Key Developments For LCA Vision Inc
LCA Vision Inc (LCAV.O) (Nasdaq)
LCA-Vision, Inc. Reduces Workforce By 15%
LCA-Vision, Inc. announced that it will be closing 10 underperforming vision centers and reducing our workforce by 15%, both by year end. These 70 positions include reductions from the closing of 10 vision centers, as well as reductions in our call center and corporate and regional offices. We expect these actions to reduce annual expenses by more than $4 million annually. During the fourth quarter of 2009, we anticipate recording restructuring charges of approximately $4.1 million related to these closures and staff reductions.
FDA Warns TLC Vision Corp And LCA-Vision Inc LASIK Clinics Over Side Effect Reporting-Reuters
Reuters reported that United States Food and Drug Administration (FDA) inspectors found problems with side-effect reporting systems at 17 LASIK vision correction centers. Warning letters were sent to the clinics, including some TLC Vision Corp and LCA-Vision Inc centers. Clinics are required to report side effects to equipment manufacturers and the FDA. LASIK, short for Laser-Assisted In Situ Keratomileusis, aims to improve vision by cutting a flap in the eye and then using a laser to reshape the cornea. Patients tend to seek out the surgery to avoid glasses or contact lenses, but side effects can include blurred and double-vision.
LCA-Vision, Inc. Announces CEO Resignation
LCA-Vision, Inc. announced that Steven C. Straus has resigned as Chief Executive Officer (CEO) and a member of the Company's Board of Directors effective September 25, 2009 to lead another healthcare company outside of the ophthalmology industry.
LCA-Vision, Inc. Names Michael J. Celebrezze CFO
LCA-Vision, Inc. announced the appointment of Michael J. Celebrezze to the position of Chief Financial Officer on a permanent basis, effective December 1, 2008. Mr. Celebrezze, who has served as interim CFO since June 2008, was appointed to the LCA-Vision Executive Management team as Senior Vice President of Finance and Treasurer in July 2007, and joined the Company as Vice President of Finance and Treasurer in July 2006.
LCA-Vision, Inc. Cuts Workforce-Reuters
Reuters reported that LCA-Vision, Inc. reduced its workforce by 25%. For the third quarter, LCA-Vision said it will cut its media expenditures by 40% to 45% from the year-ago period and expects to spend between $9 million and $10.5 million.
