1999
(unaudited)
(Dollars in thousands, except per share amounts) | ||
Three Months Ended
March 31, | ||
2000 | 1999 | |
------ | ----- | |
Revenues | ||
Laser refractive surgery | $18,151 | $ 13,389 |
Other | 20 | 478 |
------- | ------- | |
Total Revenues | 18,171 | 13,867 |
Operating costs and expenses | ||
Medical professional and license fees | 5,853 | 6,015 |
Direct costs of services | 4,643 | 2,556 |
General and administrative expenses | 3,342 | 2,428 |
Marketing and advertising | 4,127 | 542 |
Depreciation and amortization | 776 | 712 |
------ | ------ | |
Operating income (loss) | (570) | 1,614 |
Equity in earnings from unconsolidated businesses | 7 | 323 |
Minority interest in earnings of consolidated affiliate | 6 | |
Interest expense | (21) | (93) |
Interest income | 676 | 147 |
Other income (expense) | 11 | (277) |
----- | ----- | |
Income before taxes on income | 109 | 1,714 |
Income tax expense | 47 | -- |
----- | ----- | |
Net income | 62 | 1,714 |
Preferred stock dividends | -- | (84) |
Income applicable to common stock | $ 62 | $ 1,630 |
=== | ==== | |
Income per common share | ||
Basic | $0.00 | $ 0.04 |
Diluted | $0.00 | $ 0.04 |
Weighted average shares outstanding
Basic |
51,876 |
43,779 |
Diluted | 54,670 | 47,082 |
The Notes to Condensed Consolidated Financial Statements are an integral part of this statement
LCA-VISION INC.
Condensed Consolidated Statements of Cash Flows
for the Three Months Ended March 31, 2000 and 1999
(unaudited)
(Dollars in thousands, except per share amounts) | ||
Three Months Ended
March 31, | ||
2000 | 1999 | |
Cash flows from operating activities: | ----- | ----- |
Net income | $62 | $1,630 |
Adjustments to reconcile net income | ||
to net cash provided by operating activities: | ||
Depreciation and amortization | 776 | 712 |
Amortization of Cole warrant | 246 | |
Equity in income of unconsolidated affiliates | (7) | (323) |
Compensation paid in common stock | 325 | |
Changes in working capital: | ||
Accounts receivable | 1,271 | 433 |
Prepaid expenses, inventory and other | 337 | (222) |
Accounts payable | 340 | (220) |
Accrued liabilities and other | 281 | 385 |
Net cash provided by operations | 3,306 | 2,721 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,892) | (23) |
Purchase of short-term investments | (37,246) | |
Maturity of short-term investments | 35,199 | |
Other, net | 258 | (54) |
Net cash (used) by investing activities | (3,681) | (77) |
Cash flows from financing activities: | ||
Principal payments of long-term notes, debt and
capital lease obligations |
(176) |
(2,220) |
Exercise of stock options | 863 | 279 |
Distribution to minority equity investees | (22) | |
Net cash provided (used) by financing activities | 665 | (1,941) |
Increase in cash and cash equivalents | 290 | 703 |
Cash and cash equivalents at beginning of period | 11,891 | 6,496 |
Cash and cash equivalents at end of period | $12,181 | $ 7,199 |
The Notes to Condensed Consolidated Financial Statements are an integral part of this statement.
LCA-VISION INC.
Notes to Condensed Consolidated Financial Statements
for the Three Months Ended March 31, 2000 and 1999
(unaudited)
1. Summary of Significant Accounting Policies
The March 31, 2000 and 1999 financial data are unaudited; however, in the opinion of the Company, such data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim periods. The December 31, 1999 Condensed Balance Sheet has been derived from audited financial statements but do not include all disclosures required by generally accepted accounting principles. We suggest that these financial statements be read together with the financial statements and notes included in our annual report on Form 10-K.
