Lasik Vision Reports Third Quarter Financial Results, Company Reports Record Revenue.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 22, 2000 Lasik Vision Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :LSK LSK Lillestrøm Sportsklubb LSK Law Society of Kenya LSK Left Soft Key (handheld electronic devices) LSK Luchtstrijdkrachten (Dutch) LSK Line Select Key LSK Leapseconds Kernel .), a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. provider of laser vision correction services, today announced its results for the three months ended September 30, 2000. Results reflect record revenues based primarily on strong growth in the number of laser vision correction procedures performed in Lasik Vision's North American refractive refractive capacity to refract light. refractive error a difference between the focal length of the cornea and lens, and the length of the eye, resulting in myopia or hyperopia. centres. Fiscal 2000 third quarter revenue from laser vision correction and management and service fees grew to $27,640,312 up 189% from $9,576,509 for the same period a year ago. Lasik Vision performed 40,191 paid laser procedures at the Company's refractive centres in the third quarter ended September 30, 2000. This is a 210% increase from 12,929 the same period a year ago and represents a new record volume quarter for Lasik Vision. The third quarter procedures represent a 13% sequential increase from the 35,599 procedures performed in the second quarter of 2000. Laser vision correction and management and service fee revenues for the first nine months of 2000 were $70,349,625, up 265% over $19,299,424 in the nine months ended September 30, 1999. Earnings (loss) before interest taxes depreciation and amortization ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ") for the three months ended September 30, 2000 were $897,463 compared to EBITDA of ($4,539,500) for the three months ended June 30, 2000 and $906,082 for the three months ended March 31, 2000. For the nine months ended September 30, 2000 EBITDA were ($2,735,955) compared to EBITDA of ($424,934) for the comparable nine months ended September 30, 1999. In the third quarter ended September 30, 2000, general and administrative ("G&A") expenses decreased to $12,117,387 from $12,685,146 reported for the three months ended June 30, 2000. The decrease in G&A was attributable to reduction in overhead costs overhead costs see fixed costs. and significant controls being implemented during the third quarter. For the nine months ended September 30, 2000, G&A was $31,678,964 compared to G&A of $8,246,320 for the comparable nine months ended September 30, 1999. "In the third quarter, management has established the foundations for growth and profitability. Although Lasik Vision continues to lead the industry in procedural volume, the Company's decision in the third quarter to consolidate its operations contributed to a net loss position. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially in terms of tracking our performance, we are encouraged by the positive EBITDA the Company reports in the third quarter. Despite the intense competition in the laser vision correction industry, Lasik Vision has also been able to significantly reduce G&A expenses. The consolidation of operations implemented by the Company's new management in the third quarter underscores management's commitment to being the largest vision correction provider with the best medical outcomes achieved through standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting and training," said Hugo Sutton Sutton, outer borough (1991 pop. 164,300) of Greater London, SE England. It is mainly residential, but plastics, chemicals, radio components, and paper goods are produced. The areas of Sutton were mentioned in the Domesday Book. MD, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Lasik Vision Corporation. Net loss for the fiscal 2000 third quarter was $2,020,100, or $0.05 per common share, compared to a net profit of $1,002,107 or $0.03 per share for the third quarter of 1999. The net loss reflects the costs associated with the Company's decision to consolidate operations in the North American market where it has become the leading provider of affordable laser vision correction. Net loss for the nine months ended September 30, 2000 was $10,025,707, or $0.26 per share compared with a net loss of $2,440,673, or $0.10 per share, in the comparable period last year. Based in Vancouver, B.C. Lasik Vision Corporation is Canada's largest operating laser vision refractive company. Lasik Vision has already performed more than 140,000 procedures at its 29 centres in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Through its subsidiaries and affiliates, Lasik Vision has one centre presently under construction in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Lasik Vision centres offer vision correction procedures, including LASIK (Laser-in-Situ-Keratomileusis) and PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. (Photo-Refractive Keratectomy keratectomy /ker·a·tec·to·my/ (ker?ah-tek´to-me) excision