TLCVision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced results for the
first quarter ended March 31, 2009.
James B. Tiffany, President and Chief Operating Officer of
TLCVision, commented, "Overall, we had a seasonally strong first
quarter that was consistent with industry estimates. While demand
for Lasik surgery remains soft, we benefitted from growth in our
non-refractive businesses and from our cost reduction
initiatives.
"Our non-refractive businesses, which include other surgical
procedures and general eye care, posted revenue growth in the
quarter of 23%, and this growth helped to offset weaker performance
in our refractive businesses. We also continue to realize
significant cost reductions related to ongoing initiatives that
generated approximately $11.0 million of cost savings in the first
quarter of 2009 versus the first quarter of 2008. Furthermore, we
generated $5.3 million in operating cash flow in the quarter versus
($6.2) million in the fourth quarter of 2008, bringing our cash
balance at March 31, 2009 to $18.5 million.
"We recently announced the formation of the office of the
Chairman consisting of our Chairman, Chief Restructuring Officer
and myself. The Office of the Chairman is working diligently and
constructively with our lenders and advisors to secure a more
flexible capital structure.
"Although we are encouraged by recent economic data on consumer
spending, we remain resolute on positioning the Company to weather
the current economic climate while reaping the substantial benefits
of the economic rebound when pent-up demand returns."
First Quarter 2009 Results
-- Revenue for the first quarter was $69.4 million, a 23% decrease over
prior year revenue of $90.4 million, with refractive revenues showing
a decline of 37% while our current non-refractive businesses grew by
a combined 23%.
- Refractive Centers revenue of $36 million decreased by 39%, as
majority-owned center procedures declined by 38%, consistent with
estimated market declines.
- Doctor Services revenue of $23.6 million decreased by 6%,
reflecting weakness in the refractive access business, as the
non-refractive businesses showed growth of 9%.
- Eye Care revenue of $9.9 million increased 56%. This increase was
due to the timing of the annual national meeting and an increase
in franchise revenue.
-- Overhead expenses were reduced by 23% or $4.8 million below prior year
costs, and those costs included advisor fees and expenses of $2.7
million related to the Company's ongoing lender negotiations.
-- Consolidated net loss attributable to TLCVision Corporation for the
first quarter was $1.3 million, compared to net income of $6.1 million
from the prior year period. Net loss attributable to TLCVision
Corporation per diluted share for the first quarter was ($0.03),
compared to net income of $0.12 for the prior year period.
-- Pro-forma net income attributable to TLCVision Corporation for the
first quarter (excluding severance and restructuring charges)
was $1.4 million or $0.03 per fully diluted share, compared with $6.1
million, or $0.12 per fully diluted share in our record first quarter
of 2008.
-- Adjusted EBITDA for the first quarter was $8.8 million compared to
$14.0 million in our record first quarter of 2008.
Use of Non-GAAP Measures
Pro-forma results are presented to facilitate a comparison of
current year and prior year results. The calculations of pro-forma
results are not specified by United States generally accepted
accounting principles ("GAAP"). Our calculations of pro-forma
results may not be comparable to similarly-titled measures of other
companies. A reconciliation of reported net income to pro-forma net
income for the quarter is included in the attached Consolidated
Statements of Operation.
Adjusted EBITDA is a non-GAAP financial measure. It is used in
addition to and in conjunction with results presented in accordance
with GAAP. This non-GAAP financial measure reflects an additional
way of viewing aspects of our operations that, when viewed with our
GAAP results, provide a more complete understanding of factors and
trends affecting our business. A schedule detailing the calculation
of Adjusted EBITDA is attached to this release.
Non-GAAP measures should be considered as a supplement to, and
not as a substitute for, or superior to, the corresponding measures
calculated in accordance with generally accepted accounting
principles.
Conference Call
The company will host a conference call and live webcast with
investors and analysts on Thursday, May 14, 2009 at 10:00 a.m.
(EDT). To access, please dial 877-795-3647 or 719-325-4781
(international callers) and enter the pass code: 6758749. The call
will be broadcast live on the company's website at www.tlcv.com
under the "Webcasts" link in the Investor Relations section.