Business
We are a leading developer and operator of free-standing laser refractive surgery centers. Our laser refractive surgery centers provide the staff, facilities, equipment and support services for performing various corrective eye surgeries that employ state-of-the-art laser technologies. The laser vision correction surgeries performed in our centers are primarily laser in situ keratomileusis ("LASIK") and photorefractive keratectomy ("PRK"). We previously managed multi-specialty laser surgery programs at medical facilities on a contract basis.
Revenue by source is comprised of:
- Laser refractive surgery - fees for surgeries performed at our consolidated centers.
- Other - management fees for operating laser vision correction centers of investees; contractual fees for managing multi-specialty laser surgery programs at hospitals; marketing and education program fees; and miscellaneous sources.
Certain operating costs and expenses:
- Medical professional and license fees - per procedure fees for the ophthalmologist performing laser vision correction and the per procedure license fee in the U.S. paid to laser manufacturers.
- Direct costs of services - center rent and utilities, equipment lease and maintenance costs, surgical supplies, center staff expense, and costs related to other revenue.
- General and administrative - headquarters staff expense and other overhead costs.
- Depreciation and amortization - periodic charges to income for the costs of equipment and intangible assets recorded in the Consolidated Balance Sheet.
Consolidation Policy
We use two different methods to report our investments in our subsidiaries and other companies - consolidation and the equity method.
Consolidation
We use consolidation when we own a majority of the voting stock of the subsidiary. This means the accounts of our subsidiaries are combined with our accounts. We eliminate intercompany balances and transactions when we consolidate these accounts. Our consolidated financial statements include the accounts of:
- LCA-Vision Inc.,
- LCA-Vision (Ohio), Inc.,
- Refractive Centers International, Inc. and Subsidiaries
- LCA-Vision (Canada) Inc. and Subsidiaries, and
- The Baltimore Laser Sight Center, Ltd. (for the three months ended March 31, 2000).
Equity Method
We use the equity method to report investments in businesses where we hold a 20% to 50% voting interest, giving us the ability to exercise significant influence, but not control, over operating and financial policies. Under the equity method we report:
- our interest in the entity as an investment in our Condensed Consolidated Balance Sheets, and
- our percentage share of the earnings (losses) in our Condensed Consolidated Statements of Operations.
We own 43% of Silmalaseri Oy and 50% of Cole LCA Vision LLC and report our investments under the equity method. The Baltimore Laser Sight Center was reported under the equity method for the first half of 1999.
Use of Estimates
Management makes estimates and assumptions when preparing financial statements under generally accepted accounting principles. These estimates and assumptions affect various matters including:
- our reported amounts of assets and liabilities in our Condensed Consolidated Balance Sheets at the dates of the financial statements,
- our disclosure of contingent liabilities at the dates of the financial statements, and
- our reported amounts of revenues and expenses in our Condensed Consolidated Statements of Income during the reporting periods.
Actual amounts could differ from those estimates.
Per Share Data
Basic per share data is income applicable to common shareholders divided by the weighted average common shares outstanding. Diluted per share data is income applicable to common shareholders divided by the weighted average common shares outstanding plus the potential issuance of common shares if stock options or warrants were exercised or convertible preferred stock were converted into common stock.
Following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2000 and 1999 (in thousands, except per share amounts):
Three Months Ended March 31, | ||
2000 | 1999 | |
Basic Earnings per Share | ----- | ----- |
Net income | $ 62 | $1,714 |
Dividends to preferred shareholders | -- | (84) |
------ | ------ | |
Income available to common shareholders | $62 | $1,630 |
Weighted average shares outstanding | 51,876 | 43,779 |
Basic Earnings per Share | $ 0.00 | $ 0.04 |
==== | ==== | |
Diluted Earnings per Share | ||
Income available to common shareholders | $62 | $1,630 |
Dividends to preferred shareholders | -- | 84 |
----- | ------ | |
Net income | $62 | $1,714 |
Weighted average shares outstanding | 51,876 | 43,779 |
Effect of dilutive securities | ||
Convertible preferred stock | -- | 2,314 |
Stock options | 2,730 | 989 |
Warrants | 64 | -- |
------ | ----- | |
Weighted average common shares and potential dilutive shares |
54,670 |
47,082 |
Diluted Earnings per Share | $ 0.00 | $ 0.04 |
===== | ===== |
2. Shareholders' Investment
Common Stock
During the three months ended March 31, 2000, 532,539 shares of common stock were issued to individuals who exercised stock options. The average exercise price was $1.62 per share.
