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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
X-QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(b) OF THE SECURITIES
--- EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
JULY 31, 2000
Commission file number 1-10629
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LASER VISION CENTERS, INC.
--------------------------
(Exact name of registrant as specified in its charter)
Delaware 43-1530063
-------- ----------
(State or other jurisdiction of incorporation (I.R.S. Employer identification
or organization) number)
540 Maryville Centre Dr., Suite 200, St. Louis, Missouri 63141
---------------------------------------------------------------
(Address of principal executive offices)
(314)434-6900
-------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period 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.
Common Stock outstanding as of September 5, 2000 - 25,330,991 shares
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LASER VISION CENTERS, INC.
FORM 10-Q FOR QUARTERLY PERIOD ENDED JULY 31, 2000
INDEX
PART OR ITEM PAGE
Part I. FINANCIAL STATEMENTS
Item 1. Interim Consolidated Financial Statements (Unaudited)
Consolidated Balance Sheet - July 31, 2000 and April 30, 2000........................................................3-4
Consolidated Statement of Operations - Three months ended July 31, 2000 and 1999.......................................5
Consolidated Statement of Cash Flow - Three months ended July 31, 2000 and 1999......................................6-7
Consolidated Statement of Changes in Stockholders' Equity - Three months ended July 31, 2000...........................8
Notes to Interim Consolidated Financial Statements..................................................................9-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources....................................................................................11-12
Results of Operations..............................................................................................12-15
Part II. OTHER INFORMATION
Item 1. Legal Proceedings......................................................................................................16
Item 2. Changes in Securities..................................................................................................16
Item 3. Defaults upon Senior Securities........................................................................................16
Item 4. Submission of Matters to a Vote of Security Holders....................................................................16
Item 5. Other Information......................................................................................................16
Item 6. Reports on Form 8-K....................................................................................................16
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
JULY 31, April 30,
2000 2000
CURRENT ASSETS
Cash and cash equivalents $ 15,864,000 $ 17,702,000
Short-term investments 24,348,000 31,440,000
Receivables, net of allowances of
$577,000 and $589,000, respectively 9,745,000 11,055,000
Inventory 2,787,000 2,978,000
Deferred tax asset 4,620,000 3,680,000
Prepaid expenses and
other current assets 1,182,000 1,407,000
------------- -------------
Total Current Assets 58,546,000 68,262,000
EQUIPMENT
Laser equipment 34,175,000 30,654,000
Medical equipment 7,401,000 5,901,000
Mobile equipment 11,570,000 10,677,000
Furniture and fixtures 3,092,000 2,979,000
-Accumulated depreciation (24,507,000) (22,183,000)
------------- -------------
Total Equipment, Net 31,731,000 28,028,000
OTHER ASSETS
Deferred tax asset 4,751,000 6,309,000
Goodwill, net 21,565,000 17,437,000
Tradename and service mark costs, net 69,000 74,000
Deferred contract rights 556,000 608,000
Investment in common equity securities 2,325,000
Rent deposits and other, net 246,000 224,000
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Total Other Assets 27,187,000 26,977,000
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Total Assets $ 117,464,000 $ 123,267,000
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See notes to interim consolidated financial statements
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
JULY 31, April 30,
2000 2000
CURRENT LIABILITIES
Current portion of notes payable $ 7,906,000 $ 8,323,000
Current portion of capitalized
lease obligations 862,000 1,006,000
Accounts payable 4,572,000 4,268,000
Accrued compensation 1,178,000 1,549,000
Other accrued liabilities 4,403,000 8,975,000
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Total Current Liabilities 18,921,000 24,121,000
NON-CURRENT LIABILITIES
Notes payable 3,622,000 4,025,000
Capitalized lease obligations 1,708,000 1,853,000
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Total Non-Current Liabilities 5,330,000 5,878,000
