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Refractive procedures, revenue down slightly for TLC Vision

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TORONTO, Ontario — TLC Vision reported a minor drop in the number of refractive procedures undertaken at the company’s laser centers during its fiscal fourth quarter 2002, to 28,800 from 28,900 in the same quarter a year ago. Total net revenue also fell to $38.7 million from $40 million in the comparable quarter in 2001.

Overall, the company reported a steep loss in its fourth quarter, which ended May 31, after recording charges of $108.9 million. Net loss for the quarter was $115 million (compared with a net loss of $5 million for the same quarter in 2001).

TLC Vision was created after a merger between TLC Laser Eye Centers and Laser Vision was completed in May, so this quarter’s financial results reflect the charges associated with the merger.

Elias Vamvakas, TLC Vision's chairman and chief executive officer, commented that “while the charges associated with the merger are included in these financial results, due to the timing of the transaction, the anticipated synergies expected from the merger are not. The post-merger integration is progressing well and we look forward to reporting on a full 3 months of combined operations in our next quarterly report.”