6% Series B-1 Convertible Preferred Stock
At December 31, 1998, 5,702 shares of the 6% Series B-1 convertible preferred stock were outstanding. During the three months ended March 31, 1999, these shares and dividends totaling $264,000 were converted into 3,994,642 shares of common stock.
The terms of these shares gave the holders the right to purchase an additional $5 million of convertible preferred stock under the same terms and conditions as the 6% Series B-1 Convertible Preferred Stock until May 11, 1999. In March 1999 certain majority holders of these shares agreed to accept 165,076 shares of our common stock in exchange for their waiving their option to purchase the additional convertible preferred stock. This agreement resulted in a non-cash charge of $325,000 recorded as other expense in the Condensed Consolidated Statement of Income for the quarter ended March 31, 1999.
At March 31, 2000 there were no shares of preferred stock issued and outstanding.
Warrants
During 1999 we issued warrants to purchase a total of 925,000 shares of common stock at prices ranging from $2 to $12 per share. The warrants were issued to an investment banking firm and a joint venture partner.
Warrants to purchase 800,000 shares were issued during the third quarter of 1999 of which 200,000 were exercisable at that time and the remainder became exercisable in equal installments of 200,000 each as of December 31, 1999, 2000 and 2001.
Generally accepted accounting principles requires us to assign a value to the warrants for the services to be rendered. We used the Black-Scholes method to determine the amount, or expected amount, of compensation for each block of warrants as it becomes exercisable. The amount calculated is recorded as part of other assets and amortized over the three-year term of the agreement with Cole National Corporation to market laser vision correction as a managed care benefit. Amortization expense of $246,000 was recorded for the first quarter of 2000.
3. Segment Information
We operate in one segment - laser refractive surgery. Following is a table summarizing the results of our Canadian operations included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2000 and 1999 (in thousands):
2000 | 1999 | |
Revenues | $506 | $362 |
Operating profit (loss) | (84) | 16 |
4. Commitments and Contingencies
We are a defendant and counter-claimant in a consolidated case entitled Cabrini Development Council, et al. v. LCA-Vision Inc., et al., which was commenced in October, 1997 in the Supreme Court of the State of New York, County of New York and subsequently removed to the United States District Court for the Southern District of New York. Also named as co-defendants are various current and former employees, officers and directors. The case involves claims and counterclaims asserted by and against us, and two other members of a New York limited liability company formerly engaged in operating a laser refractive surgery center, and arises out of the cessation of operations of such limited liability company.
Discovery in the action has recently concluded and all parties have filed motions for summary judgment, based on the discovery results, to dismiss all claims of the other parties. A decision on the motions will be issued by the court in due course.
In the opinion of management this action will not have a material adverse effect on our financial position or results of operations.
Item 2. Management's Discussion and Analysis of Financial Condition Results of Operations.
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors. For a discussion of important factors that could affect our results, refer to the Overview and financial statement line item discussions set forth in Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A").
"MD&A" is an analysis of our operating results for the three months ended March 31, 2000 and 1999 and our financial condition as of March 31, 2000. It explains why our revenues and costs changed, our overall financial condition, and other matters.
