LCA-Vision Reports on Annual Meeting of Stockholders
03 June 2009 - 12:13AM
PR Newswire (US)
CINCINNATI, June 2 /PRNewswire-FirstCall/ -- LCA-Vision Inc.
(NASDAQ: LCAV), a leading provider of laser vision correction
services under the LasikPlus(R) brand, announces that its
stockholders have re-elected all six of its Board's nominees to its
Board of Directors, each for a one-year term. The Directors are: --
William F. Bahl, Co-Founder and President of Bahl & Gaynor
Investment Counsel -- John H. Gutfreund, President of Gutfreund
& Co. Inc. -- John C. Hassan, consultant with BSC Ventures --
Edgar F. Heizer III, Chairman of Manus Health Systems, Inc. --
Steven C. Straus, Chief Executive Officer of LCA-Vision Inc. -- E.
Anthony Woods, non-executive Chairman of the Board of LCA-Vision,
and Chairman and Chief Executive Officer of SupportSource, LLC
LCA-Vision stockholders also voted in favor of the appointment of
Ernst & Young LLP as the Company's independent auditors for the
fiscal year ending December 31, 2009 and voted against ratification
of the Company's Stockholders Rights Plan. Commenting on current
business conditions, Mr. Woods stated, "Although various surveys
and indices indicate some optimism about economic conditions and
consumer sentiment, it is our experience that many Americans are
closely watching expenses and are limiting their spending primarily
to essential items. Our management team at LCA-Vision, with full
Board support, has implemented multiple programs in an attempt to
sustain procedure volume in this challenging environment. However,
consumer reluctance to spend on elective surgical procedures is
continuing to have a negative impact on procedure volume at our
LasikPlus(R) centers. Procedure volume in April and May has
declined approximately 45% from the comparable period last year and
we currently anticipate continued softness throughout 2009. The
decline in discretionary spending impacted procedure volume to a
greater extent in 2008 in the second half of the year, which could
favorably impact year-over-year comparisons as 2009 progresses. "As
discussed in previous public announcements, our management has
taken steps to control judiciously center-level and general and
administrative expenses and conserve cash, positioning LCA-Vision
to weather the current economic environment, while remaining
committed to providing positive patient experiences and to optimize
clinical outcomes," he added. "We have already experienced the
majority of the benefit of these actions and expect only modest
incremental cost reductions in these expenses in the coming
quarters. We will continue monitoring our marketing activities with
the intent of aligning marketing expense with procedure volume as
appropriate, which could lead to a reduction in marketing spending.
We also are considering additional actions, including closing
underperforming vision centers." 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. The forward-looking statements
in this release are based on information available to us as of the
date hereof. Actual results could differ materially from those
stated or implied in our forward-looking statements due to risks
and uncertainties associated with our business, including, without
limitation, those concerning economic, political and sociological
conditions; the successful execution of marketing strategies to
cost-effectively drive patients to our vision centers; an inability
to attract new patients; our ability to profitably operate vision
centers and retain qualified personnel during periods of lower
procedure volumes; the relatively high fixed cost structure of our
business; the acceptance rate of new technology, and our ability to
successfully implement new technology on a national basis; market
acceptance of our services; competition in the laser vision
correction industry; the possibility of long-term side effects and
adverse publicity regarding laser vision correction; operational
and management instability; legal or regulatory action against us
or others in the laser vision correction industry; the continued
availability of non-recourse third-party financing for our patients
on terms similar to what we have paid historically; and the future
value of revenues financed by us and our ability to collect on such
financings, which will depend on a number of factors including the
worsening consumer credit environment and our ability to manage
credit risk related to consumer debt, bankruptcies and other credit
trends. In addition, an ongoing FDA study about post-Lasik
quality-of-life matters could impact negatively the acceptance of
LASIK. 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 reports on Forms 10-K,
10-Q and 8-K. 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(R) LCA-Vision Inc., a
leading provider of laser vision correction services under the
LasikPlus(R) brand, operates 75 LasikPlus(R) fixed-site laser
vision correction centers in 32 states and 57 markets in the United
States and a joint venture in Canada. Additional company
information is available at http://www.lca-vision.com/ and
http://www.lasikplus.com/. Earning Trust Every Moment. Transforming
Lives Every Day. For Additional Information Company Contact:
Investor Relations Contact: Barb Kise Jody Cain LCA-Vision Inc.
Lippert/Heilshorn & Associates 513-792-9292 310-691-7100
DATASOURCE: LCA-Vision Inc. CONTACT: Barb Kise of LCA-Vision Inc.,
+1-513-792-9292; or Investor Relations: Jody Cain of
Lippert/Heilshorn & Associates, +1-310-691-7100 Web Site:
http://www.lca-vision.com/
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