LCA-Vision Inc. (Nasdaq: LCAV), a leading provider of laser vision correction services under the LasikPlus® brand, today announced financial and operating results for the three and 12 month periods ended December 31, 2009.
Fourth Quarter 2009 Operational and Financial Results (all comparisons are with the fourth quarter of 2008)
- Revenues were $22.0 million compared with $34.0 million; adjusted revenues were $20.1 million compared with $30.3 million.
- Procedure volume was 11,718 compared with 19,424.
- Same-store revenues (71 vision centers) decreased 33.3%; adjusted same-store revenues decreased 31.1%.
- Operating loss was $10.1 million compared with operating loss of $9.6 million; adjusted operating loss was $11.8 million compared with adjusted operating loss of $13.0 million. Operating loss and adjusted operating loss for the fourth quarters of 2009 and 2008 included restructuring and impairment charges of $1.2 million and $2.1 million, respectively.
- Net loss was $3.6 million, or $0.19 per share, compared with net loss of $8.2 million, or $0.44 per share. The decrease in net loss resulted primarily from charges taken in the fourth quarter of 2008 of $2.1 million for other-than-temporary impairment of investments and a decrease of $930,000 in restructuring and fixed asset impairment charges.
Full Year 2009 Operational and Financial Results (all comparisons are with the full year 2008)
- Revenues were $129.2 million compared with $205.2 million; adjusted revenues were $120.1 million compared with $186.5 million.
- Procedure volume was 72,776 compared with 115,153.
- Operating loss was $36.5 million compared with operating loss of $8.2 million; adjusted operating loss was $44.7 million compared with adjusted operating loss of $25.1 million. Operating loss and adjusted operating loss for 2009 included $8.1 million in restructuring and impairment charges and $0.8 million in consent revocation solicitation charges; operating loss and adjusted operating loss for 2008 included $3.5 million in restructuring and impairment charges.
- Net cash provided by operations was $1.4 million compared with $6.9 million.
- Net loss was $33.2 million, or $1.79 per share, compared with net loss of $6.6 million, or $0.36 per share. The 2009 net loss included a $12.2 million, or $0.66 per share, valuation allowance for deferred tax assets.
- Cash and investments totaled $54.6 million as of December 31, 2009, compared with $59.5 million as of December 31, 2008.
Since the first quarter of 2007, LCA-Vision has provided both adjusted revenues and operating losses as a means of measuring performance that adjusts for the non-cash impact of accounting for separately priced extended warranties. A reconciliation of revenues and operating losses as reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP) is provided at the end of this news release. Management believes the adjusted information better reflects operating performance and, therefore, is more meaningful to investors.
"We are balancing cash conservation in the current challenging economic environment against our longer-term objective of managing to profitability and growth when the economy improves," said LCA-Vision Chief Financial Officer Michael J. Celebrezze. "Our combined cash conservation and expense reduction measures last year included closing 12 underperforming vision centers, reducing marketing expense by $18.6 million, reducing our headcount by 19%, and renegotiating our equipment contracts. The payroll and equipment cost reductions resulted in an annual savings of approximately $11 million. We ended 2009 with more than $54 million in cash and investments and currently operate a network of 62 LasikPlus® vision centers."