TLC Vision 8-K TLCVisionReports First Quarter 2008 EPS of $0.12 Per Share

News Release	Contact:
For Immediate Release	James J. Hyland, VP Investor Relations (636) 534-2369 Email: investor.relations@tlcvision.com

TLCVisionReports First Quarter 2008 EPS of $0.12 Per Share

Same-Store Procedure Growth up 9%

ST. LOUIS, MO, May 6, 2008:TLCVisionCorporation(NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today reported first quarter earnings of $0.12 per diluted share for the quarter ended March 31, 2008.

First Quarter 2008 Results

• Revenue for the first quarter was $90.4 million, compared to $82.3 million for the prior year period, up 9.7%.

• Refractive Centers revenue was $59.0 million, up 13.9% on the strength of higher majority-owned center procedures, which totaled 34,600 procedures in the first quarter, a 9% overall increase driven by a 9% increase on a same-store majority-owned basis. Average revenue per center procedure increased to $1,704, up 4.3% from the prior year period.

• Doctor Services revenue increased 0.3% to $25.1 million on the strength of higher cataract procedures.

• Eye Care revenue increased 13.5% to $6.3 million on the strength of increases in both the number of franchises and revenue per franchisee.

• Consolidated net income for the first quarter was $6.1 million, compared to $3.5 million for the prior year period, up 75%. Earnings per diluted share for the first quarter were $0.12, compared to $0.05 for the prior year period, up 142%.

• First quarter operating cash flow was $22.8 million, or $0.45 per share, compared to $15.3 million, or $0.22 per share, in the prior year period, up 49%.

• Total debt was reduced during the first quarter by $6.9 million, or 6.2%.

Jim Wachtman, President and Chief Executive Officerof TLCVision, commented, “We are very pleased with the operating results for the first quarter. Over the past year and a half, our team has worked very hard to develop and execute a comprehensive strategy to grow the revenue of the company in order to better leverage our fixed cost infrastructure as well as drive both cash flow and earnings per share.

These results indicate the high operating leverage of our business model and its tremendous potential, especially in a stronger economic environment. We remain very focused on driving revenue growth, managing our costs, paying down debt and delivering shareholder value.”

Conference Call
The Company will host a conference call and live web cast with investors and analysts on Tuesday, May 6, 2008 at 4:30 p.m. (EDT). To access, please dial 866-303-7746 or 416-641-6141 (international callers). The call will be broadcast live on the company’s web site atwww.tlcv.com under the “Webcasts” link in the Investor Relations section.

A replay of the conference call will be available until May 20, 2008. To access the replay, dial 800-408-3053 or 416-695-5800 (international callers) and enter the pass code: 3258680. The call will also be archived on the company’s web site atwww.tlcv.com under the “Webcasts” link in the Investor Relations section.

Forward Looking Statements

This press release contains certain forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934 and Canadian Provincial Securities Laws, which statements can be identified by the use of forward looking terminology, such as “may”, “will”, “expect”, ”intend”, “anticipate”, “estimate”, “predict”, “plans” or “continue” or the negative thereof or other variations thereon or comparable terminology referring to future events or results. We caution that all forward-looking information is inherently uncertain and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of factors could cause actual results to differ materially from those in forward-looking statements, including but not limited to economic conditions, the level of competitive intensity for laser vision correction, the market acceptance of laser vision correction, concerns about potential side effects and long term effects of laser vision correction, the ability to maintain agreements with doctors on satisfactory terms, quarterly fluctuation of operating results that make financial forecasting difficult, the volatility of the market price of our common shares, profitability of investments, successful execution of our direct-to-consumer marketing programs, the ability to open new centers, the reliance on key personnel, medical malpractice claims and the ability to maintain adequate insurance therefore, claims for federal, state and local taxes, compliance with industry regulation, compliance with U.S. and Canadian healthcare regulations, disputes regarding intellectual property, many of which are beyond our control.

Therefore, should one or more of theses risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and to not place undue reliance on such statements and assumptions. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law.

See the Company’s reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward looking statements. TLCVisionassumes no obligation to update the information contained in this press release.

