-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PuTvbg8UWlcgQaJ6bWhbGSfGOqNygieFHAhNbuIRwjTPvJDjtU9vwD7Q+Cms7+ld u4nxpkJWkZXYVAWbGO77+Q== 0000906318-98-000099.txt : 19981109 0000906318-98-000099.hdr.sgml : 19981109 ACCESSION NUMBER: 0000906318-98-000099 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981106 ITEM INFORMATION: FILED AS OF DATE: 19981106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LCA VISION INC CENTRAL INDEX KEY: 0001003130 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093] IRS NUMBER: 112882328 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-27610 FILM NUMBER: 98739777 BUSINESS ADDRESS: STREET 1: 7840 MONTGOMERY RD CITY: CINCINNATI STATE: OH ZIP: 45236 BUSINESS PHONE: 5137929292 MAIL ADDRESS: STREET 1: 7840 MONTGOMERY ROAD CITY: CINCINNATI STATE: OH ZIP: 45236 8-K 1 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) November 3, 1998 LCA-Vision Inc. (Exact name of Registrant as specified in its Charter) Delaware 0-27610 11-2882328 (State or other jurisdiction (Commission (IRS Employer of incorporation) File No.) Identification Number) 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 October 30, 1998 the Registrant issued the attached press release announcing its third quarter 1998 earnings. On November 3, 1998, the Registrant issued the attached press release announcing that all its U.S. Centers are equipped with the new VISX Lasers approved today by the FDA for the treatment of Hyperopia, Centers expect to begin treating backlog of farsighted patients shortly. Item 7. Financial Statements and Exhibits (a) Exhibits 99.1 Press Release dated November 3, 1998 99.2 Press Release dated October 30, 1998 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: November 6, 1998 By:/s/Larry P. Rapp Larry P. Rapp, Chief Financial Officer Exhibit 99.1 Headline: ---------------------------------------------- Contacts: Dr. Stephen N. Joffe Ken DiPaola or Larry P. Rapp or Joel Pomerantz LCA-Vision Inc. The Dilenschneider Group, Inc. (513) 792-9292 (212) 922-0900 LCA-VISION SAYS ALL ITS U.S. CENTERS ARE EQUIPPED WITH THE NEW VISX LASERS APPROVED TODAY BY THE FDA FOR THE TREATMENT OF HYPEROPIA Centers Expect to Begin Treating Backlog of Farsighted Patients Shortly CINCINNATI, November 3 -- Responding to today's FDA approval of the VISX Star S2 excimer laser to treat hyperopia or farsightedness, LCA-Vision Inc. (NASDAQ:LCAV), one of the largest U.S.-based providers of laser vision correction, said today all of its U.S. centers are equipped with the newly approved VISX lasers and that it will begin treating its backlog of farsighted patients shortly. Commenting on today's approval, LCA-Vision Chairman and CEO Dr. Stephen Joffe said: "We already have a backlog of hundreds of prospective farsighted patients who have been awaiting this approval to receive full evaluation and treatment. As news of FDA approval to treat farsightedness circulates, we believe that number will rise significantly." The FDA green light is expected to add more than 50 million additional hyperopic American adults to the pool of potential patients for laser vision correction. The FDA first approved laser treatment of myopia, or nearsightedness, in October, 1995, followed by approval to treat astigmatism in April, 1997. The number of laser vision correction procedures performed each quarter by LCA-Vision has been growing at triple-digit annual rates since early 1996. Industry estimates for the number of laser vision correction procedures that will be performed nationwide in 1998, range from 350,000 to 500,000, up from 200,000 in 1997. LCA-Vision Inc., which operates 21 laser vision correction centers in the U.S., Canada, and Europe, is supported by a qualified and experienced network of 600 physicians and 800 referring optometrists. Since inception, more than 38,000 laser vision correction procedures have been performed at the company's centers. LCA-Vision also manages laser, and minimally invasive, multi-specialty programs for major hospitals across the country. # # # Safe Harbor Statement: 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. November 3, 1998 Exhibit 99.2 Headline: ---------------------------------------------- Contacts: Dr. Stephen N. Joffe Ken DiPaola or Larry P. Rapp or Joel Pomerantz LCA-Vision Inc. The Dilenschneider Group, Inc. (513) 792-9292 (212) 922-0900 LCA-VISION REPORTS RECORD THIRD-QUARTER REVENUES; LASER VISION CORRECTION VOLUME UP 122 PERCENT Company Is Cash Flow Positive; Cuts Per Share Loss to 2 Cents from 8 Cents Last Year CINCINNATI, October 30, 1998 --- LCA-Vision Inc. (NASDAQ:LCAV), one of the largest U.S.