Overview (dollars in thousands, except where noted)
We are a leading developer and operator of free-standing laser refractive surgery centers. Our laser refractive surgery centers provide the staff, facilities, equipment and support services for performing various corrective eye surgeries that employ state-of-the-art laser technologies. The laser vision correction surgeries performed in our centers primarily include laser in situ keratomileusis ("LASIK") and photorefractive keratectomy ("PRK"). We previously managed multi-specialty laser surgery programs at medical facilities on a contract basis.
Our sources of revenue are:
- Laser refractive surgery - fees for surgeries performed at our consolidated centers.
- Other - management fees for operating laser vision correction centers of investees; contractual fees for managing multi-specialty laser surgery programs at hospitals; marketing and education program fees; and miscellaneous sources.
Our operating costs and expenses are comprised of:
- Medical professional and license fees - per procedure fees for the ophthalmologist performing laser vision correction and the per procedure license fee in the U.S. paid to laser manufacturers.
- Direct costs of services include center rent and utilities, equipment lease and maintenance costs, surgical supplies, center staff expense, and costs related to other revenue.
- General and administrative include marketing and advertising, headquarters staff expense, and other overhead costs.
- Depreciation and amortization include periodic charges to income for the costs of equipment and intangible assets recorded in the balance sheet.
Results of Operations - Revenues
Laser refractive surgery
Laser refractive surgery revenue generally includes three components: facility fee, royalty fee, and medical professional fees. Certain states prohibit us from practicing medicine, employing physicians to practice medicine on our behalf or employing optometrists to render optometry services on our behalf. Revenues and direct costs from centers in such states do not include the medical professionals fee component. The contribution from laser refractive surgery procedures for each of the three months ended March 31, 2000 and 1999 were (dollars in thousands):
2000 | 1999 | |
Revenue | 18,151 | $ 13,389 |
Less: | ||
Medical professional and | ||
license fees | 5,853 | 6,015 |
------- | ------- | |
Contribution Margin | $12,298 | $ 7,374 |
===== | ===== |
The following table illustrates the growth of laser vision correction procedures performed at our centers.
Consolidated | ||
2000 | 1999 | |
Q1 | 12,504 | 7,591 |
Q2 | 8,365 | |
Q3 | 8,769 | |
Q4 | 8,541 | |
Year | 33,266 |
Other revenues
Other revenues declined because we chose to exit the surgery management business for hospitals. Also contributing to the decrease in other revenue is the change in the consolidation method for the Baltimore Laser Sight Center ("Baltimore"). In the first half of 1999, Baltimore was accounted for using the equity method, and the company recorded management fees in other revenue. In July, 1999, our ownership percentage in the Baltimore Laser Sight Center increased to 97 percent, and since that time we have consolidated the financial statements of Baltimore into LCA-Vision Inc.
Operating costs and expenses
Three months ended March 31, | ||
2000 | 1999 | |
Number of procedures | 12,504 | 7,591 |
Per procedure | ||
Laser refractive surgery revenue | $1,452 | $1,764 |
Medical professional fee | 218 | 533 |
License fees | 250 | 260 |
Contribution margin | 984 | 971 |
Medical professional and license fees
License fees increased by $1,155,000 as a result of the higher procedure volumes performed in the first quarter. The increase in license fees was more than offset by a decrease in medical professional fees of $1,317,000.
In February, 2000, VISX reduced the per procedure license fee from $260 to $110. Because of the inventory of VISX cards purchased at the old price of $260, the reduction did not have a material effect on first quarter results. At March 31, 2000, the inventory of VISX cards was valued at $110 per card.
Direct costs of services
The table below provides information related to our direct costs of services (dollars in thousands).