MINORITY INTERESTS 1,364,000 1,354,000
COMMITMENTS AND CONTINGENCIES
SERIES B CONVERTIBLE PREFERRED STOCK WITH
MANDATORY REDEMPTION PROVISIONS 2,349,000 2,295,000
STOCKHOLDERS' EQUITY
Common stock, par value of $.01 per
share, 50,000,000 shares authorized;
25,330,991 and 25,330,991 shares issued
and outstanding, respectively 253,000 253,000
Warrants and options 1,040,000 915,000
Paid-in capital 107,985,000 107,875,000
Treasury stock at cost (9,005,000) (7,514,000)
Accumulated deficit (10,773,000) (11,910,000)
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Total Stockholders' Equity 89,500,000 89,619,000
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Total $ 117,464,000 $ 123,267,000
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See notes to interim consolidated financial statements
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Month Period
Ended July 31,
2000 1999
REVENUES $ 22,237,000 $ 20,999,000
Royalty fees and professional medical services 5,538,000 6,883,000
Depreciation and amortization 3,251,000 1,948,000
Cost of revenues, other 6,410,000 4,965,000
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GROSS PROFIT 7,038,000 7,203,000
Selling, general and administrative expenses 5,872,000 4,127,000
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INCOME FROM OPERATIONS 1,166,000 3,076,000
Other income (expenses)
Minority interests in net income (392,000) (88,000)
Interest and other income 769,000 697,000
Gain on sale of equity investment 595,000
Interest and other expense (275,000) (299,000)
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NET INCOME BEFORE TAXES 1,863,000 3,386,000
Income tax (expense) benefit (708,000) 747,000
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NET INCOME 1,155,000 4,133,000
Deemed preferred dividends (54,000) (50,000)
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NET INCOME APPLICABLE TO
COMMON STOCKHOLDERS $ 1,101,000 $ 4,083,000
============ ============
Net Income per Share - Basic $ 0.05 $ 0.17
============ ============
NET INCOME PER SHARE - DILUTED $ 0.04 $ 0.14
============ ============
Weighted average number of
common shares outstanding - basic 23,918,000 24,177,000
============ ============
Weighted average number of
common shares outstanding - diluted 24,521,000 28,578,000
============ ============
See notes to interim consolidated financial statements
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
Three Month Period
Ended July 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,155,000 $ 4,133,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,626,000 2,216,000
Deferred income taxes 618,000 (867,000)
Compensation paid in common stock,
options or warrants 77,000 57,000
Minority interest in net income of subsidiaries 392,000 88,000
(Increase) decrease in accounts receivable 1,310,000 (3,279,000)
(Increase) decrease in inventory 191,000 (31,000)
Decrease in prepaid expenses
and other current assets 325,000 100,000
Increase (decrease) in accounts payable 304,000 (82,000)
Increase (decrease) in accrued liabilities (4,943,000) 3,833,000
------------ ------------
Net cash provided by operating activities 3,055,000 6,168,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments (40,993,000) (36,903,000)
Sale of short-term investments 48,085,000
Sale of investment in common equity securities 2,494,000
Acquisition of equipment (6,203,000) (1,879,000)
Proceeds from sale of minority interest 201,000
Business acquisitions and partnership investments,
net of cash acquired, and other (4,717,000) (84,000)
------------ ------------
Net cash used in investing activities (1,334,000) (38,665,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from underwritten public stock offering 44,150,000
Stock offering costs (104,000)
Purchase of treasury stock (1,534,000)
Proceeds from exercise of stock options and warrants 20,000 7,718,000
Principal payments under capitalized
lease obligations and notes payable (1,663,000) (3,081,000)
Proceeds paid to minority shareholders (382,000)
Return of restricted cash 217,000
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Net cash (used in) provided by financing activities (3,559,000) 48,900,000
------------ ------------
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS (1,838,000) 16,403,000
Cash and cash equivalents at beginning of period 17,702,000 8,173,000
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 15,864,000 $ 24,576,000
============ ============
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)(CONTINUED)
Three Month Period
Ended July 31,
2000 1999
Non-cash investing and financing:
Capital lease obligations and notes payable related
to laser and equipment purchases $554,000 $1,288,000
Accrued and deferred stock offering costs 412,000
Deemed preferred dividends 54,000 50,000
See notes to interim consolidated financial statements
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN
