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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:LCAV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.37 | 0 | 01:00:00 |
SECURITIES
AND EXCHANGE COMMISSION
|
|
WASHINGTON,
D.C. 20549
|
x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
OF
THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
11-2882328
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification Number)
|
|
incorporation
or organization)
|
||
7840
Montgomery Road, Cincinnati, OH
|
45236
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Title
of each class
|
Name
of each exchange on which registered
|
|
Common
Stock, $.001 par value
|
The
NASDAQ Stock
Market
|
Page
|
||
Part
I.
|
||
Item
1.
|
Business
|
3
|
Item
1A.
|
Risk
Factors
|
9
|
Item
1B.
|
Unresolved
Staff Comments
|
14
|
Item
2.
|
Properties
|
14
|
Item
3.
|
Legal
Proceedings
|
14
|
1tem
4.
|
Submission
of Matters to a Vote of Security Holders
|
15
|
Part
II.
|
||
Item
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and
Issuer
Purchases of Equity Securities
|
15
|
Item
6.
|
Selected
Financial Data
|
17
|
Item
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
18
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
24
|
Item
8.
|
Financial
Statements and Supplementary Data
|
24
|
Item
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
46
|
Item
9A.
|
Controls
and Procedures
|
46
|
Item
9B.
|
Other
Information
|
46
|
Part
III.
|
||
Item
10.
|
Directors,
Executive Officers and Corporate Governance
|
47
|
Item
11.
|
Executive
Compensation
|
47
|
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
47
|
Item
13.
|
Certain
Relationships and Related Transactions, and Director
Independence
|
47
|
Item
14.
|
Principal
Accountant Fees and Services
|
47
|
Part
IV.
|
||
Item
15.
|
Exhibits
and Financial Statement Schedules
|
48
|
Signatures
|
50
|
·
|
Myopia
(nearsightedness)—images are focused in front of the retina, resulting in
the blurred perception of distant
objects
|
·
|
Hyperopia
(farsightedness)—images are focused behind the retina, resulting in the
blurred perception of near objects
|
·
|
Astigmatism—images
are not focused on any point due to the varying curvature of the
eye along
different axes
|
·
|
Recruiting
and retaining independent, board certified ophthalmologists and
credentialed optometrists
|
·
|
Providing
patients with a “Continuum of Care”
|
·
|
Opening
and operating new laser vision correction
centers
|
·
|
Providing
attractive patient financing
alternatives
|
·
|
Nurturing
relationships with leading managed care providers in the United States
to
source additional patients
|
·
|
Developing
and implementing innovative marketing
campaigns
|
·
|
Product
seizures
|
·
|
Recalls
|
·
|
Withdrawal
of approvals
|
·
|
Civil
and criminal penalties
|
·
|
Employing
eye care professionals
|
·
|
Controlling
clinical decision making
|
·
|
Engaging
in other activities that are deemed to constitute the practice of
optometry or ophthalmology
|
·
|
Market
acceptance of laser vision correction
services
|
·
|
The
number of laser vision correction procedures
performed
|
·
|
The
timing of new advancements by our suppliers and the purchase of such
advancements or upgrades of equipment by us or our
competitors
|
·
|
The
impact of competitors, including those who compete by deeply discounting
the price of laser vision correction services, in the geographic
areas in
which we operate
|
·
|
Declining
economic conditions in the geographic areas in which we operate,
which can
result in decreased demand for our laser vision correction
services
|
·
|
The
opening, closing or expansion of vision
centers
|
·
|
Our
ability to manage equipment and operating
costs
|
·
|
Collection
rates on self-financed procedures
|
·
|
The
availability of third-party financing for our
patients
|
·
|
Regulatory
matters
|
·
|
Litigation
|
·
|
Acquisitions