About TLCVision

TLCVisionis North America’s premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers’ management, technology access service models, extensive optometric relationships, aggressive consumer advertising and managed care contracting strength, TLCVisionmaintains leading positions in Refractive, Cataract and Eye Care markets. Information about vision correction surgery can be found on the TLC Laser Eye Center’ website atwww.lasik.com. More information about TLCVisioncan be found on the Company’s website atwww.tlcv.com.

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TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
	Three Months Ended March 31, 2008	Three Months Ended March 31, 2007

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	Results Before AMD									Results Before AMD
	Segment			AMD Segment			Total TLCVision			Segment			AMD Segment			Total TLCVision
Revenues:
Refractive centers	$	58,967		$	—		$	58,967		$	51,784		$	—		$	51,784
Doctor services		25,063			—			25,063			24,990			—			24,990
Eye care		6,325			—			6,325			5,572			—			5,572
Total revenues		90,355			—			90,355			82,346			—			82,346
Cost of revenues (excluding amortization):
Refractive centers		37,357			—			37,357			34,236			—			34,236
Doctor services		18,141			—			18,141			17,801			—			17,801
Eye care		2,822			—			2,822			2,475			—			2,475
Total cost of revenues (excluding amortization)		58,320			—			58,320			54,512			—			54,512
Gross profit		32,035			—			32,035			27,834			—			27,834
General and administrative		8,367			—			8,367			9,917			—			9,917
Marketing and sales		11,651			—			11,651			8,435			—			8,435
Amortization of intangibles		830			—			830			784			—			784
Other (income) expense, net		(197	)		—			(197	)		438			—			438
Total operating costs		20,651			—			20,651			19,574			—			19,574
Operating income		11,384			—			11,384			8,260			—			8,260
Interest income		210			—			210			568			—			568
Interest expense		(2,476	)		—			(2,476	)		(440	)		—			(440	)
Minority interests		(2,816	)		—			(2,816	)		(2,448	)		—			(2,448	)
Earnings (loss) from equity investments		217			—			217			811			(2,517	)		(1,706	)
Income (loss) from continuing operations before income taxes		6,519			—			6,519			6,751			(2,517	)		4,234
Income tax expense		(447	)		—			(447	)		(951	)		—			(951	)
Income (loss) from continuing operations		6,072			—			6,072			5,800			(2,517	)		3,283
Income from discontinued operations, net of tax		—			—			—			195			—			195
Net income (loss)	$	6,072		$	—		$	6,072		$	5,995		$	(2,517	)	$	3,478
Earnings (loss) per share — diluted	$	0.12		$	—		$	0.12		$	0.09		$	(0.04	)	$	0.05
Weighted average number of common shares outstanding — diluted		50,282			50,282			50,282			69,651			69,651			69,651
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.
TLC VISION CORPORATION
CONSOLIDATING BALANCE SHEETS
(In thousands)
				March 31, 2008									December 31, 2007
	Results Before AMD									Results Before AMD			AMD Segment
	Segment			AMD Segment			Total TLCVision			Segment (Unaudited)			(Unaudited)			Total TLCVision
ASSETS
Current assets
Cash and cash equivalents	$	22,992		$	—		$	22,992		$	12,925		$	—		$	12,925
Accounts receivable, net		20,745			—			20,745			18,076			—			18,076
Prepaid expenses, inventory and other		14,404			—			14,404			14,882			—			14,882
Total current assets		58,141			—			58,141			45,883			—			45,883
Restricted cash		1,115			—			1,115			1,101			—			1,101
Investments and other assets		17,753			—			17,753			17,524			—			17,524
Goodwill		99,351			—			99,351			94,346			—			94,346
Other intangible assets, net		16,189			—			16,189			17,020			—			17,020
Fixed assets, net		59,583			—			59,583			61,936			—			61,936
Total assets	$	252,132		$	—		$	252,132		$	237,810		$	—		$	237,810
LIABILITIES
Current liabilities
Accounts payable	$	24,423		$	—		$	24,423		$	17,177		$	—		$	17,177
