CINCINNATI, May 17, 2011 /PRNewswire/ -- 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 approved the LCA-Vision Inc. 2011
Stock Incentive Plan; approved the advisory vote on executive
compensation; voted for the company to hold the advisory vote on
the executive compensation annually, and voted in favor of the
appointment of Ernst & Young LLP as the company's independent
auditors for the fiscal year ending December
31, 2011.
"We are seeing tangible improvements in our financial and
operational performance and we are optimistic about our future
prospects," Mr. Woods stated in his comments about LCA-Vision's
business. "We have now reported two consecutive quarters of
growth in same-store procedure volume and sustained improvement in
our key operational metrics. Also with our recently announced
first quarter financial results, we reported a profit for the first
time in three years, although the quarter results benefited from
seasonal employee flex account spending. Importantly, LCA is
gaining market share. We attribute these achievements to the
recovering economy, higher consumer confidence levels and the many
actions taken by LCA management and our entire staff to improve our
operations during the recent economic downturn. We are now
positioned to grow revenues as the economic recovery progresses,
albeit at a slow and unsteady pace.
"We also are taking actions to maximize shareholder value by
diversifying our business to provide additional revenue streams and
diminish the impact of future downturns. Our initial focus is
on strategic opportunities that utilize our numerous resources,
including our core expertise in eye health and extensive knowledge
in multi-site operations. We have already implemented the
sale of over-the-counter eye drops throughout our LasikPlus®
network and recently began testing a management services program
for partnering with private-practice eye care providers.
Later this year we plan to evaluate a cataract and premium
IOL surgery offering that addresses a significant growth
opportunity as our population ages."
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
the company as of the date hereof. Actual results could
differ materially from those stated or implied in the
forward-looking statements due to risks and uncertainties
associated with its business. In addition to the risk factors
discussed in the company's Form 10-K and other filings with the
Securities and Exchange Commission, there are a number of other
risks and uncertainties associated with its business, including,
without limitation, the successful execution of cost effective
marketing strategies to drive patients to its vision centers; the
impact of low consumer confidence and discretionary spending;
competition in the laser vision correction industry; the company's
ability to attract patients; the possibility of adverse outcomes or
long-term side effects of laser vision correction and negative
publicity regarding laser vision correction; the company's 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 its patients
on terms similar to what it has paid historically; and the future
value of revenues financed by the company and its ability to
collect on such financings, which will in turn depend on a number
of factors, including the consumer credit environment and the
company's ability to manage credit risk related to consumer debt,
bankruptcies and other credit trends.
Further, the FDA's advisory board on ophthalmic devices
currently is reviewing concerns about post-LASIK quality of life
matters, and the FDA has begun a major new study on LASIK outcomes
and quality of life that is expected to end in 2012. The FDA
or another regulatory body could take legal or regulatory action
against the company 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, the company
assumes 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 53
LasikPlus® fixed-site laser vision correction centers in 26
states and 41 markets in the United. Additional company
information is available at www.lca-vision.com and
www.lasikplus.com.
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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.