EX-99.1

ST. LOUIS, MO, May 8, 2006: TLC Vision Corporation (NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today announced its financial results for the first quarter ended March 31, 2006. All dollar amounts are expressed in U.S. currency and results are reported in accordance with U.S. generally accepted accounting principles (U.S. GAAP) unless otherwise noted.

Editor’s Note: “Operating Business” (or “Operating”) is defined as TLCVision’s activities excluding the impact of the AMD segment, principally represented by our investment in OccuLogix, Inc. To provide maximum transparency for investors, Operating Business financial results are listed separately from consolidated results in this press release.

“TLCVision saw overall revenue growth and generated solid earnings in the first quarter,” said Jim Wachtman, President and Chief Executive Officer. “This was achieved despite a slowdown in the overall refractive industry and costs associated with our refractive expansion strategy, as previously guided. The quarter’s financial performance, including significant revenue growth in our Other Healthcare Services, and the progress achieved thus far in our refractive expansion, give us confidence that TLCVision is delivering on our growth strategy. We are reaffirming our 2006 financial guidance.”

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Over 9% consolidated revenue growth, with additional benefit from LASIK Select and TruVision projected for the second quarter.

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Over 20% revenue growth in Other Healthcare Services, excluding the AMD segment.

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Solid earnings contribution, even during this period of expansion investment.

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Operating cash flow well above prior year, demonstrating continued strong cash generation and allowing us to fund our expansion strategy.

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Five LASIK Select centers opened in the quarter, as guided, with a sixth center announced in early May.

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With the sale of OccuLogix stock in early April, we accomplished our long stated goal of reducing our ownership below 50%.

TLCVision’s first quarter consolidated net revenues were $77.6 million, an increase of over 9% from 2005, with revenues from the Operating Business up $7 million or 10%.

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Total refractive revenues were up 7% to $58.9 million reflecting higher average selling prices in the centers business and the benefit of 2005 acquisitions. Total refractive procedures of 56,100 were down 4% overall and down 1% in our centers business, as demand softened across the entire industry compared to a strong first quarter in 2005. Center revenues were 10% higher during the quarter, while access revenues were down by 4% due to lower demand in both the mobile and fixed site businesses.

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Other Healthcare Services revenues (excluding AMD) increased 21% to $18.7 million, with strong growth in our cataract business of 24%. Vision Source grew by 18% over the same period in 2005.

Consolidated: Net income for the first quarter was $2.7 million, including the OccuLogix loss from operations of $2.8 million.

Operating Business: Net income from the Operating Business before AMD was $5.5 million or $0.08 per share. These results compare with a 2005 pro forma net income of $7.0 million or $0.10 per share (after adjusting reported 2005 results for the book tax rate of 38% and stock compensation expense). Net income decreased from the prior year in large part due to the previously guided investments in its new value priced strategy and selected marketing at premium centers of $1.2 million during the quarter.

Consolidated: Consolidated operating cash flow was $9.0 million ($0.13 per share) for the first quarter, and ending cash and short-term investments totaled $75.6 million.

Operating Business: Operating cash flow from the Operating Business before AMD in the first quarter was $13.8 million ($0.20 per share), up $2.1 million or 17% for the same period in 2005. The Company continues to maintain a strong financial position, with cash and short-term investments for the Operating Business totaling $39.1 million.

“We are very pleased with the continued strong cash flow generated from our businesses, which combined with our strong balance sheet, positions the Company to fund its growth strategy,” said Jim Wachtman.

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2006 net revenues of between $308 million and $318 million, or a growth of between 19% and 23% from full year 2005 results.

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Fully diluted pre-tax earnings per share of between $0.33 and $0.36, including an estimated $1.1 million impact from FAS 123R, and anticipated costs of $0.03 related to our rollout of LASIK Select.

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Fully-taxed earnings per share of between $0.20 to $0.22, reflecting a book income tax expense at a 40% effective rate.

TLCVision is pleased to invite all interested parties to participate in a conference call during which these results will be discussed. The call will be held today, May 8, at 4:30 pm Eastern Time at 1-877-888-3490. The call will also be broadcast live and archived on the Company’s web site at www.tlcv.com under the “Webcasts” link in the Investor Relations section. In addition, the live web cast will be available at various other popular portals and financial web sites.

TLCVision is North America’s premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers management and technology access service models, and its managed care contracting strength, TLCVision maintains leading positions in Refractive, Cataract and Optometric Services markets. More information about TLCVision can be found on the website at .