STOCKHOLDERS' EQUITY (UNAUDITED)
Common Stock Accumulated
$.01 Par Value Other
Paid-in Comprehensive Treasury
Shares Amount Capital Income Stock
Balance-
April 30, 2000 25,330,991 $253,000 $108,044,000 (169,000) (7,514,000)
Warrants and options issued
Exercise of
warrants and options (5,000) 43,000
Treasury stock purchased (1,534,000)
Dividends accrued
on convertible
preferred stock (54,000)
Comprehensive income
Net income for the
three month period
ended July 31, 2000
Reverse unrealized holding
loss on investment 169,000
Total comprehensive income
---------- -------- ------------ -------- ------------
Balance -
July 31, 2000 25,330,991 $253,000 $107,985,000 $ - $(9,005,000)
========== ======== ============ ======== ============
Warrants Total
and Accumulated Shareholders'
Options Deficit Equity
Balance-
April 30, 2000 $915,000 ($11,910,000) $89,619,000
Warrants and options issued 125,000 125,000
Exercise of
warrants and options (18,000) 20,000
Treasury stock purchased, net (1,534,000)
Dividends accrued
on convertible
preferred stock (54,000)
Comprehensive income
Net income for the
three month period
ended July 31, 2000 1,155,000
Reverse unrealized holding
loss on investment
Total comprehensive income 1,324,000
---------- ----------- -----------
Balance -
July 31, 2000 $1,040,000 ($10,773,000) $89,500,000
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See notes to interim consolidated financial statements
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LASER VISION CENTERS, INC. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 2000
(Unaudited)
Item 1.
1. The information contained in the interim consolidated financial statements
and footnotes is condensed from that which would appear in the annual
consolidated financial statements. Accordingly, the interim consolidated
financial statements included herein should be read in conjunction with the
consolidated financial statements and related notes thereto contained in
the April 30, 2000 Annual Report on Form 10-K filed by Laser Vision
Centers, Inc. ("LaserVision") with the Securities and Exchange Commission.
The unaudited interim consolidated financial statements as of July 31, 2000
and July 31, 1999, and for the three months then ended, include all normal
recurring adjustments which management considers necessary for a fair
presentation. The results of operations for the interim periods are not
necessarily indicative of the results which may be expected for the entire
fiscal year. The interim consolidated financial statements include the
accounts and transactions of the Company and its subsidiaries. All
significant intercompany transactions and accounts have been eliminated.
2. The net income per share was computed as described below using the
"Weighted average number of common shares outstanding - basic" during each
period.
"Weighted average number of common shares outstanding - diluted" for the
three months ended July 31, 2000 includes the dilutive effects of warrants
and options using the treasury stock method. "Weighted average number of
common shares outstanding - diluted" for the three months ended July 31,
1999 includes the dilutive effects of warrants and options using the
treasury stock method and the Series B Convertible Preferred Stock. For the
three months ended July 31, 2000 and 1999, dilutive warrants and options
were calculated using an average market price of $5.50 and $29.74 per
common share. As of July 31, 2000, 6.5 million warrants and options were
outstanding with an average exercise price of about $9.00 each including 4
million warrants and options with an average exercise price of about $4.50.
Diluted per share calculations follow:
Three months ended
July 31,
2000 1999
---- ----
Net income $ 1,155,000 $ 4,133,000
Deemed preferred dividends (54,000) (50,000)
------------ ------------
Net income applicable to
common stockholders $ 1,101,000 $ 4,083,000
Weighted average number of
common shares outstanding - basic 23,918,000 24,177,000
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Dilutive securities -
Warrants and options 603,000 3,513,000
Preferred stock 888,000
Weighted average number of
common shares outstanding -
diluted 24,521,000 28,578,000
Net Income per share - Diluted $0.04 $0.14
3. Effective June 2000 LaserVision acquired Southeast Medical, Inc. (Southeast
Medical) of Mandeville, Louisiana for $1.5 million of cash and future contingent
consideration which is dependent upon achieving certain levels of revenue. This
transaction has been accounted for under the purchase method of accounting and
was financed with existing cash. Southeast Medical is a provider of mobile
cataract services in Louisiana and Mississippi and the results of their
operations for the two months ended July 31, 2000 are included in the
consolidated financial statements of LaserVision. For segment reporting
purposes, their result of operations are included in the cataract segment.
