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LCA-Vision posts $2.8 million net loss, 37% decline in laser procedures for first quarter

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CINCINNATI — LCA-Vision reported a first quarter net loss of $2.8 million, or $0.15 per share, compared with a net income of $6.9 million, or $0.37 per diluted share, for the first quarter of 2008, the company announced in a press release.

LCA-Vision performed a total of 27,859 laser procedures during the first quarter, down 37% from 44,159 laser procedures reported during the first quarter of 2008, the release said.

The company posted a $4.2 million operating loss for the quarter, compared with an operating income of $10.5 million reported during last year's first quarter. Adjusted operating loss totaled $6.9 million, compared with an adjusted operating income of $5.4 million reported during the same period last year. Operating and adjusted operating losses included $900,000 in restructuring expenses and $800,000 in consent revocation expenses, according to the release.

LCA-Vision's first-quarter revenue totaled $47.9 million, a decline compared with $79.6 million reported during the first quarter of 2008. Adjusted first-quarter revenue totaled $44.9 million, down from $74 million during the same period last year.