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UPDATE 1-LCA-Vision posts narrower-than-expected Q2 loss
July 27, 2010 / 11:56 AM / 7 years ago

UPDATE 1-LCA-Vision posts narrower-than-expected Q2 loss

* Q2 loss/shr $0.23 vs est. loss/shr $0.29

* Q2 rev falls 17 pct to $26.3 mln

July 27 (Reuters) - Laser vision-correction service provider LCA-Vision Inc LCAV.O posted a narrower-than-expected quarterly loss, helped by closure of under-performing vision centers.

For the second quarter, the company reported a net loss of $4.3 million, or 23 cents a share, compared with a loss of $6.9 million, or 37 cents, a year ago.

Revenue fell 17 percent to $26.3 million.

Analysts on average expected the company to post a loss of 29 cents a share, excluding items, on revenue of $26.1 million, according to Thomson Reuters I/B/E/S.

Direct costs of services fell 26 pct, while marketing and advertising expenses fell 34 percent during the quarter.

“We reduced our operating loss as a result of actions to conserve cash and align expenses with anticipated demand,” LCA-Vision Chief Financial Officer Michael Celebrezze said in a statement.

LCA-Vision operates LasikPlus vision centers that offer eye-sight correction services in the United States.

Shares of the company closed at $5.23 Monday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Prem Udayabhanu)

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