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LCA-Vision CEO Discusses Q3 2010 Results - Earnings Call Transcript

For the third quarter of 2010, revenues were $20.3 million, compared with $27.6 million for the 2009 third quarter, and adjusted revenues were $18.8 million, compared with $25.7 million a year ago. We performed 11,497 procedures at 62 Vision centers during the 2010 quarter, compared with 15,335 procedures at 71 Vision centers during the 2009 quarter.

Our same store procedure volume declined 18% versus the prior year. Lower procedure volume in the 2010 third quarter was attributable to a 31% decline in pre-operative appointment bookings, which reflects both reduced consumer confidence and a decrease in the number of Vision centers from 71 to 62.

Same store revenues decreased 19% for the third quarter while adjusted same store revenues decreased 18%. This compares with declines of 9% and 7% respectively for the second quarter which we believe reflected higher consumer confidence levels during that period. However, our Q3 declines are improved from the 23% and 22% declines respectively during the first quarter of this year.

We reported an operating loss of $8.5 million and adjusted operating loss of $9.8 million for the 2010 third quarter. Both these figures included $1.8 million in impairment and restructuring charges and $266,000 in gain on sale of assets. In the 2009 third quarter, we reported an an operating loss of $10.4 million and an adjusted operating loss of $11.1 million which included $4.4 million in impairment and restructuring charges and $10, 000 in gain on sale of assets.

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