Accrued liabilities		34,611			—			34,611			28,115			—			28,115
Current maturities of long-term debt		7,744			—			7,744			11,732			—			11,732
Total current liabilities		66,778			—			66,778			57,024			—			57,024
Long-term debt, less current maturities		95,548			—			95,548			98,417			—			98,417
Other long-term liabilities		7,030			—			7,030			5,023			—			5,023
Minority interests		15,294			—			15,294			15,224			—			15,224
Total liabilities		184,650			—			184,650			175,688			—			175,688
STOCKHOLDERS’ EQUITY
Common stock		309,652			28,501			338,153			308,972			28,501			337,473
Option and warrant equity		745			—			745			837			—			837
Other comprehensive income		(2,084	)		—			(2,084	)		(784	)		—			(784	)
Accumulated deficit		(240,831	)		(28,501	)		(269,332	)		(246,903	)		(28,501	)		(275,404	)
Total stockholders’ equity		67,482			—			67,482			62,122			—			62,122
Total liabilities and stockholders’ equity	$	252,132		$	—		$	252,132		$	237,810		$	—		$	237,810
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.
TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands, except per share amounts)
	Three Months Ended March 31, 2008									Three Months Ended March 31, 2007
	Results Before AMD									Results Before AMD
	Segment			AMD Segment			Total TLCVision			Segment			AMD Segment			Total TLCVision
OPERATING ACTIVITIES
Net income (loss)	$	6,072		$	—		$	6,072		$	5,995		$	(2,517	)	$	3,478
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		4,895			—			4,895			4,389			—			4,389
Minority interests		2,816			—			2,816			2,539			—			2,539
(Earnings) losses from equity investments		(217	)		—			(217	)		(811	)		2,517			1,706
Deferred taxes		—			—			—			851			—			851
Gain on sales and disposals of fixed assets		(69	)		—			(69	)		(88	)		—			(88	)
Gain on sale of businesses		(145	)		—			(145	)		—			—			—
Non-cash compensation expense		357			—			357			390			—			390
Other		251			—			251			15			—			15
Changes in operating assets and liabilities, net of acquisitions and dispositions:		8,846			—			8,846			2,019			—			2,019
Cash from operating activities		22,806			—			22,806			15,299			—			15,299
INVESTING ACTIVITIES
Purchases of fixed assets		(851	)		—			(851	)		(3,671	)		—			(3,671	)
Proceeds from sales of fixed assets		165			—			165			243			—			243
Distributions and loan payments received from equity investments		601			—			601			1,431			—			1,431
Acquisitions and equity investments		(2,984	)		—			(2,984	)		(2,718	)		—			(2,718	)
Proceeds from sales of short-term investments		—			—			—			3,225			—			3,225
Divestitures of businesses		1,179			—			1,179			—			—			—
Purchases of short-term investments		—			—			—			(3,750	)		—			(3,750	)
Other		29			—			29			(10	)		—			(10	)
Cash used in investing activities		(1,861	)		—			(1,861	)		(5,250	)		—			(5,250	)
FINANCING ACTIVITIES
Restricted cash movement		(14	)		—			(14	)		—			—			—
Principal payments of debt financing and capital leases		(13,199	)		—			(13,199	)		(1,926	)		—			(1,926	)
Proceeds from debt financing		5,384			—			5,384			167			—			167
Capitalized debt costs		(534	)		—			(534	)		—			—			—
Distributions to minority interests		(2,746	)		—			(2,746	)		(2,357	)		—			(2,357	)
Proceeds from issuances of common stock		231			—			231			122			—			122
Cash used in financing activities		(10,878	)		—			(10,878	)		(3,994	)		—			(3,994	)
Net increase in cash and cash equivalents during the period		10,067			—			10,067			6,055			—			6,055
Cash and cash equivalents, beginning of period		12,925			—			12,925			28,917			—			28,917
Cash and cash equivalents, end of period	$	22,992		$	—		$	22,992		$	34,972		$	—		$	34,972
Operating cash flow per diluted share	$	0.45		$	—		$	0.45		$	0.22		$	—		$	0.22
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.

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