and other transactions
|
·
|
The
availability to potential patients of funds under typical corporate
medical flexible spending plans
|
·
|
Time
constraints imposed by the holiday season and a desire by some individuals
not to schedule procedures at that time of
year
|
·
|
Concerns
about the safety and effectiveness of laser vision correction procedures,
including procedures using new technologies
|
·
|
General
resistance to surgery of any type, and eye surgery in
particular
|
·
|
Cost,
particularly since laser vision correction is not typically covered
by
government or private insurers
|
·
|
The
effectiveness of alternate methods of correcting refractive vision
disorders, including but not limited to various intraocular lens
technologies
|
·
|
Possible
unknown side effects not yet revealed by long-term follow-up
data
|
·
|
Regulatory
developments
|
·
|
Reported
adverse events or other unfavorable publicity involving patient outcomes
from laser vision correction
|
·
|
Foreign
body sensation
|
·
|
Pain
or discomfort
|
·
|
Sensitivity
to bright lights
|
·
|
Blurred
vision or haze
|
·
|
Dryness
or tearing
|
·
|
Fluctuation
in vision
|
·
|
Night
glare and halos
|
·
|
Poor
or reduced visual quality
|
·
|
Overcorrection
or under correction
|
·
|
Regression
|
·
|
Decreased
corneal integrity
|
·
|
Corneal
flap or corneal healing
complications
|
·
|
Loss
of best corrected visual acuity
|
·
|
Inflammation
or infection of the eye
|
·
|
Need
for corrective lenses or reading glasses
post-operatively
|
·
|
Need
for further treatment
|
·
|
Federal
restrictions on the approval, distribution and use of medical
devices
|
·
|
Anti-kickback
statutes in some states
|
·
|
Fee-splitting
laws in some states
|
·
|
Corporate
practice of medicine restrictions in some
states
|
·
|
Physician
self-referral laws in some states
|
·
|
Anti-fraud
provisions in some states
|
·
|
Facility
license requirements and certificates of need in some
states
|
·
|
Conflict
of interest regulations in some
states
|
·
|
Rules
and regulations regarding advertising and marketing practices in
some
states
|
2007
|
2006
|
||||||||||||
High
|
Low
|
High
|
Low
|
||||||||||
First
Quarter
|
$
|
47.54
|
$
|
33.27
|
$
|
56.68
|
$
|
40.30
|
|||||
Second
Quarter
|
49.32
|
40.74
|
58.25
|
46.00
|
|||||||||
Third
Quarter
|
50.69
|
28.91
|
54.57
|
37.58
|
|||||||||
Fourth
Quarter
|
30.76
|
15.31
|
37.43
|
29.90
|
2007
|
2006
|
||||||
First
Quarter
|
$
|
0.18
|
$
|
0.12
|
|||
Second
Quarter
|
0.18
|
0.12
|
|||||
Third
Quarter
|
0.18
|
0.12
|
|||||
Fourth
Quarter
|
0.18
|
0.18
|
|||||
$
|
0.72
|
$
|
0.54
|
Period
|
Total
Number
of
Shares
Purchased
|
Average
Price
Paid per
Share
|
Total
Number of
Shares
Purchased as
Part
of Publicly
Announced
Plans or
Programs
|
Maximum
Number
of
Dollars that May
Yet
be Purchased
under
the Plans or
Programs
|
|||||||||
10/1/07
- 10/31/07
|
-
|
$
|
-
|
-
|
$
|
50,000,000
|
|||||||
11/1/07
- 11/30/07
|
588,408
|
16.99
|
588,408
|
40,000,011
|
|||||||||
12/1/07
- 12/31/07
|
-
|
-
|
-
|
40,000,011
|
|||||||||
Total
|
588,408
|
16.99
|
588,408
|
40,000,011
|
Year
Ended December 31,
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||
Consolidated
Statements of Operations Data:
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Laser
refractive surgery
|
$
|
292,635
|
$
|
238,925
|
$
|
176,874
|
$
|
120,364
|
$
|
78,835
|
||||||
Operating
costs and expenses:
|
||||||||||||||||
Medical
professional and license fees
|
49,312
|
42,954
|
33,499
|
23,599
|
15,520
|
|||||||||||
Direct
costs of services
|
97,423
|
77,612
|
54,952
|
40,842
|
31,507
|
|||||||||||
General
and administrative expenses
|
22,657
|
21,156
|
14,021
|
10,292
|
8,043
|
|||||||||||
Marketing
and advertising
|
66,469
|
47,971
|
31,813
|
20,468
|
12,566
|
|||||||||||
Depreciation
|
11,209
|
8,453
|
7,636
|
7,045
|
6,377
|
|||||||||||
Total
expenses
|
247,070
|
198,146
|
141,921
|
102,246
|
74,013
|
|||||||||||