of a portion of the cornea; kerectomy. photorefractive keratectomy ) to correct nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the , farsightedness farsightedness or hyperopia, condition in which far objects can be seen easily but there is difficulty in near vision. It is caused by a defect of refraction in which the image is focused behind the retina of the eye rather than upon it, either and astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. with advanced excimer lasers A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. and state-of-the-art topography topography (təpŏg`rəfē), description or representation of the features and configuration of land surfaces. Topographic maps use symbols and coloring, with particular attention given to the shape and elevations of terrain. and microkeratome equipment. With many of the most experienced specialists in North America. Lasik Vision's goal is to provide the best quality patient care and clinical outcomes at the most affordable price for patients. Additional information may be obtained through the Company's website at www.lasik-vision.com. Statements and/or financial forecasts that are not historical are to be regarded as forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to risks and uncertainties and could cause actual results to differ materially. Such risks and uncertainties with respect to Lasik Vision's business include but are not limited to: (i) general economic conditions, (ii) limited operating history, (iii) continued industry and public acceptance, (iv) regulatory compliance, (v) potential liability or malpractice malpractice, failure to provide professional services with the skill usually exhibited by responsible and careful members of the profession, resulting in injury, loss, or damage to the party contracting those services. claims, (vi) future capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and uncertainty of additional funding and (vii) dependence on key personnel. These forward statements should not be reprinted, reiterated nor considered an inducement Inducement Electra incited brother, Orestes, to kill their mother and her lover. [Gk. Myth.: Zimmerman, 92; Gk. Lit.: Electra, Orestes] Hezekiah exhorts Judah to stand fast against Assyrians. [O.T. for investment. On behalf of the Board of Directors of LASIK VISION CORPORATION Hugo Sutton MD, Chairman
LASIK VISION CORPORATION
CONSOLIDATED BALANCE SHEET
AS AT SEPTEMBER 30
2000 1999
ASSETS
Current Assets
Cash & Cash Equivalents $ 541,743 $ 3,782,316
Accounts Receivable 5,280,227 80,550
Inventory 920,250 300,000
Prepaid Expenses 1,432,117 1,627,385
Restricted Cash 2,500,000 -
-----------------------------
10,674,337 5,790,251
Security Deposit 1,343,350 1,375,000
Deferred Financing Costs 969,000 -
Deferred Foreign Exchange Loss 916,103 -
Rental Deposits 2,066,624 -
Capital Assets 51,367,927 15,132,118
-----------------------------
$ 67,337,341 $ 22,297,369
-----------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Accrued
Liabilities $ 25,135,348 $ 5,179,598
Patient Deposits 14,150,963 13,014,173
Due to shareholder - 364,848
Current Portion of Obligation
under Capital Leases 1,415,885 616,020
-----------------------------
40,702,196 19,174,639
Obligations under Capital Leases 3,726,433 2,395,674
Convertible Notes (Jan 21, 2000) 21,130,192 -
Debenture Payable - 990,000
Deferred Tenant Inducements 3,673,826 -
-----------------------------
69,232,647 22,560,313
-----------------------------
Shareholders' Equity
Authorized: 800,000,000 common shares
without par value
(100,000,000 - 1999)
Issued: 39,269,146
(36,572,787 - 1999) 10,890,410 1,657,817
Special Warrants - 2,519,881
Equity Portion of Convertible Notes 2,686,000 -
Cumulative Translation Adjustment (186,170) -
Retained Earnings (Deficit) (15,285,546) (4,440,642)
-----------------------------
(1,895,306) (262,944)
-----------------------------
$ 67,337,341 $ 22,297,369
-----------------------------
Approved on behalf of the Board:
Hugo Sutton, Director
Philip Louie, Director
LASIK VISION CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT
FOR THE NINE MONTHS ENDED SEPTEMBER 30
2000 1999
REVENUE
Laser Refractive Surgery $ 60,174,534 $ 19,299,424
Management and Service Fees 10,175,091 -
-----------------------------
70,349,625 19,299,424
DIRECT COSTS
Surgeons' Fees 13,118,782 4,089,274
Laser Refractive Surgery 14,725,781 2,843,164
-----------------------------
27,844,563 6,932,438
GROSS PROFIT FROM SURGERY 42,505,062 12,366,986
-----------------------------
EXPENSES
General and Administration $ 31,678,964 $ 8,246,320
Advertising and Promotion 10,433,731 3,377,075
Amortization 5,972,291 1,743,739
Business Development 3,128,322 1,168,525
Interest expense - net 1,317,461 272,000
-----------------------------
52,530,769 14,807,659
-----------------------------
Net Loss for the Period 10,025,707 2,440,673
Deficit, Beginning of the Period 5,259,839 1,999,969
-----------------------------
Deficit, End of the Period $ 15,285,546 $ 4,440,642
-----------------------------
The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion