-----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, TmTEmU3XFSFinuUtqBbv0f9nBppGRV6tSVZFVjOoXWuMWbZbzxaeOpy34p/ZMUhn zForwxlHNWIL3tDZT+dHuQ== 0000906318-96-000049.txt : 19960816 0000906318-96-000049.hdr.sgml : 19960816 ACCESSION NUMBER: 0000906318-96-000049 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LCA VISION INC CENTRAL INDEX KEY: 0001003130 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-NURSING & PERSONAL CARE FACILITIES [8050] IRS NUMBER: 112882328 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27610 FILM NUMBER: 96613607 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 10-Q 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-QSB (Mark one) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996. [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT. For the transition period from _________ to _____________ Commission file number 0-27610 LCA-Vision Inc. (Exact name of small business issuer as specified in its charter) Delaware 11-2882328 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 7840 Montgomery Rd., Cincinnati, OH 45236 (Address of principal executive offices) (513) 792-9292 (Issuer's telephone number) (Former name, former address and former fiscal year, if changed since last report.) Check whether the issuer (1) filed all reports required to be filed by Section 3 or 15(d) of the Exchange Act during the past 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 APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Check whether the registrant filed all documents and reports required to be filed by sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes No APPLICABLE ONLY TO CORPORATE ISSUERS: State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 19,617,875 at July 31, 1996 Transitional Small Business Disclosure Format (check one): Yes No X LCA-VISION INC. INDEX Page No. Facing Sheet 1 Index 2 Part I. Financial Information Item 1. Financial Statements. Unaudited Condensed Consolidated Balance Sheet, June 30, 1996 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 1996 and 1995 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Three and Six Months ended June 30, 1996 and 1995 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information 11 Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K Signatures 13 LCA-VISION INC. Condensed Consolidated Balance Sheet June 30, 1996 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 950,017 Accounts receivable, net of allowance for doubtful accounts of $206,975 1,934,637 Supplies inventory, prepaid expenses and other 1,137,066 Total current assets 4,021,720 Property and equipment, net 9,102,613 Investment in unconsolidated affiliates 448,483 Other assets 659,497 ---------- Total assets $14,232,313 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 549,532 Bank line of credit 384,000 Accrued liabilities 1,111,420 Current portion of long-term debt 600,580 Deferred revenue 669,036 --------- Total current liabilities 3,314,568 Long-term debt, net of current portion 5,727,790 Note payable to shareholder 4,038,064 ----------- Total liabilities $13,080,422 =========== Stockholders' Equity Class A Preferred stock - authorized 1,688 shares, $.001 par value; 1,688 shares issued and outstanding 7 Class B Preferred stock - authorized 5,000,00 shares Common stock - authorized 110,000,000 shares, $.001 par value; 19,617,875 shares issued and outstanding 78,471 Paid-in capital 3,077,642 Retained (deficit) (2,011,976) Translation adjustment 7,747 ----------- Total stockholders' equity $ 1,151,891 ----------- Total liabilities and stockholders' equity $14,232,313 =========== The Notes to Condensed Consolidated Financial Statements are an integral part of this statement. LCA-VISION INC. Condensed Consolidated Statements of Operations for the Three and Six months ended June 30, 1996 and 1995 (unaudited) For the Three For the Six Months Ended Months Ended June 30, June 30, 1996 1995 1996 1995 Net revenue $3,525,772 $3,183,497 $ 7,211,476 $6,538,370 Direct operating expenses 1,645,454 1,340,109 3,352,785 3,003,163 Selling, general and administrative 2,093,348 1,356,864 4,201,374 2,613,119 Pre-opening expenses 87,444 Depreciation and amortization 420,414 237,698 782,410 496,261 --------- ---------- --------- --------- Operating profit (loss) (633,444) 248,826 (1,212,537) 425,827 Equity in income (loss) of unconsolidated affiliates (178,420) (7,241) (504,342) Interest expense 178,909 47,300 342,486 81,637 Interest income 21,133 34,735 48,037 68,035 Other 64,144 (41,311) 66,345 (95) Gain on sale of investment in unconsolidated affiliate 545,903 -------- -------- -------- -------- Income (loss) before income taxes (905,496) 187,709 (1,399,080) 412,130 Income taxes (benefit) 47,065 77,593 -------- -------- --------- -------- Net income (loss) $ (952,561) $ 187,709 $(1,476,673) $ 412,130 ========= ======== ========== ======== Net income (loss) per share $ ($0.06) $ ($0.07) ========== =========== If the Company had been subject to income taxes, net income would be: Historical net income $ 187,709 $ 412,130 Provision for income taxes 74,081 156,609 --------- -------- Net income $ 113,628 $ 255,521 ========= ========= Pro forma net income per share $ 0.11 $ 0.25 ---------- --------- Average shares outstanding 19,617,821 1,000,000 $19,617,821 1,000,000 The Notes to Condensed Consolidated Financial Statements are an integral part of this statement. LCA-VISION INC. Condensed Consolidated Statements of Cash Flows for the Three and Six months ended June 30, 1996 and 1995 (unaudited)
