CINCINNATI, May 18 /PRNewswire-FirstCall/ -- LCA-Vision Inc.
(Nasdaq: LCAV), a leading provider of laser vision correction
services under the LasikPlus® brand, announces that its
stockholders have elected all five Board nominees to the Company's
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.
- 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,
2010.
Commenting on current business conditions, Mr. Woods stated that
the Company's Board is acutely aware of the prolonged downturn in
consumer discretionary spending and its significant impact on the
laser vision correction marketplace. Sector-wide laser vision
correction procedures were down approximately 45% in 2009 from 2007
levels. Mr. Woods acknowledged LCA-Vision's management team
for its admirable job of instituting cost controls and managing
cash flow and expects success in building revenues by enhancing the
Company's profile in the marketplace.
"This downturn has certainly taken its toll on all corporate
providers in the sector," stated Mr. Woods. "While several
sector analysts predict a gradual return of procedural volume, most
feel it will lag behind increases in general consumer spending. Our
experience to date would lead us to agree that the sector will
recover slowly.
"Our Board and management are continually seeking and evaluating
a wide range of strategic opportunities that could facilitate
growth for LCA. Naturally, we lean toward opportunities that
build on what we know and do best—vision correction. We do
not, however, limit our assessments to this field. Our
diversification considerations include service and product options
that not only complement our existing business, but would also
heighten LCA's involvement in the eye care sector. We believe
that by expanding our horizons beyond our comfort level, we open
the door to a multitude of revenue sources that are 'outside the
box.' This strategy should help LCA manage more effectively in
times of economic downturn and offer a stream of growth
opportunities that will nourish LCA's future livelihood," he
added.
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. In addition
to the risk factors discussed in our Form 10-K and other filings
with the Securities and Exchange Commission, there are a number of
other risks and uncertainties associated with our business,
including, without limitation, the successful execution of
marketing strategies cost effectively to drive patients to our
vision centers; the impact of low consumer confidence and
discretionary spending; competition in the laser vision correction
industry; our ability to attract new patients; the possibility of
adverse outcomes or long-term side effects of laser vision
correction and negative publicity regarding laser vision
correction; our ability to operate profitable vision centers and
retain qualified personnel during periods of lower procedure
volumes; 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 in turn
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.
Further, the FDA's advisory board on ophthalmic devices is
currently reviewing concerns about post-LASIK quality of life
matters, and the FDA has planned a major new study on LASIK
outcomes and quality of life that is expected to end in 2012. The
FDA or another agency could take legal or regulatory action against
us or others in the laser vision correction industry. The outcome
of this review or legal or regulatory action could potentially
impact negatively the acceptance of LASIK. In addition, the
acceptance rate of new technologies and our ability to implement
successfully new technologies on a national basis create additional
risk. 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., a leading provider of laser vision correction
services under the LasikPlus® brand, operates 62
LasikPlus® fixed-site laser vision correction centers in 29
states and 45 markets in the United
States. Additional company information is available at
www.lca-vision.com and www.lasikplus.com.
Earning Trust Every Moment;
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Building
Relationships for a Lifetime.
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For Additional
Information
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Company
Contact:
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Investor Relations
Contact:
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Barb Kise
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Jody Cain
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Investor
Relations
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Lippert/Heilshorn
& Associates
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513-792-9292
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310-691-7100
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SOURCE LCA-Vision Inc.