This press release contains certain forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as “may”, “will”, “expect”, ”intend”, “anticipate”, “estimate”, “predict”, “plans” or “continue” or the negative thereof or other variations thereon or comparable terminology referring to future events or results. The Company’s actual results could differ materially from those anticipated in these forward looking statements as a result of numerous factors, including the timing of expenditures, effects of competition, changes to pricing, acquisitions and expansion opportunities, any of which could cause actual results to vary materially from current results or TLCVision’s anticipated future results. See the Company’s reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward looking statements. TLCVision assumes no obligation to update the information contained in this press release.


TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF
OPERATIONS (UNAUDITED)
(In thousands except per
share amounts)
				Three Months
				EndedMarch 31, 2006							Three Months Ended March 31, 2005 (As Restated)

	Results Before AMD
	Segment			AMD Segment			Total TLCVision			Results Before AMD Segment				AMD Segment			Total TLCVision

Revenues:
Refractive:
Centers	$	47,939		$	—		$	47,939			$	43,765		$	—		$	43,765
Access		10,988			—			10,988				11,411			—			11,411
Other healthcare services		18,654			—			18,654				15,442			431			15,873

Total revenues		77,581			—			77,581				70,618			431			71,049
Cost of revenues:
Refractive:
Centers		31,888			—			31,888				28,529			—			28,529
Access		7,515			—			7,515				7,410			—			7,410
Other healthcare services		11,327			1,659			12,986				9,632			519			10,151

Total cost of revenues		50,730			1,659			52,389				45,571			519			46,090

Gross profit (loss)		26,851			(1,659	)		25,192				25,047			(88	)		24,959

General and administrative		9,068			1,759			10,827				7,046			1,879			8,925
Marketing and sales		6,802			169			6,971				4,812			185			4,997
Research and development, clinical and regulatory		—			1,475			1,475				—			1,344			1,344
Amortization of intangibles		864			—			864				1,011			—			1,011
Other		(357	)		849			492				(535	)		—			(535	)
Total operating costs		16,377			4,252			20,629				12,334			3,408			15,742

Operating income (loss)		10,474			(5,911	)		4,563				12,713			(3,496	)		9,217
Interest income		647			366			1,013				716			356			1,072
Interest expense		(538	)		—			(538	)			(457	)		(1	)		(458	)
Minority interests		(2,529	)		2,715			186				(2,185	)		1,499			(686	)
Earnings from equity investments		923			—			923				659			—			659

Income (loss) before income taxes		8,977			(2,830	)		6,147				11,446			(1,642	)		9,804
Income tax expense		(3,435	)		—			(3,435	)			(3,077	)		—			(3,077	)

Net income (loss)	$	5,542		$	(2,830	)	$	2,712			$	8,369		$	(1,642	)	$	6,727

Earnings (loss) per share - diluted	$	0.08		$	(0.04	)	$	0.04			$	0.12		$	(0.03	)	$	0.09

Weighted average number of common shares outstanding - diluted		69,550			69,550			69,550				72,045			72,045			72,045
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.).
TLC VISION CORPORATION
CONSOLIDATING BALANCE SHEETS
(In thousands)
				March 31, 2006
				(Unaudited)										December 31, 2005

	Results Before AMD									Results Before AMD Segment				AMD Segment
	Segment			AMD Segment			Total TLCVision			(Unaudited)				(Unaudited)			Total TLCVision

ASSETS
Current assets
Cash and cash equivalents	$	30,911		$	14,824		$	45,735			$	22,122		$	9,607		$	31,729
Short-term investments		8,200			21,712			29,912				6,550			31,663			38,213
Accounts receivable, net		20,981			560			21,541				20,056			527			20,583
Prepaid expenses, inventory and other		11,956			4,860			16,816				11,604			5,519			17,123

Total current assets		72,048			41,956			114,004				60,332			47,316			107,648
Intercompany		1,717			(1,717	)		—				1,693			(1,693	)		—
Restricted cash		1,010			—			1,010				975			—			975
Investments and other assets		20,110			—			20,110				19,838			—			19,838
Goodwill		100,021			—			100,021				99,402			—			99,402
Other intangible assets, net		23,102			205			23,307				23,886			135			24,021
Fixed assets, net		49,337			438			49,775				48,646			513			49,159

Total assets	$	267,345		$	40,882		$	308,227			$	254,772		$	46,271		$	301,043

LIABILITIES
Current liabilities
Accounts payable	$	10,331		$	92		$	10,423			$	10,517		$	514		$	11,031
Accrued liabilities		26,741			2,430			29,171				22,158			2,295			24,453
Current maturities of long-term debt		6,099			—			6,099				5,268			—			5,268

Total current liabilities		43,171			2,522			45,693				37,943			2,809			40,752
Long-term debt, less current maturities		12,115			—			12,115				12,665			—			12,665
Other long-term liabilities		3,198			—			3,198				3,427			—			3,427
Minority interests		14,512			19,107			33,619				14,284			21,510			35,794