For the Three Months For the Six Months Ended Ended June 30, June 30, 1996 1995 1996 1995 Cash flows provided (used) by operating activities: Net income (loss) $ (952,561) $ 187,709 $(1,476,673) $ 412,130 Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Depreciation and amortization 420,414 237,698 782,410 496,261 Equity in earnings of affiliates 178,420 7,217 504,342 7,243 (Gain) loss on sale of investment in unconsolidated affiliate 63,492 (545,903) 63,751 Write down of intangible assets 106,772 (Gain) on property disposal (50,630) (1,000) (50,630) (46,691) Changes in operating assets and liabilities (Increase) Decrease in: Accounts receivable 307,602 365,785 (62,924) (63,615) Other current assets 39,553 309,740 261,683 491,742 Increase (Decrease) in: Accounts payable (24,201) (469,119) (190,716) 48,669 Accrued liabilities 80,609 (138,129) 324,990 (9,810) Deferred revenue 5,257 72,656 165,368 341,621 -------- ---------- --------- -------- Net cash provided (used) by operating activities 4,463 636,049 (181,281) 1,741,301 -------- ---------- --------- --------- Cash flows from investing activities: Purchase of property and equipment (546,821) (441,413) (1,490,571) (1,024,351) Proceeds from sales of equipment 28,500 25,768 28,500 110,211 Proceeds from sale of investment in affiliate 1,000,000 1,000,000 Acquisition of intangibles (5,475) (56,439) Investment in unconsolidated affiliates (126,394) (933,333) -------- -------- ---------- -------- Net cash provided(used)in investing activities 355,285 (421,120) (1,395,404) (970,579) -------- --------- ----------- -------- Cash flows from financing activities: Borrowing (Repayment)--long-term debt obligations (85,855) 729,794 (116,433) 717,068 Repayment of notes payable shareholders (150,000) (337,705) Borrowings from bank line of credit (218,000) 384,000 Distribution to stockholders (656,340) (842,465) Other (688) 9,689 ------ -------- ------ --------- Net cash from financing activities (454,543) 73,454 (60,449) (125,397) --------- -------- -------- --------- Increase (decrease) in cash (94,795) 288,383 (1,637,134) 645,325 Cash and cash equivalents, beginning of period 1,044,812 2,218,253 2,587,151 1,861,311 ---------- --------- --------- --------- Cash and cash equivalents, end of period $ 950,017 $2,506,636 $ 950,017 $2,506,636
The Notes to Condensed Consolidated Financial Statements are an integral part of this statement. LCA-VISION INC. Notes to Condensed Consolidated Financial Statements Three and Six Months Ended June 30, 1996 and 1995 (unaudited) 1. Description of Business and Basis of Presentation LCA-Vision Inc. ("LCA-Vision" or the "Company") is a comprehensive healthcare services company which establishes and provides ongoing management of laser and other minimally invasive surgery programs for health systems and medical centers. At June 30, 1996, the Company provided these services to 31 hospitals and medical centers throughout the United States. In 1995, management positioned the Company to provide an ophthalmic excimer laser surgery procedure (photorefractive keratectomy or PRK) to correct nearsightedness in individuals by acquiring in August the minority interest, 33%, of Toronto Laservision Centre (1992), Inc. ("Centre") and establishing in December two centers in the United States. At June 30, 1996, the Company has eight eyecare centers in operation--seven in the United States, four of which are wholly-owned, and the Centre. On September 29, 1995, LCA-Vision merged with Laser Centers of America, Inc. ("LCA"). At the time of the merger, two shareholders together owned 92% of the outstanding voting stock of LCA-Vision and 100% of LCA. At the time of its acquisition by the LCA shareholders in July 1995, LCA-Vision was inactive and non-operational. These financial statements reflect the historical financial position and results of operation of LCA, except for the shareholders' equity, which has been restated to reflect the capital structure of LCA-Vision at the time of the merger. All share information in the financial statements has been restated to give effect to this change in the Company's capital structure. Immediately prior to the merger of LCA and LCA-Vision, LCA distributed $6,390,772 to its shareholders representing a portion of the S Corporation earnings previously included in the taxable income of the shareholders. The shareholders, utilizing the proceeds of the distribution, immediately acquired $2,000,000 of common stock of the Company for cash and lent a total of $4,390,772, receiving in return two promissory notes with interest at 6.91% which become due and payable in full on September 26, 2005. Any or all amounts due under the promissory notes may be prepaid at any time, without penalty. The total amount owed to the shareholders including accrued interest was $4,261,182 at June 30, 1996. Interest expense on the notes payable shareholders was approximately $70,849 and $145,659 for the three and six months ended June 30, 1996, respectively. Pro Forma Data Prior to the merger, the Company elected to be treated as an S Corporation for income tax purposes. As a result, federal and certain state income taxes were paid by the shareholders. Pro forma income taxes and net income are presented as if the Company has terminated its S Corporation election as of January 1, 1995. The pro forma income taxes are based on a 38% effective rate. Pro forma net income per share is based on 1,000,000 shares of common stock outstanding, reflecting the recapitalization for the merger. 