Three Months Ended March 31, | ||
2000 | 1999 | |
Laser refractive surgery | ||
Employee costs | $2,469 | $953 |
Equipment rent and maintenance |
1,143 |
857 |
Facility rent and utilities | 415 | 295 |
Supplies, gases and other |
612 |
406 |
------ | ------- | |
4,639 | 2,511 | |
Hospital and other | 4 | 45 |
------- | ------- | |
$4,643 | $2,556 | |
===== | ===== |
Direct costs of services include staffing, equipment, medical supplies, and facility costs to operate laser vision correction centers. These direct costs increased in the first quarter of 2000 by $2,187,000 over the first quarter of 1999. Staffing costs for laser vision correction increased by $1,516,000 in the first quarter.
The company operated three more centers in the first quarter of 2000 versus the first quarter of 1999. Also contributing to the increased staffing cost was the complete conversion to the LasikPlus business model. Under LasikPlus, the company employs a doctor and an optometrist at each center. Medical supplies increased by $206,000 in the first quarter as a result of higher procedure volumes. Rental expense for equipment and facilities increased by $406,000 in the quarter to support new and expanded laser vision correction centers.
General and administrative
General and administrative expenses increased by $913,000 in the first quarter of 2000. Staffing costs increased by $391,000 as we expanded our national call center and strengthened our corporate management team. As a percent of revenue, general and administrative expenses were 18% in both the first quarter of 2000 and the first quarter of 1999.
Marketing and advertising expenses
Marketing and advertising expenses increased by $3,585,000 in the first quarter of 2000.
These expenses were split between marketing programs to position the LasikPlus brand, and to build patient volume.
Depreciation and amortization
Depreciation and amortization expense increased by $64,000 in the quarter because of the depreciation of capitalized costs of new center openings.
Non-operating income and expenses
Interest expense decreased due to the significant reduction in debt. Interest income increased due to interest earned on overnight investments and short-term government securities.
Liquidity and Capital Resources
Our primary sources of liquidity for the next year are expected to be:
- cash generated from operations
- proceeds from the exercise of stock options
- credit facility and lease financing, as necessary
Net cash provided by operating activities in the first quarter of 2000 exceeded $3,306,000. Proceeds from stock options exercised in the quarter were $863,000. This cash flow was sufficient to finance our capital expenditures and debt repayment in the quarter.
As of March 31, 2000 we have cash and cash equivalents of $12,181,000. In addition, we have short-term investments of $39,346,000.
As of March 31, 2000 we maintained a $10,000,000 revolving credit facility with The Provident Bank ("Provident"). $800,000 of the facility is being used to secure letters of credit. In addition to the $9,200,000 of unused credit under this facility, the company has a $10,000,000 facility available for funding acquisitions. Both of these credit facilities expire June 30, 2000.
Factors That May Affect Future Results and Market Price of Stock
In addition to the risks discussed in the Company's last Form 10-K, we now face direct low price competition in several markets in the United States. We intend to use every method possible to differentiate our service and benefits from the lower priced competition. However, the ability to grow procedure volume and maintain existing pricing may be limited in the future by this new competition.
3. Quantitative and Qualitative Disclosure About Market Risk
The carrying values of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short maturity of these instruments.
We have historically had very low exposure to changes in foreign currency exchange rates, and as such, have not used derivative financial instruments to manage foreign currency fluctuation risk.
Part II. Other Information
Item 1. | Legal Proceedings |
Commitments and Contingencies
We are a defendant and counter-claimant in a consolidated case entitled Cabrini Development Council, et al. v. LCA-Vision Inc., et al., which was commenced in October, 1997 in the Supreme Court of the State of New York, County of New York and subsequently removed to the United States District Court for the Southern District of New York. Also named as co-defendants are various current and former employees, officers and directors. The case involves claims and counterclaims asserted by and against us, and two other members of a New York limited liability company formerly engaged in operating a laser refractive surgery center, and arises out of the cessation of operations of such limited liability company. Discovery in the action has recently concluded and all parties have filed motions for summary judgment, based on the discovery results, to dismiss all claims of the other parties. A decision on the motions will be issued by the court in due course. In the opinion of management this action will not have a material adverse effect on our financial position or results of operations. | |
Item 2. | Changes in Securities and Use of Proceeds.
