LCA-Vision Names Michael J. Celebrezze CFO
November 21 2008 - 7:00AM
PR Newswire (US)
CINCINNATI, Nov. 21 /PRNewswire-FirstCall/ -- LCA-Vision Inc.
(NASDAQ: LCAV), a leading provider of laser vision correction
services under the LasikPlus(R) brand, today announced the
appointment of Michael J. Celebrezze to the position of Chief
Financial Officer on a permanent basis, effective December 1, 2008.
Mr. Celebrezze, who has served as interim CFO since June 2008, was
appointed to the LCA-Vision Executive Management team as Senior
Vice President of Finance and Treasurer in July 2007, and joined
the company as Vice President of Finance and Treasurer in July
2006. "Following an extensive search and a thorough review of
Mike's performance, the LCA-Vision board of directors unanimously
approved his appointment as permanent CFO," said Steven C. Straus,
Chief Executive Officer of LCA-Vision. "Mike stepped quickly and
effectively into the CFO position in June and has performed
admirably since then, making for a smooth transition during a
challenging economic time. In addition to his other
responsibilities as interim CFO, Mike successfully implemented a
series of initiatives designed to conserve cash and better align
our expense structure with current procedure volumes. Mike also is
a valuable member of the LCA-Vision Executive Management team,
where he plays an instrumental role in formulating and implementing
strategic direction for all facets of our company." Among
initiatives aimed at supporting procedure volume and controlling
costs, the company has begun both a head-to-head clinical study and
has requested cost proposals to evaluate potentially reducing the
number of excimer laser technology platforms utilized in its
LasikPlus(R) vision centers. "We expect that results from this
study will confirm that technological advancements in laser vision
correction equipment allow us to achieve our high standard of
clinical outcomes regardless of the platform utilized in the
procedure at a lower overall cost," commented Mr. Straus. "Results
from this study could enable a reduction in the number of
technology platforms per LasikPlus(R) vision center from our
current three platforms to two or perhaps even one." He added,
"During the first few weeks of our new marketing program, we are
performing qualitative and quantitative reviews of our marketing
activities as the first in an active and methodical progression to
strengthen the LasikPlus(R) brand and clarify our messages, with a
goal of reinvigorating our direct-to-consumer programs." Mr.
Celebrezze said, "I am delighted to be assuming the CFO position on
a permanent basis. We are affirming our commitment to controlling
expenses and balancing cash conservation with long-term success,
including managing all aspects of our business as reflected in the
previously announced closing of our center in Boise, Idaho. We will
continue to minimize capital expenditures and closely manage
working capital, while building upon positive patient experiences,
exceptional clinical outcome and advanced diagnostic and surgical
technology that are the hallmark of the LasikPlus(R) brand." Prior
to joining LCA-Vision, Mr. Celebrezze served for five years as CFO
at First Transit Inc., a national public-transportation company
with annual revenue of $400 million. He previously was employed for
17 years with APCOA/Standard Parking, where he held a variety of
financial positions including Executive Vice President and CFO. Mr.
Celebrezze holds a Certified Public Accounting designation in Ohio
(inactive), and received a BS in accounting from Kent State
University and an MBA from John Carroll University. 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. These
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 acceptance rate of new
technology, and our ability to successfully implement new
technology on a national basis; market acceptance of our services;
the successful execution of marketing strategies to
cost-effectively drive patients to our vision centers; 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; operational and
management instability; legal or regulatory action against us or
others in the laser vision correction industry; 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 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 potentially 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 77 LasikPlus(R) 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 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: Company Contact, Barb Kise,
LCA-Vision, Inc., +1-513-792-9292; Investor Relations Contact, Jody
Cain, Lippert/Heilshorn & Associates, +1-310-691-7100 Web site:
http://www.lca-vision.com/ http://www.lasikplus.com/
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