2. Stock Split On June 3, 1996, the stockholders approved a one-for-four reverse stock split of the Company's Common Stock and Preferred Stock. All references in the financial statements to share and per share data have been restated to reflect the stock splits. 3. Significant Accounting Policies The June 30, 1996 and 1995 financial data are unaudited; however, in the opinion of the Company, such data include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim periods. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary since its date of acquisition, August 31, 1995. All significant intercompany transactions are eliminated. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates. Pre-opening costs Costs associated with the opening of a new eyecare surgical center are expensed during the first full month of the Center's operation. Earnings per share Net income (loss) per share is based upon the weighted average number of common shares outstanding during the periods presented. Common stock equivalents (stock options and stock appreciation rights) are anti-dilutive and are not included in the calculation. Reclassifications To conform with the presentation for the six months ended June 30, 1996, certain amounts for the three months ended March 31, 1996, were reclassified. This reclassification has no effect on net income for either period. 4. Acquisition On August 31, 1995, the Company acquired the minority interest (33%) of the Centre for approximately $140,000. The Company previously owned 67% of the Centre; however, it did not have control of the activities or the business affairs of the Centre because of the terms of a shareholders' agreement. Accordingly, the Company recorded its investment in the Centre using the equity method until August 31, 1995, at which time the acquisition was accounted for as a purchase and consolidated in the financial statements of the Company. 5. Investments in Unconsolidated Affiliates In 1996, the Company sold its investment in Continuum Biomedical, Inc., which had been accounted for using the equity method, for $970,000; resulting in a gain of $545,903. Proceeds from the sale were received in April, 1996. In the first quarter 1996, the Company entered into agreements to form limited liability companies (Baltimore LLC and Savannah LLC) to operate PRK centers in the respective cities. The Company paid $400,000 for a 40% interest in Baltimore LLC and $333,333 for a 33% interest in Savannah LLC. The Company accounts for its investment in these limited liability companies, as well as its investment in another limited liability company, using the equity method. The Company's share of losses incurred by its three unconsolidated affiliates was $178,420 and $504,342 for the three and six months ended June 30, 1996, respectively. 6. Preferred Stock At the Annual Meeting of Stockholders held on June 3, 1996, the stockholders approved an Amendment to the Certificate of Incorporation to decrease the number of authorized shares of Class A Preferred Stock from 10,000,000 shares to 1,688 shares. The stockholders also approved an amendment to the Certificate of Incorporation which creates and authorizes the Company to issue 5,000,000 shares of an additional class of preferred stock ("Class B Preferred Stock"). The Board of Directors have discretion to determine the terms of the Class B Preferred Stock without further stockholder approval; however, in no event will the holders of Class B Preferred Stock be granted voting rights superior to the voting rights of any other existing class of stock authorized for issuance by the Company. 7. Stock Options During the three months ended June 30, 1996, the Company issued options for 150,000 shares of its common stock under the LCA-Vision Inc. Director's Nondiscretionary Stock Option Plan. The exercise price for these options is $8.00 per share. The Company also issued options for 1,410,500 shares of its common stock under the LCA-Vision Inc. 1995 Long-Term Stock Incentive Plan. The exercise price for these options is $5.25 per share. 8. Related Party Transactions LCA-Vision provides certain administrative services and leases 9,700 square feet of space to a surgery center that has as its majority owner the Company's principal stockholder. For the three and six months ended June 30, 1996, the Company recorded rent and service income of $55,270 and $134,470, respectively, and has an account receivable from the surgery center of $136,470 at June 30, 1996. During the first quarter 1996, the surgery center repaid $181,000 of advances for equipment that the Company had recorded in other current assets at December 31, 1995. