conix
13 years ago
Fundamentals point to continued problems.
LCA-Vision narrows 2Q loss
Business Courier
Date: Tuesday, July 26, 2011, 9:09am EDT -
LCA-Vision CFO Michael Celebrezze said the company increased same-store procedures despite continued challenges in the economy.
LCA-Vision Inc. LCA-Vision Inc.
All eyes turn to Fed meeting today
Procter & Gamble loses strength, succumbs to market swoon
Market recovery falters, Cincinnati stocks mixed
Follow this company narrowed its second-quarter loss to $2.7 million, as the company recognized the benefits from closing underperforming locations and reducing costs.
Cincinnati-based LCA-Vision (NASDAQ: LCAV) is a provider of laser vision correction surgery services.
On a per-share basis, the company reported a loss of 15 cents vs. a loss of 23 cents in the same quarter last year. Analysts had expected a loss of 11 cents, according to Thomson First Call.
LCA-Vision's quarterly revenue declined 7 percent to $24.4 million and procedure volume dropped to 14,081 from 15,266 procedures a year ago. On a same-store basis, revenue increased 2 percent.
"We increased same-store procedures in the second quarter despite the challenging economic environment and cautious discretionary spending," said LCA-Vision Chief Financial Officer Michael Celebrezze in a press release.
Net loss: $2.7 million vs. $4.3 million in last year's second quarter
Loss per share: 15 cents vs. 23 cents in last year's second quarter
Revenue: $24.4 million, -7%
Procedure volume: 14,081 vs. 15,266 procedures a year ago.
conix
13 years ago
Is it Time to Buy LCA-Vision Again?
by: Saj Karsan August 14, 2011 | about: LCAV
Seeking Alpha
LCA-Vision's (LCAV) stock price volatility has helped out many value investors. Many times during the last three years this stock has fallen or risen by 50% or more over the course of just a few months. Two such occasions are documented here and here. Now that the stock price has once again dropped to a relatively low level, value investors may want to take yet another stab at this stock.
Though the stock price is volatile, the company's cash flow and cash holdings are remarkably stable. LCA-Vision trades for $80 million, despite positive free cash flow and $50 million of cash, against no debt.
But the problem is, the company just can't cut costs enough to generate a decent return. Seeing as how the company is now facing its fourth consecutive year of negative operating margins, it's clear that LCA-Vision doesn't have the flexible cost structure I once thought it did.
The company has implemented a number of cost reduction programs, including a multitude of store closures. However, even cutting out the weakest stores still hasn't stopped the bleeding, suggesting there wasn't a whole lot of variability in the financial situation of individual stores. There is a fixed cost element to every location, and it seems even the strongest stores aren't able to drive enough revenue to overcome this amount. Marketing spend per person ticked up last quarter as well, as the company desperately tries to lure people in.
But things don't seem to be getting any better. Deferred revenue has fallen significantly in the last six months, suggesting that even the low revenue number the company recently booked is high compared to what it will look like in the future.
Management is taking rational steps to improve the situation. Since cost-cutting hasn't done the trick, the company is looking to generate additional revenue streams by offering services it hasn't offered before. This could work in helping to amortize the fixed costs of the locations across higher revenues, but may not be worth betting on for risk-averse investors.
As humans, we tend to believe our successes are due to skill, and our failures are due to (bad) luck. To avoid falling prey to this bias, we should consciously scrutinize our investment results with a willingness to take responsibility for poor decisions and attribute some of our successes to luck. As LCA-Vision has been unable to pull itself out of its losses now for many years, it may be an example of the latter. Thanks to a volatile Mr. Market that has occasionally become overexcited with respect to this security, LCA-Vision has generated terrific returns for investors who bought low. Though this phenomenon may indeed re-occur, value investors may not want to count on it.
Disclosure: No position
garza
15 years ago
LCA-Vision Inc. The company is seeking a merger partner - NY Post
Saturday, December 27, 2008 1:49:21 PM
http://www.nypost.com/seven/12272008/business/gutfreunds_lasik_firm_eyeballs_merger_146047.htm
Legendary Wall Street honcho John Gutfreund's ailing Lasik company has been quietly on the prowl for a merger partner, among other "strategic alternatives," even as officials publicly rebuff demands for a shake-up.
LCA-Vision, the laser-surgery chain where Gutfreund serves on the board, held talks on a possible merger with competitor TLC Vision in recent months, sources tell The Post.
The beleaguered company also held talks with Glasgow, Scotland-based Optical Express about a possible union, as well as talks with bankers about the possibility of taking the company private through a management-led buyout.
Gutfreund, the former head of Salomon Brothers, was known as the "King of Wall Street" in the 1980s. He was later banned from ever running a brokerage firm amid a Treasury bond-trading scandal.
Word of the company's secretive pursuit of alternatives comes amid growing external pressure for change at the Cincinnati company.
A group of dissident shareholders, including founder Stephen Joffe, have asked for representation on the board of directors.
The company's employees have also pushed for management change at the top, only to be rebuffed by Gutfreund and the rest of the board.
