-----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, J2LxF3d4Yj5CtAS7zTVVBszUBUzRVf+/9eGKM+qXYUfWqGfaXqnV2gxD3dumgFqB c3ZItK9Xf8gtpfn1H+QOcA== 0001144204-08-036591.txt : 20080625 0001144204-08-036591.hdr.sgml : 20080625 20080625070310 ACCESSION NUMBER: 0001144204-08-036591 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080625 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080625 DATE AS OF CHANGE: 20080625 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: 1934 Act SEC FILE NUMBER: 000-27610 FILM NUMBER: 08915510 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 v118141_8k.htm

UNITED STATES
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): June 25, 2008

LCA-VISION INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of Incorporation)
0-27610
(Commission
File Number)
11-2882328
(IRS Employer
Identification No.)
     
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 7.01 Regulation FD Disclosure.

On June 25, 2008, LCA-Vision Inc. issued a press release providing a business update and market review. The text of the press release is furnished as Exhibit 99.1 to this Form 8-K.
 
The information in this Current Report on Form 8-K and the Exhibit attached hereto is furnished pursuant to the rules and regulations of the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
 
99.1
Press release dated June 25, 2008



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.
 
 
 
 
 
 
    /s/ Steven C. Straus
 
Steven S. Straus
  Chief Executive Officer
 
Date: June 25, 2008
 

EX-99.1 2 v118141_ex99-1.htm
 
Exhibit 99.1
 
 
LCA-Vision Provides Business Update and Market Review

Cincinnati, June 25, 2008 - LCA-Vision Inc. (NASDAQ: LCAV), a leading provider of laser vision correction services under the LasikPlus® brand, is providing an update on the company’s business and a review of market conditions for the company’s services.

Macro-economic conditions continue to negatively impact consumer confidence and discretionary spending, leading to continued softness in LasikPlus® appointments by prospective patients and disappointing show rates,” said Steven C. Straus, Chief Executive Officer of LCA-Vision. “We also believe that media coverage leading up to and following the April 25, 2008 Food and Drug Administration Ophthalmic Devices Panel negatively impacted our business in May and June. Our total procedure volume for the second quarter of 2008 is expected to be down approximately 40% compared with the second quarter of 2007.

“On the positive side, IntraLase® is available in 73 of our 76 LasikPlus® vision centers and month-to-date is being utilized in about 69% of our procedures, up from 55% in March,” Mr. Straus said. “We continue to expand our market presence, and have plans to open our 77th and 78th LasikPlus® vision centers during the third quarter, which will bring our 2008 new center openings to six. We also plan to relocate three or four older locations by the end of this year. We are committed to success at each LasikPlus® vision center and have no plans at this time to close any facility.

“Our management team has been working collaboratively with constituents throughout the company and our external business partners to make the best decisions in each market, and we are implementing initiatives at the center level to optimize our performance,” said Mr. Straus. “Some of these initiatives include:
§  
Implementing simplified market-specific pricing for the first time based on testing conducted over the past four months in multiple LasikPlus® markets.
§  
Completing our well-received employee sales and conversion effectiveness training at all LasikPlus® vision centers by the end of this month.
§  
Modifying our center-level incentive compensation plans to further align our center-level teams with our growth objectives.
§  
Taking measures to manage our expense structure, including more closely aligning our staffing with expected procedure volume and our national and local media spend with the current consumer sentiment.

“We remain committed to our strategic and operating plans, which are built upon positive patient experiences, quality clinical outcomes, advanced technology, thoughtful expansion, and prudent revenue and expense management,” added Mr. Straus.

According to Anthony Woods, LCA-Vision’s Chairman, “The LCA-Vision Board of Directors strongly supports the executive management team in affirming the strategic direction of the company. We are committed to our business model and our strategy. Consumers are confronted with record-high gasoline prices, increasing food costs and declining home values in the face of a softening economy and growing job uncertainty. Many Americans are reining in their expenses, and are deferring or eliminating purchases that just one year ago they viewed differently. In this environment, there is no quick fix to restoring growth in procedure volume, but rather, we will focus on proven strategies, while we prudently explore new opportunities to maximize effectiveness throughout our organization. As Steve mentioned, we are taking a more grassroots approach to operations, with the knowledge that all healthcare is delivered locally, and that success will be achieved on a market-by-market basis in partnership with our LasikPlus® surgeons and vision center teams.”
 
--1--

 
Forward-Looking Statements
This news release contains forward-looking statements based on current expectations, forecasts and assumptions of LCA-Vision that are subject to risks and uncertainties. These forward-looking statements in this release are based on information available to us as of the date hereof. Actual results could differ materially from those stated or implied in our forward-looking statements due to risks and uncertainties associated with our business, including, without limitation, those concerning economic, political and sociological conditions; the acceptance rate of new technology, and our ability to successfully implement new technology on a national basis; market acceptance of our services; the successful execution of marketing strategies to cost effectively drive patients to our vision centers, which recent results would indicate are no longer as effective as they have been in prior periods; competition in the laser vision correction industry; an inability to attract new patients; the possibility of long-term side effects and adverse publicity regarding laser vision correction; operational and management instability; legal or regulatory action against us or others in the laser vision correction industry; our ability to successfully open new vision centers, including our ability to reach profitability targets for new vision centers within a specified time period; the relatively high fixed cost structure of our business; the continued availability of non-recourse third-party financing for our patients on terms similar to what we have paid historically; and the future value of revenues financed by us and our ability to collect on such financings which will depend on a number of factors, including the consumer credit environment and our ability to manage credit risk related to consumer debt, bankruptcies and other credit trends. In addition, the FDA’s advisory board on ophthalmic devices is currently reviewing concerns about post-Lasik quality of life matters and the advisory board may propose a major new study on Lasik outcomes. The outcome of this review could potentially impact negatively the acceptance of Lasik. For a further discussion of the factors that may cause actual results to differ materially from current expectations, please review our filings with the Securities and Exchange Commission, including but not limited to our reports on Forms 10-K, 10-Q and 8-K. Except to the extent required under the federal securities laws and the rules and regulations promulgated by the Securities and Exchange Commission, we assume no obligation to update the information included in this news release, whether as a result of new information, future events or circumstances, or otherwise.

About LCA-Vision Inc./LasikPlus®
LCA-Vision Inc., a leading provider of laser vision correction services under the LasikPlus® brand, operates 76 LasikPlus® fixed-site laser vision correction centers in 33 states and 59 markets in the United States and a joint venture in Canada. Additional company information is available at www.lca-vision.com and www.lasikplus.com.
    
Earning Trust Every Moment.

Transforming Lives Every Day.

For Additional Information
Patricia Forsythe
V.P. Investor Relations
513-792-5629
pforsythe@lca.com
 
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