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. In July 1995, the stockholders of Laser Centers of America, Inc. ("LCA") acquired control of an inactive corporation, Maxoil Incorporated, which then changed its name to LCA-Vision Inc. ("LCA-Vision" or the "Company"). LCA-Vision was inactive and non-operational at the time of its acquisition by the LCA stockholders in July 1995. On August 31, 1995, the Company acquired the minority interest of Toronto Laservision Centre (the "Centre"). LCA previously owned 67% of the Centre; however, it did not have control of the activities or the business affairs of the Centre and, accordingly, recorded its investment using the equity method until August 31, 1995. The operations of the Centre since August 31, 1995, are included in the consolidated financial statements of the Company. The Centre provides corrective eye surgery using laser technology. On September 29, 1995, LCA merged with LCA-Vision. At the time of the merger, two stockholders together owned 92% of the outstanding voting stock of LCA-Vision and 100% of LCA. Immediately prior to the merger of LCA and LCA-Vision, LCA issued a dividend of $6.4 million to its stockholders representing a portion of the S Corporation earnings previously included in the taxable income of the stockholders. Prior to the merger, the LCA stockholders, utilizing the proceeds of their dividends, purchased $2 million worth of LCA-Vision Common Stock at $2.00 per share and loaned approximately $4.4 million to LCA-Vision for which the stockholders received long-term promissory notes for the principal amount of the loan plus interest at 6.91%. The promissory notes become due and payable on September 26, 2005, but any and all amounts due under the promissory notes may be prepaid without penalty at any time. Liquidity and Capital Resources LCA-Vision's principal capital requirements include working capital for the financing of accounts receivable from its hospital surgery management contracts, the continuing development of marketing programs for its refractive eyecare surgery centers, and the equipping and furnishing new refractive eyecare surgery centers. The Company has historically financed its operations through bank borrowings and internally-generated funds. At June 30, 1996, the Company has $950,017 in cash and temporary investments which it plans to use to maintain its existing business and for expansion into the refractive eyecare center business. The Company also has an $8 million bank line of credit for use in meeting its working capital requirements. At June 30, 1996, there were borrowings of $384,000 outstanding under this line of credit. Borrowings under the line of credit are collateralized by the assets of the Company. The Company expects the refractive eyecare surgery centers to become its primary business focus. Each center costs between $1 and $2 million to equip and furnish -- the actual cost varies depending on the configuration of each center, costs incurred for leasehold improvements, costs of furnishing, and equipment costs. The Company has been able to finance the costs of the lasers through a leasing company. The remaining costs have been funded through working capital or by forming operating companies with another investor(s) - -- principally hospitals and certain physicians. Since December 1, 1995, the Company has opened eight (8) centers (two in December) -- four wholly-owned and four with investors. Four new centers -- Buffalo, New York; Charlotte, North Carolina; Columbus, Ohio; and Ft. Erie, Ontario, Canada -- are slated to open toward the end of the third quarter 1996. Management is currently evaluating its plans to have up to twenty (20) centers opened by December 31, 1996. In anticipation of this expansion management is actively exploring financing options including: use of the line of credit; public offering or private placement of equity or debt; lease financing of capital equipment; or some combination of these. There is no assurance that the Company can raise sufficient capital to fund this expansion of centers and may be required to reduce the number of planned new centers. The Company had working capital of $707,152 at June 30, 1996, a decrease of $1,143,658 from the amount at March 31, 1996. $970,000 of the decrease resulted from the collection of the account receivable at March 31, 1996, related to the sale of stock of an investment in an unconsolidated affiliate. Results of Operations Net revenue for the three months ended June 30, 1996 and 1995, were $3,525,772 and $3,183,497, respectively. Net revenues for the six months ended June 30, 1996 and 1995, were $7,211,476 and $6,538,370, respectively. Even though the number of hospitals under management contract declined since June 30, 1995, the Company's revenues increased for both the three and six months ended June 30, 1996, as compared to the comparable periods in 1995. The increase is due primarily to the rollout of eyecare surgery centers and the acquisition of the minority interest in the Toronto center. The refractive eyecare center business is becoming the primary focus of the Company. The composition of future revenues is expected to change. Revenues from hospital-based multi-specialty centers will be less significant to the Company while revenues from refractive eyecare centers are expected to increase. The extent and degree of the shift in the Company's future revenues are