4. Short-term investments have an original maturity of more than three months
and a remaining maturity of less than one year. These investments are stated at
cost as it is the intent of LaserVision to hold these securities until maturity.
The fair market value of short-term investments approximates book value at July
31, 2000.
5. The table below presents information about net income and segment assets used
by the chief operating decision maker of LaserVision as of and for the quarters
ended July 31, 2000 and 1999:
Quarter ended July 31, 2000
North American Other
Refractive Refractive Cataract Reconciling Total
Revenue $18,138,000 $881,000 $3,218,000 - $22,237,000
Interest and other income $769,000 769,000
Interest and other expense (275,000) (275,000)
Income tax expense (708,000) (708,000)
Net income $1,481,000 $109,000 $363,000 $(798,000) $1,155,000
Quarter ended July 31, 1999
North American Other
Refractive Refractive Cataract Reconciling Total
Revenue $17,546,000 $583,000 $2,870,000 - $20,999,000
Interest and other income $697,000 697,000
Interest and other expense (299,000) (299,000)
Income tax benefit 747,000 747,000
Net income $3,703,000 $(29,000) $376,000 $83,000 $4,133,000
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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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.
The discussion set forth below analyzes certain factors and trends
related to the financial results for each of the quarters ended July 31, 2000
and 1999. This discussion should be read in conjunction with the consolidated
financial statements and notes to the consolidated financial statements.
ITEM 2.
(A) LIQUIDITY AND CAPITAL RESOURCES
During the quarter ended July 31, 2000, cash and cash equivalents decreased 10%
or $1.8 million to $15.9 million from $17.7 million at April 30, 2000.
Short-term investments maturing in less than one year decreased to $24.3 million
at July 31, 2000 from $31.4 million at April 30, 2000. The ratio of current
assets to current liabilities at July 31, 2000 was 3.09 to one, compared to 2.83
to one at April 30, 2000.
Cash Flows from Operating Activities
Net cash provided by operating activities decreased by $3.1 million to $3.1
million for the three months ended July 31, 2000 from $6.2 million for the three
months ended July 31, 1999. The cash flows provided by operating activities
during the three months ended July 31, 2000 primarily represent the net income
in this period plus depreciation and amortization and the decrease in accounts
receivable, less the net decrease in current liabilities. The cash flows
provided by operating activities during the three months ended July 31, 1999
primarily represent the net income in this period plus depreciation and
amortization and the net increase in current liabilities, less the increase in
accounts receivable. The significant increase in current liabilities in 1999 was
due to the timing of the payment of accrued tax withholdings. The significant
decrease in current liabilities in 2000 was due to paying the contingent
consideration to the former owners of Midwest Surgical Services, Inc.
Cash Flows from Investing Activities
Net cash used for investing activities decreased to $1.3 million for the three
months ended July 31, 2000 from $38.7 million for the three months ended July
31, 1999. Cash used for investing during the three months ended July 31, 2000
was used to acquire Southeast Medical and enter into partnership agreements and
to acquire equipment partially offset by the net proceeds from the sale of
short-term and common equity investments. Cash used for investing during the
three months ended July 31, 1999 was used to acquire short-term investments and
acquire equipment
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partially offset by the sale of minority interest.
