LCA-Vision Reports First Quarter EPS of $0.11

LCA-Vision LCAV, a leading provider of laser vision correction services under the LasikPlus brand, today announced financial and operational results for the three months ended March 31, 2011. Revenues were $32.3 million compared with $34.0 million; adjusted revenues were $31.0 million compared with $32.3 million. Laser vision correction procedures were 18,857, compared with 19,066 procedures (62 vision centers) and 17,408 same-store procedures (54 vision centers), an increase of 8.3% in same-store procedures and the second consecutive quarter of year-over-year same-store procedure growth. Same-store revenues increased 3.1%; adjusted same-store revenues increased 4.8%. Operating income was $2.0 million compared with an operating loss of $0.7 million; adjusted operating income was $0.8 million compared with an adjusted operating loss of $2.2 million. The improvement in operating income and adjusted operating income reflects the impact of closing under-performing vision centers, lowering marketing expenses and reducing general and administrative expenses. Included in the 2011 quarter were restructuring charges of $0.1 million related to the closure of vision centers in 2010 and $0.2 million in gains on sales of assets. This compares with restructuring charges of $0.3 million and $1.3 million in gains on sales of assets in the 2010 quarter. Net income was $2.0 million, or $0.11 per share, compared with net loss of $0.6 million, or $0.03 per share. Net cash provided by operations was $4.8 million, compared with $3.1 million. Cash and investments increased by $3.7 million to $55.9 million at March 31, 2011, compared with $52.2 million at December 31, 2010.