As reported by The Post earlier this month, the company's surgeons - who run the nationwide chain of more than 70 surgery centers - have repeatedly asked the board for the head of CEO Steve Straus.
LCA-Vision's leaders even went so far as to hire investment-banking advisers KeyBanc Capital Markets to help them sort through options.
Earlier this year, KBCM advised the directors that their best bet, given the flailing stock price, was to pursue a stock-based transaction with TLC, according to documents obtained by The Post.
Officials from LCA-Vision as well as TLC declined to comment.
The company's stock is down more than 80 percent this year to $3.86, from $21.34 this time last year.
buyittradeit
16 years ago
LCA-Vision Provides Business Update and Market Review
7:00a ET June 25, 2008 (PR NewsWire)
LCA-Vision Inc. (Nasdaq: LCAV), a leading provider of laser vision correction services under the LasikPlus(R) 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(R) 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(R) is available in 73 of our 76 LasikPlus(R) 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(R) 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(R) 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(R) markets.
-- Completing our well-received employee sales and conversion effectiveness training at all LasikPlus(R) 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(R) surgeons and vision center teams."
buyittradeit
16 years ago
CINCINNATI, June 2 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV - News), a leading provider of laser vision correction services under the LasikPlus® brand, announced today upcoming investment community events.
On Tuesday, June 3, 2008, Chief Executive Officer, Steve Straus, and Chief Financial Officer, Alan Buckey, will participate in the FTN Midwest Securities Corp. 2008 Health Care Corporate Access Conference in New York.
On Wednesday, June 25, 2008, Alan Buckey will present at the Jefferies Second Annual Healthcare Conference at 9:00 a.m. ET, in New York. The live and archived webcast for this event will be available at the Investor Relations section of LCA-Vision's website at http://www.lasikplus.com/presentations .
The investor presentations for each conference will be posted at the same location of LCA-Vision's website the day of the events.
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 .
OptionMonster
16 years ago
LCA Vision hits low after slashing dividend; stock is halted
NEW YORK (Thomson Financial) - LCA Vision Inc. Wednesday said its board approved a dividend cut to 6 cents from 18 cents.
The company halted its stock, which last traded at $9.52, down 20 cents from its Tuesday close of $9.72. The shares hit an intraday low of $9.50, their lowest price since November 2003.
The stock is down about 78% over the past 52 weeks.
The new dividend is payable on June 6 to shareholders of record on May 26.
The laser vision correction company also said that the number of bookings for preoperative appointments were "significantly softer" than in prior years or
periods, down 20% so far this quarter.
LCA also said that all five of its board nominees were elected to serve one-year terms. The directors are Steven Straus, the company's chief executive officer; E. Anthony Woods, its non-executive chairman; William Bahl, the
president of Bahl & Gaynor Investment Counsel; John Gutfreund, a senior advisor of Collins Stewart, and John Hassan, a consultant with BSC Ventures.
Ryan Vlastelica
rv/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
OptionMonster
16 years ago
LCA Vision hits low after slashing dividend; stock is halted
NEW YORK (Thomson Financial) - LCA Vision Inc. Wednesday said its board approved a dividend cut to 6 cents from 18 cents.
The company halted its stock, which last traded at $9.52, down 20 cents from its Tuesday close of $9.72. The shares hit an intraday low of $9.50, their lowest price since November 2003.
The stock is down about 78% over the past 52
weeks.
The new dividend is payable on June 6 to shareholders of record on May 26.
The laser vision correction company also said that the number of bookings for preoperative appointments were "significantly softer" than in prior years or
periods, down 20% so far this quarter.
LCA also said that all five of its board nominees were elected to serve one-year terms. The directors are Steven Straus, the company's chief executive officer; E. Anthony Woods, its non-executive chairman; William Bahl, the
president of Bahl & Gaynor Investment Counsel; John Gutfreund, a senior advisor of Collins Stewart, and John Hassan, a consultant with BSC Ventures.
Ryan Vlastelica
rv/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
OptionMonster
16 years ago
LCA Vision hits low after slashing dividend; stock is halted
NEW YORK (Thomson Financial) - LCA Vision Inc. Wednesday said its board
approved a dividend cut to 6 cents from 18 cents.
The company halted its stock, which last traded at $9.52, down 20 cents from
its Tuesday close of $9.72. The shares hit an intraday low of $9.50, their
lowest price since November 2003. The stock is down about 78% over the past 52
weeks.
The new dividend is payable on June 6 to shareholders of record on May 26.
The laser vision correction company also said that the number of bookings
for preoperative appointments were "significantly softer" than in prior years or
periods, down 20% so far this quarter.
LCA also said that all five of its board nominees were elected to serve
one-year terms. The directors are Steven Straus, the company's chief executive
officer; E. Anthony Woods, its non-executive chairman; William Bahl, the
president of Bahl & Gaynor Investment Counsel; John Gutfreund, a senior advisor
of Collins Stewart, and John Hassan, a consultant with BSC Ventures.
Ryan Vlastelica
rv/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
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