Cash Flows from Financing Activities
During the three months ended July 31, 2000, $3.6 million cash was used in
financing activities. During the three months ended July 31, 1999, $48.9 million
cash was provided by financing activities. Cash used in financing activities
during the three months ended July 31, 2000 was primarily used to purchase
treasury stock, make principal payments under capitalized lease obligations and
notes payable and to pay proceeds to minority shareholders. Cash provided by
financing during the three months ended July 31, 1999 was primarily provided by
the underwritten public stock offering and the exercise of stock options and
warrants partially offset by principal payments under capitalized lease
obligations and notes payable.
Income Taxes
During the fourth quarter of fiscal 1999 LaserVision began recognizing deferred
tax assets related to net operating loss (NOL) carryforwards. Based on expected
future operating plans, at July 31, 2000, management has determined that the net
deferred tax assets generated by operations will more likely than not be
utilized to offset future taxes. For tax purposes, the tax benefit related to
certain equity transactions that did not impact operating results, such as those
arising from the exercise of non-qualified stock options and warrants, will be
credited to shareholders' equity and serve to reduce the future taxes paid by
LaserVision. In the future, LaserVision anticipates income tax expense to be
approximately 38% of income before taxes. With the impact of the equity related
tax loss carryforwards, LaserVision expects its cash income tax expense to be
about 6%.
Overview
LaserVision expects to continue to fund future operations from revenues received
from providing laser access and market services, existing cash and cash
equivalents and short-term investments, the exercise of stock options and
warrants and future financing as required. LaserVision is in the process of
establishing a $20 million line of credit with a bank for acquisitions and
general corporate purposes and an $8 million leasing line with a bank for laser
equipment purchases. There can be no assurance that these credit and leasing
lines will be finalized or that capital will be available when needed or, if
available, that the terms for obtaining such funds will be favorable to
LaserVision.
(B) RESULTS OF OPERATIONS
The following table breaks out revenue by source. This table also
includes "net revenue contribution." Net revenue contribution is revenue less
license fees paid to laser manufacturers and amounts paid to eye surgeons for
professional medical services rendered at our fixed laser sites. Management
believes that net revenue contribution provides relevant and useful information
to investors because it reflects the dollars available to cover LaserVision's
fixed and variable costs after excluding variable costs which LaserVision pays
to third parties. Net
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revenue contribution should not be considered as an alternative to gross profit,
operating income and net income as a measure of profitability. Finally, the
table includes certain profitability amounts as a percentage of total revenue
and net revenue contribution.
THREE MONTHS ENDED
JULY 31,
2000 1999
Revenue
North American refractive $18,138,000 $17,546,000
Other refractive 881,000 583,000
Cataract 3,218,000 2,870,000
----------- -----------
Total revenue 22,237,000 20,999,000
Royalty fees and professional
medical services 5,538,000 6,883,000
Revenue less royalty fees and professional
medical services, "net revenue
contribution" 16,699,000 14,116,000
Gross profit 7,038,000 7,203,000
% of total revenue 32% 34%
% of net revenue contribution 42% 51%
Income from operations 1,166,000 3,076,000
% of total revenue 5% 15%
% of net revenue contribution 7% 22%
Net income before taxes 1,863,000 3,386,000
% of total revenue 8% 16%
% of net revenue contribution 11% 24%
QUARTER ENDED JULY 31, 2000 COMPARED TO QUARTER ENDED JULY 31, 1999
LaserVision has continued to provide excimer laser access to additional sites
throughout the U.S. We are focused on establishing long-term relationships with
our customers and providing value-added services through our partnership and
market development models.
Revenue
Total revenue increased by 6% or $1.2 million to $22.2 million for the three
months ended July 31, 2000 from $21.0 million for the three months ended July
31, 1999. Total laser procedures increased by 38% to 32,267 for the three months
ended July 31, 2000 from 23,300 for the three months ended July 31, 1999. The
increase in revenue is not as great as the increase in procedures primarily due
to the 60% decrease in the royalty fees which has decreased the fee we charge to
our surgeon customers. Decreasing prices for our services, particularly for
higher volume accounts, also contributed to the decrease.
