SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 29, 1999
LCA-Vision Inc.
(Exact name of Registrant as specified in its Charter)
Delaware 0-27610 11-2882328
(State or other (Commission (IRS Employer
jurisdiction File No.) Identification Number)
of incorporation)
7840 Montgomery Road, Cincinnati, Ohio 45236
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513)792-9292
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
On April 29, 1999 the Registrant issued the attached press release
announcing net income of $1,630,000, or $0.04 per basic and
diluted share for the first quarter of 1999.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press Release dated April 29, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
LCA-VISION INC.
Date: April 30, 1999 By:/s/Larry P. Rapp
Larry P. Rapp,
Chief Financial Officer
COMPANY CONTACTS INVESTOR RELATIONS CONTACTS
LCA-Vision Inc. Lippert/Heilshorn & Associates, Inc.
Dr. Stephen N. Joffe, Bruce Voss (Bruce@lhai.com)
Chairman & CEO (310) 575-4848
Larry Rapp, VP-Finance Ruth Abeshaus (Ruth@lhai.com)
& CFO (212) 838-3777
(513) 792-9292
FOR IMMEDIATE RELEASE
LCA-VISION REPORTS $0.04 PER SHARE PROFIT FOR FIRST QUARTER
Increased Procedures Fuel Operating Profit of $1.6 Million
CINCINNATI (April 29, 1999) - LCA-Vision Inc. (NASDAQ: LCAV), a
leading U.S. based provider of laser vision correction services,
today reported results for the 1999 first quarter.
For the three months ended March 31, 1999, LCA-Vision reported net
income of $1,630,000, or $0.04 per basic and diluted share,
compared with a net loss of $1,636,000, or $0.04 per basic and
diluted share, in the comparable period last year. Total revenues
for the first quarter of 1999 were $13,867,000, compared with
revenues of $7,209,000, for the same period last year, an increase
of 92%.
On a sequential basis, first quarter 1999 net income increased
$1,383,000, from $247,000 or the $0.01 per basic and diluted
share, which was reported in the fourth quarter of 1998. In
addition, first quarter 1999 revenues increased over 40% from
$9,871,000, reported in the fourth quarter of 1998.
"We continue to see tremendous growth and acceptance of the laser
vision correction industry as more and more people experience its
numerous benefits. Our profitability continues to reflect the
strong procedure volume growth previously reported this month
along with the ongoing reception of the benefits that our centers
offer to our patients," said Stephen Joffe, M.D., chairman and
chief executive officer of LCA-Vision. "The year over year
revenue growth of over $6.5 million combined with the strong
operating cost controls resulted in our first operating profit of
$1.6 million and EBITDA of $2.3 million."
LCA-Vision operates laser vision correction centers in the U.S.,
Canada and Europe, which are supported by a network of 600
physicians and 800 referring optometrists. Since inception, more
than 50,000 laser vision correction procedures have been performed
at the Company's centers. For additional news and information
about LCA-Vision and laser vision correction, please visit the
Company's Web site at www.lca-vision.com.
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.
[Tables to Follow]
LCA-VISION INC.
Condensed Consolidated Statements of Operations
for the Three Months Ended March 31, 1999 and 1998
(unaudited)
Dollars in thousands,
except per share data Three Months Ended
March 31,
1999 1998
---- ----
Revenues:
Laser refractive surgery procedures $ 13,389 $ 6,446
Other 478 763
------- --------
Total revenues 13,867 7,209
Costs and expenses:
Medical professional and license fees 6,015 2,656
Direct costs of services 2,556 2,819
General and administrative expenses 2,970 2,093
Depreciation and amortization 712 1,055
------- -------
Operating income (loss) 1,614 (1,414)
Equity in earnings from
Unconsolidated businesses 323 56
Interest expense (93) (344)
Interest income 147 112
Other income (expense) (277) 25
Income (loss) before taxes on income 1,714 (1,565)
Taxes on income (28)
-------
Net income (loss) 1,714 (1,593)
Dividends to preferred shareholders (84) (43)
------ -------
Income (loss) available to
common shareholders $ 1,630 $(1,636)
------ -------
------ -------
Income (loss) per common share
Basic $ 0.04 $ (0.04)
Diluted $ 0.04 $ (0.04)
Weighted average shares outstanding
Basic 43,779 36,665
Diluted 47,082 36,665
EBITDA $ 2,326 $ (359)
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