-----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, Bz6U2GTq0cnxxMeTs5yF+zTkTAdGxy5aukUi7++uV7jAzIRTzbot3yAOKsYCqmdA 4JhjZmix/yxJ5YA6NY8hEg== 0000906318-99-000009.txt : 19990212 0000906318-99-000009.hdr.sgml : 19990212 ACCESSION NUMBER: 0000906318-99-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990208 ITEM INFORMATION: FILED AS OF DATE: 19990211 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: 99531466 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) February 8, 1999 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 February 8, 1999 the Registrant issued the attached press release reporting results for the fourth quarter and full year ended December 31, 1998. Item 7. Financial Statements and Exhibits (a) Exhibits 99.1 Press Release dated February 8, 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: February 11, 1999 By:/s/Larry P. Rapp Larry P. Rapp, Chief Financial Officer Exhibit 99.1 Headline: ---------------------------------------------- Contacts: Dr. Stephen N. Joffe or Joel Pomerantz Larry Rapp The Dilenschneider LCA-Vision Inc. Group, Inc. (513) 792-9292 (212) 922-0900 LCA-VISION REPORTS POSITIVE FOURTH-QUARTER EPS Company Turns Corner, Sees Strong Growth, And Sustained Profitability In 1999 CINCINNATI, February 8, 1999 -- LCA-Vision Inc. (NASDAQ:LCAV), a leading U.S. provider of laser vision correction services, today reported results for the fourth quarter and full year ended December 31, 1998. LCA-Vision made good on its long-standing forecast to shareholders to deliver "break-even or better" financial performance by the end of 1998. In the fourth quarter, the company generated net income attributable to common shareholders of $247,000, or 1 cent a diluted share, on record revenues of $9.9 million. A year ago, the company reported a net loss of $2.6 million, or 7 cents a diluted share, on revenues of $6 million. Fourth-quarter procedure volume doubled to 6,791, up from 3,400 procedures during the same quarter last year. For all of 1998, LCA-Vision performed a record-breaking 23,080 procedures, up 137 percent from a year ago. Revenues for the year doubled to a record $35.2 million, up from $17.6 million in 1997. Excluding the impact of restructuring charges, the company's full-year net loss was $3.2 million, or 9 cents a diluted share, compared with a loss of $6.9 million, or 26 cents a diluted share, a year ago. Including first-half restructuring charges of $10.5 million, or 29 cents a diluted share, LCA-Vision reported a full-year net loss attributable to common shareholders of $13.7 million, or 36 cents a diluted share. In 1997, the company posted a restructuring charge of $1.1 million for the year, or 4 cents a diluted share. Results for 1998 also reflect preferred dividends of $128,000 and $518,00 0 for the fourth quarter and full year, respectively, compared with preferred dividend charges of $44,000 and $183,000, respectively, for the 1997 periods. Dr. Stephen Joffe, LCA-Vision chairman and CEO, commented: "LCA-Vision had a better than break-even quarter, a clear sign, we believe, that our business has turned the corner. The sharp increase in procedure volume that marked the closing weeks of 1998 has continued in the new year. Looking ahead, we see continued strong growth and sustained profitability in 1999. "Over 400,000 laser vision correction procedures were performed in the U.S. in 1998, exceeding projections and representing a 75 percent increase over 1997. Based on our ability, today, to treat nearsightedness, farsightedness and astigmatism, more than 99 percent of the potential U.S. market remains untapped. LCA-Vision's current streamlined, more efficient operational structure will allow us to take full advantage of the rapidly accelerating pace of patient acceptance." Dr. Joffe noted that strong word-of-mouth endorsements from satisfied patients continue to be the most effective motivator for new patients to consider laser vision correction. "Outstanding results, continued favorable media attention, and our proven marketing techniques have given us a winning formula and every reason to be extremely optimistic about the coming year." LCA-Vision, which operates laser vision correction centers in the U.S., Canada, and Europe, is supported by a network of 600 physicians and 800 referring optometrists. Since inception, more than 45,000 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 website at www.lca-vision.com. # # # 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. LCA-VISION INC. Condensed Consolidated Statements of Operations For the Three and Twelve Months Ended December 31, 1998 and 1997 (000 omitted, except per share amounts)
For The Three Months For The Twelve Months Ended December 31 Ended December 31 1998 1997 1998 1997 -------- --------- --------- --------- Net revenues: Laser refractive surgery $ 9,533 $ 4,754 $ 32,963 $ 12,917 Surgery management contracts 159 964 1,496 3,064 Other 179 318 741 1,613 -------- --------- --------- --------- Total net revenues 9,871 6,036 35,200 17,594 Direct operating expenses 6,477 4,758 24,463 12,727 General and administrative expenses 2,819 2,540 10,144 8,005 Depreciation and amortization 706 1,068 3,521 2,511 Restructuring provision 10,500 1,110 Other 162 -------- --------- --------- --------- Operating income (loss) (131) (2,330) (13,428) (6,911) Equity in income (loss) from unconsolidated affiliates 209 (2) 354 (27) Interest income 137 171 441 217 Interest expense 88 366 786 1,140 Other income 260 21 358 77 -------- --------- --------- --------- Income (loss) before income taxes 387 (2,506) (13,061) (7,785) Taxes on income 12 12 157 68 -------- --------- --------- --------- Net income (loss) 375 (2,518) (13,218) (7,853) Preferred stock dividends 128 44 518 183 -------- --------- --------- --------- Income (loss) applicable to to common stock $ 247 $ (2,562) $ (13,736) $ (8,036) ======== ========= ========= ========== Income (loss) per common share Basic $ 0.01 $ (0.07) $ (0.36) $ (0.30) Diluted $ 0.01 $ (0.07) $ (0.36) $ (0.30) Weighted average shares outstanding Basic 40,032,347 36,664,816 37,669,471 26,709,184 Diluted 46,973,114 36,664,816 37,669,471 26,709,184 EBITDA $ 575 $ (1,262) $ 593 $ (3,300)
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