subject to significant uncertainty and depend on the Company's ability to market and sell new and renewal multi-specialty center contracts as well as obtain consumer acceptance of the PRK procedure. The Company's change in focus from a contract manager of laser and minimally invasive surgery programs to an owner and operator of eyecare surgery centers has resulted in increased direct operating costs and selling and administrative expenses. The primary increases are due to additional personnel needed for the eyecare surgery centers and the marketing efforts required to educate both consumers and the medical community about the photorefractive keratectomy (PRK) procedure. It is anticipated that interest and sales should build as the public learns more about this procedure, but this educational effort results in increased marketing costs. Depreciation and amortization increased due to the increased capital expenditures required to equip and furnish the eyecare surgery centers. Interest expense increased due to the increased borrowings related to the capitalized leases for the lasers and the loans from the principal shareholders. The gain on the sale of investment in unconsolidated affiliate is the difference between the net selling price and the carrying value using the equity method of accounting for the Company's investment in Continuum Biomedical, Inc. The Company had a net loss of $952,561 for the three months ended June 30, 1996, compared to net income of $187,709 for the three months ended June 30, 1995. The Company had a net loss of $1,476,673 for the six months ended June 30, 1995, compared to net income of $412,130 for the three months ended June 30, 1995. The losses are due to the opening of the eyecare surgery centers and the reduced number of hospital-based surgery programs the Company manages. Part II. Other Information. Item 1. Legal Proceedings None Item 2. Changes in Securities. None Item 3. Defaults upon Senior Securities. None Item 4. Submission of Matters to a Vote of Security Holders. The Annual Meeting of Stockholders was held on June 3, 1996. Stockholders were solicited for the purpose of voting on three issues. More than 93.22% of the 19,617, 821 issued and outstanding shares were represented at the meeting either in person or by proxy. The results of the voting on each follows. 1. Elected the following directors to serve until the 1997 Annual Meeting: Withhold Nominee Number For Authority Stephen N. Joffe 18,300,712 2,348 Sandra F.W. Joffe 18,300,712 2,348 Craig P.R. Joffe 18,300,712 2,348 John C. Hassan 18,300,712 2,348 David M. Schneider 18,300,712 2,348 2. Approved an amendment to the Company's Certificate of Incorporation which authorizes the Company to issue a new class of preferred stock of the Company and decreases the number of shares of the existing class of Preferred Stock the Company is authorized to issue. Number for: 18,294,358 Number against: 5,782 Number abstaining: 2,795 3. Approved an amendment to the Company's Certificate of Incorporation to effect a one-for-four reverse stock split of the Company's Common Stock and the Company's Preferred Stock. Number for: 18,288,497 Number against: 10,563 Number abstaining: 4,000 Item 5. Other Information. None Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. Exhibit 11 Computation of Per Share Earnings (Loss) Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K. None Signatures In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized. LCA-VISION INC. Date: August 13, 1996 /s/ Stephen N. Joffe Stephen N. Joffe President and Chief Executive Officer Date: August 13, 1996 /s/ Larry P. Rapp Larry P. Rapp Chief Financial Officer EX-11 2 Exhibit 11
LCA-VISION INC. Computation of Per Share Earnings (Loss) For the Three and Six Months Ended June 30, 1996 and 1995 For the Three For the Six Months Ended Months Ended June 30, June 30, 1996 1995 1996 1995 Primary Earnings: Net income (loss) $ (952,561) $ 187,709 $(1,476,673) $ 412,130 Pro forma income tax expense 74,081 156,609 ___________ ________ ____________ _________ Proforma net income (loss) $ (952,561) $ 113,628 $(1,476,673) $ 255,521 ____________ ________ _____________ _________ Shares: Weighted average number of common shares outstanding 19,617,821 1,000,000 19,617,821 1,000,000 Additional shares assuming exercise of stock options (a) (a) ---------- --------- ------------- ---------- Average common shares and equivalents, as adjusted 19,617,821 1,000,000 19,617,821 1,000,000 ----------- --------- ------------- ------------ Earnings (loss) per share $ (0.06) $ 0.11 $ (0.07) $ 0.25 (a) Net loss per share is based on outstanding common shares. Assuming exercise of options would be anti-dilutive since an increase in the number of shares assumed to be outstanding would reduce the amount of the loss per share.
EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE LCA-VISION INC. CONDENSED CONSOLIDATED BALANCE SHEET AT JUNE 30, 1996, AND THE RELATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1996 JUN-30-1996 950017 0 2141612 206975 633218 4,021,720 11,598,547 2,495,934 14,232,313 3,314,568 5,727,790 0 7 78,471 1,073,413 14,232,313 55,564 3,525,772 23,925 1,645,454 3,440,229 0 178,909 (905,496) 47,065 0 0 0 0 (952,561) (0.06)
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