The increase in revenue is attributable to an $0.6 million increase in North
American refractive revenue, a $0.3 million increase in other refractive revenue
and a $0.3 million increase in
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cataract revenue. The increase in North American revenue was attributable to an
increase both in the number of U.S. lasers in operation and the number of
procedures performed by our eye surgeon customers in the U.S. partially offset
by the decline in price due to the 60% decrease in the royalty fee paid to laser
manufacturers and lower prices for high volume accounts.
Cost of Revenues/Gross Profit
Cost of revenues increased by 10% or $1.4 million to $15.2 million for the three
months ended July 31, 2000 from $13.8 million for the three months ended July
31, 1999. This was primarily due to an increase of $1.2 million in depreciation,
an increase of $0.7 million in mobile laser engineer salaries and travel costs,
an increase of $0.7 million in professional medical services and a $0.5 million
increase in gases, medical supplies and maintenance, and a $0.3 million increase
in costs related to the cataract business partially offset by a $2.1 million
decrease in royalty fees. The increases in salaries and travel, professional
medical services, and gases, medical supplies and maintenance are primarily due
to increased refractive procedure volume.
Total gross profit decreased by 2% or $0.2 million to $7.0 million for the three
months ended July 31, 2000 from $7.2 million for the three months ended July 31,
1999. The variable gross profit, excluding depreciation, increased by 12% or
$1.1 million to $10.3 million for the three months ended July 31, 2000 from $9.2
million for the three months ended July 31, 1999. This was primarily due to
higher volumes of procedures performed with our equipment at an increased number
of sites. As a percentage of total revenue, total gross profit decreased to 32%
from 34% for the three months ended July 31, 2000 and 1999, respectively. This
decline is primarily due to a decline in the average sales price per procedure
greater than the decline in our average cost per procedure.
Operating Expenses
Selling, general and administrative expenses increased by 42% or $1.8 million to
$5.9 million for the three months ended July 31, 2000 from $4.1 million for the
three months ended July 31, 1999. This was attributed to increases in selling
and marketing expenses of $1.1 million, increases in salaries and related
expenses of $0.2 million, increases in general and administrative expenses of
$0.3 million and increases in depreciation and amortization of $0.1 million. The
$1.1 million increase in selling and marketing expenses is a result of our
change in focus to partnerships and market development sites where we provide
substantially all marketing services in exchange for a larger percentage of the
global patient fee.
Income from Operations
The income from operations decreased by $1.9 million to $1.2 million for the
three months ended July 31, 2000 from $3.1 million for the three months ended
July 31, 1999 based on the factors described above.
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Other Income (Expenses)
A one-time gain of $595,000 relative to the sale of an investment in common
equity securities increased other income during the quarter ended July 31, 2000.
Excluding this one-time event, higher minority interests in net income of
subsidiaries partially offset by higher interest income and lower interest
expense caused a $208,000 decrease in other income (expense) to a net $102,000
of income during the three months ended July 31, 2000 from a net $310,000 of
income during the three months ended July 31, 1999.
Taxes
Income tax (expense) benefit changed from a tax benefit of $747,000 for the
three months ended July 31, 1999 to tax expense of $708,000 for the three months
ended July 31, 2000. Given the utilization of NOL carryforwards generated by
operations available to offset future taxes for financial reporting purposes,
LaserVision anticipates income tax expense to be approximately 38% of income
before taxes.
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PART II-OTHER INFORMATION
Item 1. Legal Proceedings
There has been no material change in the status of any
litigation from that reported in the Form 10-K for the year ended April 30,
2000, nor has any other material litigation been initiated.
Item 2. Changes in Securities
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
Item 6. Reports on Form 8-K during the period covered by this report:
None
Exhibits - None
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Signature
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LASER VISION CENTERS, INC.
\s\John J. Klobnak September 14, 2000
- ------------------------------------- ------------------------
John J. Klobnak Date
Chairman of the Board and Chief Executive Officer
\s\B. Charles Bono III September 14, 2000
- ------------------------------------ -------------------------
B. Charles Bono III Date
Chief Financial Officer and
Principal Accounting Officer
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