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LCA-Vision Inc. (Nasdaq:LCAV), a leading provider of laser vision
correction services under the LasikPlus brand, announced today
that it recently completed its existing share repurchase plan. Under the
plan, the company repurchased a total of 1,000,000 shares between May
17, 2005 and November 21, 2006 for approximately $38.5 million at an
average price per share of $38.52. In addition, the board of directors
authorized a new share repurchase plan, and increased the quarterly
dividend payment.
At a meeting held yesterday, the board of directors approved a new share
repurchase plan under which up to $50 million of LCA-Vision common
shares may be repurchased. As of September 30, 2006, LCA-Vision had
approximately 20.8 million shares outstanding, and cash equivalents and
short-term investments of approximately $130.0 million. Under this new
authorization, the company may purchase shares from time to time at
prevailing prices in the open market, subject to market conditions, and
as permitted by securities laws and other legal requirements.
The board also declared a quarterly dividend in the amount of $0.18 per
share payable on December 12, 2006 to shareholders of record on December
5, 2006. This represents an increase of $0.06 per share or a 50%
increase over the $0.12 dividend paid in each of the last four quarters.
Steven C. Straus, LCA-Vision’s chief executive
officer commented, “The board's decision to
authorize a new share repurchase plan and increase the quarterly
dividend by 50% is a reflection of their confidence in the company’s
financial strength and future growth potential, and also shows their
commitment to a balanced cash deployment strategy. We believe that the
purchase of our common stock represents an attractive opportunity for
the company and for shareholders, and is one of the best uses of our
substantial cash position. The dividend increase represents the third
annual increase since we first initiated a dividend in August of 2004.
We are pleased to reward shareholders with some of the cash flow we are
generating from our solid financial performance.”
Forward-Looking Statements
This news release may contain forward-looking statements that are
subject to risks and uncertainties that may result in actual results to
differ materially from current expectations. For a discussion of risks
and uncertainties faced, please refer to our filings with the Securities
and Exchange Commission including, but not limited to, our Forms 10-K
and 10-Q.
About LCA-Vision Inc./LasikPlus
LCA-Vision Inc. is a leading provider of laser vision correction
services under the LasikPlus brand. We own and operate 58 LasikPlus
fixed-site laser vision correction centers in the United States and a
joint venture in Canada. Additional information is available at our
corporate websites: www.lca-vision.com
and www.lasikplus.com. It's
Not Just LASIK. It's LasikPlus!
LCA-Vision Inc. (Nasdaq:LCAV), a leading provider of laser vision
correction services under the LasikPlus brand, announced today that it
recently completed its existing share repurchase plan. Under the plan,
the company repurchased a total of 1,000,000 shares between May 17,
2005 and November 21, 2006 for approximately $38.5 million at an
average price per share of $38.52. In addition, the board of directors
authorized a new share repurchase plan, and increased the quarterly
dividend payment.
At a meeting held yesterday, the board of directors approved a new
share repurchase plan under which up to $50 million of LCA-Vision
common shares may be repurchased. As of September 30, 2006, LCA-Vision
had approximately 20.8 million shares outstanding, and cash
equivalents and short-term investments of approximately $130.0
million. Under this new authorization, the company may purchase shares
from time to time at prevailing prices in the open market, subject to
market conditions, and as permitted by securities laws and other legal
requirements.
The board also declared a quarterly dividend in the amount of
$0.18 per share payable on December 12, 2006 to shareholders of record
on December 5, 2006. This represents an increase of $0.06 per share or
a 50% increase over the $0.12 dividend paid in each of the last four
quarters.
Steven C. Straus, LCA-Vision's chief executive officer commented,
"The board's decision to authorize a new share repurchase plan and
increase the quarterly dividend by 50% is a reflection of their
confidence in the company's financial strength and future growth
potential, and also shows their commitment to a balanced cash
deployment strategy. We believe that the purchase of our common stock
represents an attractive opportunity for the company and for
shareholders, and is one of the best uses of our substantial cash
position. The dividend increase represents the third annual increase
since we first initiated a dividend in August of 2004. We are pleased
to reward shareholders with some of the cash flow we are generating
from our solid financial performance."
Forward-Looking Statements
This news release may contain forward-looking statements that are
subject to risks and uncertainties that may result in actual results
to differ materially from current expectations. For a discussion of
risks and uncertainties faced, please refer to our filings with the
Securities and Exchange Commission including, but not limited to, our
Forms 10-K and 10-Q.
About LCA-Vision Inc./LasikPlus
LCA-Vision Inc. is a leading provider of laser vision correction
services under the LasikPlus brand. We own and operate 58 LasikPlus
fixed-site laser vision correction centers in the United States and a
joint venture in Canada. Additional information is available at our
corporate websites: www.lca-vision.com and www.lasikplus.com. It's Not
Just LASIK. It's LasikPlus!