-based providers of laser vision correction services, today reported record revenues and a sharp decline in losses for the third quarter ended September 30, 1998. Third-quarter revenues from laser vision correction increased sharply, up 116 percent to a record $8,509,000, versus $3,948,000 a year ago. Procedure volume for the period grew to a record 6,093 procedures, up 122 percent from 2,749 procedures for the same quarter last year. Total revenues for the period rose 84 percent to $9,096,000, up from $4,956,000, a year ago. In the third quarter, the company was again cash flow positive, underscoring the continued improvement in operating performance. EBITDA for the quarter rose to a positive $16,000, up from a deficit of $657,000 a year ago. The company also trimmed its third-quarter net loss to $759,000, or 2 cents per diluted share, compared with a net loss of $2,614,000, or 8 cents per diluted share, a year ago. Commenting on the results, LCA-Vision CEO Dr. Stephen Joffe said: Procedure volume continues to accelerate at a healthy pace. We look for further progress in the fourth quarter and remain confident that we can achieve positive earnings per share in the first quarter of 1999. Dr. Joffe continued: We reduced third-quarter general and administrative expenses by approximately $150,000 versus a year ago, even though marketing and advertising expenses grew by more than $500,000, reflecting the stepped-up spending needed to drive patient volume at our centers. The payoff on this kind of marketing investment is not immediate, but it should significantly benefit volume growth in future periods. The year-over-year increase in direct operating expenses this quarter was due primarily to increased physician and royalty fees, which are tied directly to higher volume. Nine-month revenues from laser vision correction rose 194 percent to $23,423,000, versus $7,977,000 last year. Total revenues for the period rose 119 percent to $25,323,000, up from $11,558,000 for the same period a year ago. Including one-time restructuring charges of $10,500,000, recorded earlier this year, LCA-Vision's nine-month loss was $13,995,000, or 38 cents per diluted share. A year ago, the company lost $5,335,000, or 23 cents per diluted share, including a $1,100,000 restructuring provision. Through the first nine months of 1998, the number of laser vision correction procedures performed by LCA-Vision rose 154 percent to a record 16,280, up from 6,412 procedures last year. Demand Continues to Grow Commenting on the sustained quarterly growth in procedure volume, Dr. Joffe added: Enthusiastic patient word-of-mouth continues to fuel accelerating demand. LASIK, the newest laser vision correction procedure, is another plus. It shortens recovery time dramatically and most patients can see a marked improvement shortly after this procedure is finished. The anticipated FDA approval of treatment for farsightedness, or hyperopia, will add millions of additional potential patients and provide a further boost for laser vision correction. We have already made the considerable investment needed to equip all of our centers with the required VISX Star S2 lasers, so we can begin treating hyperopic patients very quickly. LCA-Vision Inc. operates 21 laser vision correction centers in the U.S., Canada and Europe. Since inception, more than 38,000 laser vision correction procedures have been performed at the company's centers. LCA-Vision also manages laser, and minimally invasive, hospital surgical programs. Safe Harbor Statement: This release contains forwardlooking 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. (See Accompanying Financial Tables) LCA-VISION INC. Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 1998 and 1997 (Unaudited) (Dollars in thousands, except per share amounts)
For the Three Months For the Nine Months Ended September 30, Ended September 30, -------------------- ------------------- 1998 1997 1998 1997 ---- ---- ---- ---- Net revenues: Laser refractive eye surgery centers $ 8,509 $ 3,948 $ 23,423 $ 7,977 Multi-specialty laser surgery programs 431 657 1,338 2,142 Other 156 351 562 1,439 -------- ------- -------- ------- Total net revenues 9,096 4,956 25,323 11,558 Direct operating expenses 6,332 2,711 17,987 7,124 General and administrative expenses 2,749 2,902 7,327 6,310 Center pre-opening expenses -- -- -- 163 Depreciation and amortization 692 611 2,815 1,443 Restructuring services -- 1,100 10,500 1,100 Income (loss) from Operations (676) (2,368) (13,306) (4,581) Equity in income (loss) from unconsolidated affiliates 108 5 144 (26) Interest income 106 10 302 45 Interest expense (108) (267) (698) (774) Other income (expense) 37 44 98 57 Income (loss) before income tax (533) (2,575) (13,460) (5,280) Income tax expense (8) 6 (145) (56) Net income (loss) (541) (2,569) (13,605) (5,335) Accrued dividend - Class B preferred stock 218 45 390 139 Amount applicable to income (loss) per common share $ (759) $ (2,614) $ (13,995) $ (5,474) =========== ========== =========== ========== Income (loss) per common share Basic $ (0.02) $ (0.08) $ (0.38) $ (0.23) Diluted $ (0.02) $ (0.08) $ (0.38) $ (0.23) Weighted average common shares outstanding Basic and Diluted 37,162,537 30,976,290 36,881,845 23,390,639 Operating (loss) $ (676) $ (2,368) $ (13,306) $ (4,581) Restructuring services -- 1,100 10,500 1,100 Depreciation and amortization 692 611 2,815 1,443 EBITDA $ 16 $ (657) $ 9 $ (2,038) ========== =========== ========== ===========
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