A replay of the conference call will be available until May 22,
2009. To access the replay, dial 888-203-1112 or 719-457-0820
(international callers) and enter the pass code: 6758749. The call
will also be archived on the company's website at www.tlcv.com
under the "Webcasts" link in the Investor Relations section.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, Section 21E of the U.S. Securities Exchange Act of 1934 and
Canadian Provincial Securities Laws, which statements can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "anticipate," "estimate,"
"predict," "plans" or "continue" or the negative thereof or other
variations thereon or comparable terminology referring to future
events or results. We caution that all forward-looking information
is inherently uncertain and that actual results may differ
materially from the assumptions, estimates or expectations
reflected in the forward-looking information. A number of factors
could cause actual results to differ materially from those in
forward-looking statements, including but not limited to economic
conditions, the level of competitive intensity for laser vision
correction, the market acceptance of laser vision correction,
concerns about potential side effects and long term effects of
laser vision correction, the ability to maintain agreements with
doctors on satisfactory terms, quarterly fluctuation of operating
results that make financial forecasting difficult, the volatility
of the market price of our common shares, profitability of
investments, successful execution of our direct-to-consumer
marketing programs, the ability to open new centers, the reliance
on key personnel, medical malpractice claims and the ability to
maintain adequate insurance therefore, claims for federal, state
and local taxes, compliance with industry regulation, compliance
with U.S. and Canadian healthcare regulations, disputes regarding
intellectual property, many of which are beyond our control.
Therefore, should one or more of theses risks materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary significantly from what we
currently foresee. Accordingly, we warn investors to exercise
caution when considering any such forward-looking information
herein and to not place undue reliance on such statements and
assumptions. We are under no obligation (and we expressly disclaim
any such obligation) to update or alter any forward-looking
statements or assumptions whether as a result of new information,
future events or otherwise, except as required by law.
See the Company's reports filed with the Canadian Securities
Regulators and the U.S. Securities and Exchange Commission from
time to time for cautionary statements identifying important
factors with respect to such forward-looking statements, including
certain risks and uncertainties, that could cause actual results to
differ materially from results referred to in forward-looking
statements. TLCVision assumes no obligation to update the
information contained in this press release.
About TLCVision
TLCVision is North America's premier eye care services company,
providing eye doctors with the tools and technologies needed to
deliver high-quality patient care. Through its centers' management,
technology access service models, extensive optometric
relationships, direct to consumer advertising and managed care
contracting strength, TLCVision maintains leading positions in
Refractive, Cataract and Eye Care markets. Information about vision
correction surgery can be found on the TLC Laser Eye Centers'
website at www.lasik.com. More information about TLCVision can be
found on the Company's website at www.tlcv.com.
TLC VISION CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
Three months ended
March 31,
--------------------
2009 2008
--------- ---------
Revenues:
Refractive centers $ 36,000 $ 58,967
Doctor services 23,556 25,063
Eye care 9,866 6,325
--------- ---------
Total revenues 69,422 90,355
Cost of revenues (excluding amortization):
Refractive centers 26,035 37,357
Doctor services 18,334 18,141
Eye care 4,772 2,822
--------- ---------
Total cost of revenues (excluding amortization) 49,141 58,320
--------- ---------
Gross profit 20,281 32,035
--------- ---------
General and administrative 5,936 8,367
Marketing and sales 6,828 11,651
Amortization of intangibles 583 830
Other expense (income), net 2,518 (197)
--------- ---------
Total operating costs 15,865 20,651
--------- ---------
Operating income 4,416 11,384
Interest income 134 210
Interest expense (3,101) (2,476)
Earnings from equity investments 350 217
--------- ---------
Income before income taxes 1,799 9,335
Income tax expense (210) (447)
--------- ---------
Net income 1,589 8,888
Less: Net income attributable to noncontrolling
interest 2,913 2,816
--------- ---------
