LCA-Vision Reports Revenues Grew 59% in 2005's First Quarter
Same-Store Revenue Growth Increases 47% CINCINNATI, April 27
/PRNewswire-FirstCall/ -- LCA-Vision Inc. (NASDAQ:LCAV), a leading
provider of laser vision correction services under the LasikPlus
brand, announced today first quarter financial results for the
period ended March 31, 2005. First Quarter 2005 Highlights -
Revenues grew 59% to approximately $50.2 million from approximately
$31.7 million in last year's first quarter, marking the 7th
consecutive quarter of revenue growth exceeding 50%. - Same-store
revenues grew 47% at vision centers open at least 12 months. Over
the past seven quarters, same-store revenue growth has averaged
over 40%. - A record 37,578 procedures were performed during the
quarter, a 55% increase from 24,270 procedures performed in last
year's first quarter. Net Income & Earnings Per Share Net
income was approximately $9.3 million and earnings per diluted
share were $0.44 in 2005's first quarter, compared with net income
of approximately $12.7 million and earnings per diluted share of
$0.62 in 2004's first quarter. Included in 2004's first quarter
financial results is an income tax benefit of approximately $8.6
million related to federal and state net operating loss
carryforwards generated in prior years. Excluding the income tax
benefit, 2004 first quarter earnings per diluted share were $0.20.
The company believes that excluding the income tax benefit is a
meaningful disclosure as it allows for year-over-year comparisons
of financial results on a consistent basis. Revenue Growth Driven
by Continued Strong Demand for Procedures Revenues grew 59% to
approximately $50.2 million in 2005's first quarter from
approximately $31.7 million in 2004's first quarter. Procedure
volume increased 55% in 2005's first quarter to 37,578 from 24,270
procedures performed in 2004's first quarter. Revenues per
procedure increased 2% to $1,336 in the first quarter of 2005 from
$1,304 in the first quarter of 2004. Operating income increased
127% to approximately $15.3 million in 2005's first quarter from
approximately $6.8 million in 2004's first quarter, and the
operating margin was 30.6% compared with 21.4%. Balance Sheet
Positioned to Support Long-Term Growth Cash provided by operations
in 2005's first quarter grew to approximately $15.9 million as of
March 31, 2005 from approximately $6.9 million as of March 31,
2004. Cash and cash equivalents increased to approximately $100.1
million as of March 31, 2005, from approximately $86.6 million as
of December 31, 2004, and approximately $72.1 million as of March
31, 2004. Stephen N. Joffe, Chairman and Chief Executive Officer of
LCA-Vision commented, "We are pleased to report solid first quarter
earnings. Our impressive results are a testimony to our strong
business model, the health of our operations, and the favorable
growth trends in the laser vision correction industry. We reported
across-the-board gains in the key financial and operational metrics
we track. Revenues and procedure volume reached record levels
during the quarter, and excluding the income tax benefit recorded
in last year's first quarter, earnings per diluted share increased
nearly 120%." "We expect to realize strong revenue growth
throughout 2005 as we continue to gain market share in existing
markets and expand the LasikPlus brand into new markets. During the
quarter, we opened a LasikPlus vision center in Sacramento, and
plans are underway to open additional vision centers throughout the
year as we continue to expand the LasikPlus footprint." "As a
result of our strong first quarter earnings and the continued
strong demand for laser vision correction procedures, we are again
increasing our earnings guidance for the full-year of 2005. We now
project earnings to be in the range of $1.15 to $1.20 per diluted
share, up from prior guidance of $1.00 to $1.05." Conference Call
& Webcast A conference call and webcast to discuss the contents
of this news release will be held today, Wednesday, April 27, 2005
at 10:00 a.m. (ET). To access the call, dial 866-322-1352 (within
the United States and Canada), or 706-758-1564 (international
callers). To access the replay, dial 800-642-1687 (within the
United States and Canada), or 706-645-9291 (international callers)
and enter the conference ID number: 538 06 59. To access the
webcast, go to the "Investors" section of LCA-Vision's website at
http://www.lca-vision.com/ . 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. Forward-looking statements in
this release, including statements regarding our belief that
revenues and earnings will exhibit healthy year-over-year growth
for fiscal 2005, among others, are based on information available
to us as of the date hereof. Actual results could differ materially
from those stated or implied in such forward-looking statements due
to risks and uncertainties associated with our business, including,
without limitation, those concerning global and local economic,
political and sociological conditions; market acceptance of our
services; the successful execution of marketing strategies;
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; adverse
financial consequences in connection with the expensing of stock
options or other equity-based compensation; regulatory action
against us or others in the laser vision correction industry; and