None |
Item 3. | Defaults upon Senior Securities.
None |
Item 4. | Submission of Matters to a Vote of Security Holders.
None. |
Item 5. | Other Information.
None |
Part II. Other Information (continued)
Item 6. | Exhibits and Reports on Form 8-K. | ||
(a) Exhibits | |||
Exhibit
Number |
Description of Exhibit | ||
27 | Financial Data Schedule | ||
(b) | Reports on Form 8-K.
1) Form 8-K dated February 23, 2000 containing a press release announcing the Company's reaction to the decision of VISX to reduce its per procedure royalties. 2) Form 8-K dated March 6, 2000 containing a press release announcing the Company expects consecutive quarter procedure growth to exceed 20% in the first quarter. 3) Form 8-K dated March 14, 2000 containing a press release announcing the completion of all of the Company's US centers to the value-priced LasikPlus model. 4). Form 8-K dated March 21, 2000 containing a press release announcing the opening of two new LasikPlus centers to serve Greater Chicago metropolitan area. 5) Form 8-K dated March 29, 2000 containing a press release announcing the signing of a licensing agreement with Japan's leading operator of laser surgery clinics. 6) Form 8-K dated April 4, 2000 containing a press release announcing a 46% sequential increase in procedure volume versus fourth quarter of 1999. |
Signatures
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
LCA-VISION INC.
Date May 8, 2000 | /s/Stephen N. Joffe |
Stephen N. Joffe
President and Chief Executive Officer | |
Date May 8, 2000 | /s/Alan Buckey |
Alan Buckey
Chief Financial Officer |
Exhibit 27
LCA-VISION INC.
Financial Data Schedule
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE LCA-VISION INC. CONDENSED CONSOLIDATED BALANCE SHEET AT MARCH 31, 2000, AND THE RELATED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENT.
CIK | 0001003130 | ||
Name | LCA-Vision Inc. | ||
Multiplier | 1,000 | ||
Currency | U.S. Dollars | ||
Period type | 3 months | ||
Fiscal-Year-End | Dec-31-2000 | ||
Period Start | Jan-1-2000 | ||
Period End | Mar-31-2000 | ||
5-02 (1) | Cash and cash items | 12,181 | |
5-02 (3)(a)(1) | Notes and accounts receivable - trade | 1,401 | |
5-02 (4) | Allowances for doubtful accounts | 701 | |
5-02 (6) | Inventory | 168 | |
5-02 (9) | Total current assets | 54,505 | |
5-02 (13) | Property, plant and equipment | 19,437 | |
5-02 (14) | Accumulated depreciation | 8,558 | |
5-02 (18) | Total assets | 83,447 | |
5-02 (21) | Total current liabilities | 5,422 | |
5-02 (22) | Bonds, mortgages and similar debt | 142 | |
5-02 (29) | Preferred stock - no mandatory redemption | 0 | |
5-02 (30) | Common stock | 111 | |
5-02 (31) | Other stockholders' equity | 77,754 | |
5-02 (32) | Total liabilities and stockholders' equity | 83,447 | |
5-03 (b)1(a) | Net sales of tangible products | 0 | |
5-03 (b)1 | Total revenues | 18,171 | |
5-03 (b)2(a) | Cost of tangible goods sold | 0 | |
5-03 (b)2 | Total costs and expenses applicable to sales and revenues | 10,496 | |
5-03 (b)3 | Other costs and expenses | 8,245 | |
5-03 (b)(8) | Interest and amortization of debt discount | 21 | |
5-03 (b)(10) | Income before taxes and other items | 109 | |
5-03 (b)(11) | Income tax expense | 47 | |
5-03 (b)(19) | Net income or loss | 62 | |
5-03 (b)(20) | Earnings per share - primary | 0.00 | |
5-03 (b)(21) | Earnings per share - diluted | 0.00 |