Total liabilities		72,996			21,629			94,625				68,319			24,319			92,638
STOCKHOLDERS’ EQUITY
Common stock		422,315			30,898			453,213				419,936			30,767			450,703
Option and warrant equity		1,836			—			1,836				1,861			—			1,861
Accumulated deficit		(229,802	)		(11,645	)		(241,447	)			(235,344	)		(8,815	)		(244,159	)

Total stockholders’ equity		194,349			19,253			213,602				186,453			21,952			208,405

Total liabilities and stockholders’ equity	$	267,345		$	40,882		$	308,227			$	254,772		$	46,271		$	301,043

Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.).
TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands except per share amounts)
				Three Months Ended March 31, 2006							Three Months Ended March 31, 2005 (As Restated)

	Results Before AMD
	Segment			AMD Segment			Total TLCVision			Results Before AMD Segment				AMD Segment			Total TLCVision

OPERATING ACTIVITIES
Net income (loss)	$	5,542		$	(2,830	)	$	2,712			$	8,369		$	(1,642	)	$	6,727
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		3,758			34			3,792				3,971			46			4,017
Reimbursements from investments in research and development
arrangements		(300	)		—			(300	)			—			—			—
Minority interests		2,529			(2,715	)		(186	)			2,185			(1,499	)		686
Earnings from equity investments		(923	)		—			(923	)			(659	)		—			(659	)
Deferred taxes		2,131			—			2,131				2,506			—			2,506
Excess tax benefits from stock-based compensation expense		(1,710	)		—			(1,710	)			—			—			—
Loss (gain) on sales and disposals of fixed assets		32			29			61				(96	)		—			(96	)
Write-down of OccuLogix, Inc. inventory		—			1,625			1,625				—			—			—
Gain on sale of subsidiary		—			—			—				(319	)		—			(319	)
Non-cash compensation expense		426			186			612				69			—			69
Other		—			26			26				—			—			—
Changes in operating assets and liabilities, net of acquisitions and dispositions:		2,344			(1,225	)		1,119				(4,254	)		(2,872	)		(7,126	)

Cash from operating activities		13,829			(4,870	)		8,959				11,772			(5,967	)		5,805

INVESTING ACTIVITIES
Purchases of fixed assets		(2,349	)		—			(2,349	)			(2,681	)		(46	)		(2,727	)
Proceeds from sales of fixed assets		26			—			26				454			—			454
Proceeds from divestitures of investments and subsidiaries, net		—			—			—				3,430			—			3,430
Distributions and loan payments received from equity investments		1,333			—			1,333				556			—			556
Reimbursements from investments in research and development
arrangements		300			—			300				—			—			—
Acquisitions and equity investments		(1,474	)		—			(1,474	)			(443	)		—			(443	)
Proceeds from sales of short-term investments		—			9,925			9,925				34,350			4,400			38,750
Purchases of short-term investments		(1,650	)		—			(1,650	)			(4,685	)		(9,561	)		(14,246	)
Other		14			(71	)		(57	)			(125	)		—			(125	)

Cash from investing activities		(3,800	)		9,854			6,054				30,856			(5,207	)		25,649

FINANCING ACTIVITIES
Restricted cash movement		(35	)		—			(35	)			23			—			23
Principal payments of debt financing and capital leases		(1,071	)		—			(1,071	)			(4,219	)		—			(4,219	)
Proceeds from debt financing		83			—			83				1,117			—			1,117
Excess tax benefits from stock-based compensation expense		1,710			—			1,710				—			—			—
Distributions to minority interests		(2,184	)		—			(2,184	)			(1,977	)		—			(1,977	)
Proceeds from issuances of common stock		257			—			257				1,077			—			1,077
Proceeds from issuances of OccuLogix, Inc. stock		—			233			233				—			217			217

Cash from financing activities		(1,240	)		233			(1,007	)			(3,979	)		217			(3,762	)

Net increase (decrease) in cash and cash equivalents during the period		8,789			5,217			14,006				38,649			(10,957	)		27,692
Cash and cash equivalents, beginning of period		22,122			9,607			31,729				15,847			17,588			33,435

Cash and cash equivalents, end of period	$	30,911		$	14,824		$	45,735			$	54,496		$	6,631		$	61,127

Operating cash flow per diluted share	$	0.20		$	(0.07	)	$	0.13			$	0.16		$	(0.08	)	$	0.08
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.).


*News Release*		*Contact:*
*For Immediate Release*		*Anna Austin, EVP, Corporate Communications* *(636) 534-2271* *Email: investor.relations@tlcvision.com*