the relatively high fixed cost structure of our business. 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 Forms 10-K and 10-Q. 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. is a leading provider of laser
vision correction services under the LasikPlus brand. As of March
31, 2005, we owned and operated 41 LasikPlus fixed-site laser
vision correction centers in the United States and a joint venture
in Canada. LCA-Vision is one of the only publicly traded companies
within the United States that focuses exclusively on laser vision
correction services. We have performed over 450,000 laser vision
correction procedures in our vision centers in the United States
and Canada since 1991. LasikPlus laser vision correction centers
are staffed with skilled ophthalmologists and optometrists and
other healthcare professionals. Advanced diagnostic equipment and
multiple laser brands are used to help correct nearsightedness,
farsightedness and astigmatism. LasikPlus laser vision correction
centers are generally located in major cities throughout the United
States. Additional information is available at our corporate
websites: http://www.lca-vision.com/ and http://www.lasikplus.com/
. It's Not Just LASIK. It's LasikPlus! LCA-Vision Inc. Condensed
Consolidated Statements of Income (Dollars in thousands except per
share data) Three months ended March 31, 2005 2004 Revenues - Laser
refractive surgery $50,190 $31,650 Operating costs and expenses
Medical professional and license fees 9,520 6,465 Direct costs of
services 13,347 9,630 General and administrative expenses 3,453
2,289 Marketing and advertising 6,772 4,789 Depreciation 1,750
1,716 Operating income 15,348 6,761 Equity in earnings from
unconsolidated businesses 24 72 Minority equity interest (173)
(124) Interest expense (13) - Interest and dividend income 530 367
Income before taxes on income 15,716 7,076 Income tax expense
(benefit) 6,405 (5,653) Net income $9,311 $12,729 Income per common
share Basic $0.46 $0.64 Diluted $0.44 $0.62 Dividends declared per
share $0.08 $- Weighted average shares outstanding Basic 20,236
19,980 Diluted 21,200 20,627 LCA-Vision Inc. Condensed Consolidated
Balance Sheets (Dollars in thousands) Assets March 31, 2005
December 31, 2004 Current assets Cash and cash equivalents $100,140
$86,588 Accounts receivable, net of allowance for doubtful accounts
of $2,473 and $2,260 9,257 8,662 Receivables from vendors 1,520
1,077 Prepaid expenses and other 1,601 2,420 Deferred tax assets
2,524 6,015 Total current assets 115,042 104,762 Property and
equipment 51,921 50,374 Accumulated depreciation and amortization
(33,480) (31,743) Property and equipment, net 18,441 18,631
Accounts receivable, net of allowance for doubtful accounts of $710
and $605 1,393 1,171 Goodwill 275 275 Deferred compensation plan
assets 1,347 1,187 Investment in unconsolidated businesses 96 168
Deferred tax assets 2,371 2,593 Other assets 770 790 Total Assets
$139,735 $129,577 Liabilities and Stockholders' Investment Current
liabilities Accounts payable $2,412 $4,964 Accrued liabilities and
other 10,714 7,574 Debt maturing in one year 714 542 Total current
liabilities 13,840 13,080 Capital lease obligations 321 376
Deferred compensation liability 1,478 1,215 Insurance reserve 3,262
2,568 Minority equity interest 674 501 Stockholders' investment
Common stock ($0.001 par value; 23,843,228 and 23,767,353 shares
and 20,292,434 and 20,216,559 shares issued and outstanding,
respectively) 24 24 Contributed capital 135,371 134,708 Common
stock in treasury, at cost (3,550,794 shares and 3,550,794 shares)
(15,462) (15,462) Accumulated deficit (42) (7,732) Accumulated
other comprehensive income 269 299 Total stockholders' investment
120,160 111,837 Total Liabilities and Stockholders' Investment
$139,735 $129,577 LCA-Vision Inc. Condensed Consolidated Statements
of Cash Flow (Dollars in thousands) Three Months Ended March 31,
2005 2004 Cash flow from operating activities: Net income $9,311
$12,729 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 1,750 1,716 Provision for loss
on doubtful accounts 318 288 Deferred income taxes 3,713 (5,900)
Deferred compensation 264 140 Insurance reserve 694 279 Equity in
earnings of unconsolidated affiliates (24) (72) Changes in working
capital: Accounts receivable (1,135) (2,098) Receivables from
vendors (443) 89 Prepaid expenses and other 819 (432) Accounts
payable (2,552) (1,124) Accrued liabilities and other 3,139 1,312
Net cash provided by operations 15,854 6,927 Cash flow from
investing activities: Purchase of property and equipment (1,354)
(646) Deferred compensation plan (161) (137) Other, net 176 118 Net
cash used in investing activities (1,339) (665) Cash flow from
financing activities: Principal payments of long-term notes, debt
and capital lease obligations (100) - Dividends paid to
stockholders (1,621) - Exercise of stock options 663 836
Distribution from minority equity investees 95 50 Net cash (used)
provided by financing activities (963) 886 Increase in cash and
cash equivalents 13,552 7,148 Cash and cash equivalents at
beginning of period 86,588 64,908 Cash and cash equivalents at end
of period $100,140 $72,056 For Additional Information Patricia
Forsythe V.P. Investor Relations 513-792-5629 DATASOURCE:
LCA-Vision Inc. CONTACT: Patricia Forsythe, V.P. Investor Relations
of LCA-Vision Inc., +1-513-792-5629, or Web site:
http://www.lca-vision.com/ http://www.lasikplus.com/
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