Net (loss) income attributable to TLC Vision
Corporation $ (1,324) $ 6,072
========= =========
Net (loss) income per share attributable to TLC
Vision Corporation, diluted $ (0.03) $ 0.12
========= =========
Weighted average number of common shares outstanding,
diluted 50,518 50,282
Calculation of Pro Forma Net (Loss) Income and EPS
Net (loss) income attributable to TLC Vision
Corporation, as reported $ (1,324) $ 6,072
Add: Restructuring Costs 2,686 0
--------- ---------
Pro forma net income attributable to TLC Vision
Corporation $ 1,362 $ 6,072
========= =========
Pro forma net income per share attributable to TLC
Vision Corporation, diluted $ 0.03 $ 0.12
========= =========
Calculation of Adjusted EBITDA
Net (loss) income attributable to TLC Vision
Corporation, as reported $ (1,324) $ 6,072
Add: Income tax (benefit) expense 210 447
Depreciation and amortization 4,012 4,895
Interest expense, net 2,967 2,266
Non-cash compensation 208 357
Severance and restructuring charges 2,686 -
--------- ---------
Adjusted EBITDA $ 8,759 $ 14,037
========= =========
Adjusted EBITDA per share, diluted $ 0.17 $ 0.28
--------- ---------
TLC VISION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
As of As of
March 31, December 31,
2009 2008
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 18,534 $ 4,492
Accounts receivable, net 18,474 16,870
Prepaid expenses, inventory and other 13,310 14,214
----------- -----------
Total current assets 50,318 35,576
Restricted cash 876 -
Investments and other assets, net 11,469 11,694
Goodwill 28,570 28,570
Other intangible assets, net 9,900 10,628
Fixed assets, net 48,784 50,514
----------- -----------
Total assets $ 149,917 $ 136,982
=========== ===========
LIABILITIES
Current liabilities:
Accounts payable $ 19,272 $ 17,897
Accrued liabilities 22,779 28,076
Current maturities of long-term debt
(including $76.7 million of term debt at
March 31, 2009 and $82.7 million in default
December 31, 2008) 106,997 89,081
----------- -----------
Total current liabilities 149,048 135,054
Long-term debt, less current maturities 16,239 16,500
Other long-term liabilities 5,000 5,444
----------- -----------
Total liabilities 170,287 156,998
----------- -----------
STOCKHOLDERS' DEFICIT
TLC Vision Corporation stockholders' deficit:
Common stock, no par value 339,342 339,112
Option and warrant equity 745 745
Accumulated other comprehensive loss (1,337) (1,545)
Accumulated deficit (374,982) (373,658)
----------- -----------
Total TLC Vision Corporation stockholders'
deficit (36,232) (35,346)
Noncontrolling interest 15,862 15,330
----------- -----------
Total stockholders' deficit (20,370) (20,016)
----------- -----------
Total liabilities and stockholders'
deficit $ 149,917 $ 136,982
----------- -----------
TLC VISION CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands, except per share amounts)
Three months ended
March 31,
--------------------
2009 2008
--------- ---------
OPERATING ACTIVITIES
Net (loss) income attributable to TLC Vision
Corporation $ (1,324) $ 6,072
Adjustments to reconcile net (loss) income
attributable to TLC Vision Corporation to net cash
from operating activities:
Depreciation and amortization 4,012 4,895
Noncontrolling interest 2,913 2,816
Earnings from equity investments (350) (217)
Gain on sales and disposals of fixed assets (164) (69)
Gain on sale of businesses - (145)
Non-cash compensation expense 208 357
Other 384 251
Changes in operating assets and liabilities, net of
acquisitions and dispositions: (404) 8,846
--------- ---------
Cash provided by operating activities 5,275 22,806
--------- ---------
INVESTING ACTIVITIES
Purchases of fixed assets (417) (851)
Proceeds from sales of fixed assets 189 165
Distributions and loan payments received from equity
investments 657 601
Acquisitions and equity investments (4,588) (2,984)
Divestitures of businesses - 1,179
Other 37 29
--------- ---------
Cash used in investing activities (4,122) (1,861)
--------- ---------
FINANCING ACTIVITIES
Restricted cash movement (876) (14)
Principal payments of debt financing and capital
leases (1,770) (13,199)
Proceeds from debt financing 17,971 5,384
Capitalized debt costs (78) (534)
Distributions to noncontrolling interests (2,381) (2,746)
Proceeds from issuances of common stock 23 231
--------- ---------
Cash provided by (used in) financing activities 12,889 (10,878)
--------- ---------
Net increase in cash and cash equivalents during the
period 14,042 10,067
Cash and cash equivalents, beginning of period 4,492 12,925
--------- ---------
Cash and cash equivalents, end of period $ 18,534 $ 22,992
========= =========
Operating cash flow per diluted share $ 0.10 $ 0.45
Contact: James J. Hyland VP Investor Relations (636) 534-2369
Email: investor.relations@tlcvision.com
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