UPDATE 1-LCA Vision posts wider Q3 loss, to cut 15 pct jobs

* Q3 loss/shr $1.07 vs yr-ago loss/shr 25 cents

* Q3 rev falls 26 pct, procedure volume falls 29 pct

* To cut 70 jobs, close 10 vision centers to save cash

* Sees cash to last beyond 2012 after cost control measures

Oct 27 (Reuters) - Laser vision-correction service provider LCA-Vision Inc (LCAV.O) posted a wider quarterly loss due to a steep drop in revenue, and said it would cut 15 percent jobs and close 10 vision centers to conserve cash.

The company sees restructuring charges of about $4.1 million in the fourth quarter tied to the job cuts and unit closures, and expects to reduce expenses by more than $4 million annually.

"We will consider the closure of additional underperforming vision centers in the future as we continue to take aggressive actions to conserve cash," Chief Financial Officer Michael Celebrezze said in a statement.

Due to the cost reduction measures, the company now expects to have sufficient cash and investments to last beyond 2012 at 65,000 procedures annually.

Third-quarter net loss was $19.9 million, or $1.07 cents a share, compared to a net loss of $4.7 million, or 25 cents a share in the year-ago period. [ID:nWNAB4708]

Revenue for the quarter fell 26 percent to $27.6 million, while procedure volume declined 29 percent.

Analysts were expecting a loss of 30 cents a share, on revenue of $27.6 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $4.56 Monday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Ratul Ray Chaudhuri)