Operating
income
|
45,565
|
40,779
|
34,953
|
18,118
|
4,822
|
|||||||||||
Equity
in earnings from unconsolidated businesses
|
814
|
746
|
328
|
369
|
317
|
|||||||||||
Net
investment income
|
5,953
|
6,182
|
3,929
|
2,137
|
522
|
|||||||||||
Other
expense, net
|
(607
|
)
|
(27
|
)
|
(397
|
)
|
(306
|
)
|
(130
|
)
|
||||||
Income
before taxes on income
|
51,725
|
47,680
|
38,813
|
20,318
|
5,531
|
|||||||||||
Income
tax expense (benefit)
|
19,221
|
19,310
|
15,832
|
(11,553
|
)
|
591
|
||||||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
$
|
31,871
|
$
|
4,940
|
||||||
Net
income per common share
|
||||||||||||||||
Basic
|
$
|
1.66
|
$
|
1.37
|
$
|
1.12
|
$
|
1.59
|
$
|
0.30
|
||||||
Diluted
|
1.64
|
1.34
|
1.07
|
1.53
|
0.30
|
|||||||||||
Cash
dividends per common share
|
$
|
0.72
|
$
|
0.54
|
$
|
0.36
|
$
|
0.13
|
$
|
-
|
||||||
Weighted
average shares outstanding
|
||||||||||||||||
Basic
|
19,572
|
20,694
|
20,500
|
20,099
|
16,391
|
|||||||||||
Diluted
|
19,858
|
21,235
|
21,492
|
20,814
|
16,616
|
|||||||||||
Selected
Operating Data
|
||||||||||||||||
Laser
vision correction procedures
|
192,204
|
185,268
|
142,000
|
95,835
|
65,485
|
At December 31,
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||
Balance
Sheet Data
|
||||||||||||||||
Cash,
cash equivalents and and short-term investments
|
$
|
60,148
|
$
|
95,232
|
$
|
108,061
|
$
|
84,384
|
$
|
64,408
|
||||||
Working
capital
|
48,032
|
95,012
|
112,091
|
86,954
|
56,076
|
|||||||||||
Total
assets
|
179,647
|
190,159
|
181,259
|
137,131
|
90,993
|
|||||||||||
Capital
lease obligations maturing in one year
|
3,941
|
3,360
|
2,122
|
542
|
-
|
|||||||||||
Capital
lease obligations, excluding current portion
|
2,012
|
2,431
|
1,434
|
376
|
-
|
|||||||||||
Retaining
earnings (deficit)
|
34,597
|
16,320
|
(919
|
)
|
(1,493
|
)
|
(45,672
|
)
|
||||||||
Total
stockholders' investment
|
93,599
|
109,116
|
126,703
|
103,076
|
70,200
|
·
|
General
economic conditions and consumer confidence
levels
|
·
|
Our
ability to generate customers through our arrangements with managed
care
companies, direct-to-consumer advertising and word of mouth
referrals
|
·
|
Our
mix of procedures among the different types of laser
technology
|
·
|
New
vision center openings and our ability to increase procedure volume
at
existing vision centers
|
·
|
The
availability of patient financing
|
·
|
The
continued growth and increased acceptance of laser vision
correction
|
·
|
The
effect of competition and discounting practices in our
industry
|
·
|
Deferred
revenue from the sale, prior to June 15, 2007, of separately priced
extended acuity plans
|
2007
|
2006
|
2005
|
||||||||
First
quarter
|
59,101
|
53,372
|
37,578
|
|||||||
Second
Quarter
|
48,668
|
47,308
|
36,010
|
|||||||
Third
Quarter
|
44,547
|
42,539
|
34,187
|
|||||||
Fourth
Quarter
|
39,888
|
42,049
|
34,225
|
|||||||
Year
|
192,204
|
185,268
|
142,000
|
Revenue
from higher procedure volume
|
$
|
9,627,000
|
||
Impact
from average selling price, before revenue deferral
|
18,068,000
|
|||
2007
deferred revenue from the sale of separately priced acuity
programs
|
(20,054,000
|
)
|
||
2007
benefit from amortization of prior deferred revenue
|
28,067,000
|
|||
2006
deferred revenue from the sale of separately priced acuity
programs
|
38,539,000
|
|||
2006
benefit from amortization of prior deferred revenue
|
(20,537,000
|
)
|
Revenue
from higher procedure volume
|
$
|
58,624,000
|
||
Impact
from average selling price, before revenue deferral
|
5,906,000
|
|||
2006
deferred revenue from the sale of separately priced acuity
progarms
|
(38,539,000
|
)
|
||
2006
benefit from amortization of prior deferred revenue
|
20,537,000
|
|||
2005
deferred revenue from the sale of separately priced acuity
programs
|
26,135,000
|
|||
2005
benefit from amortization of prior deferred revenue
|
(10,612,000
|
)
|
% of Revenues
|
||||||||||||||||
2007
|
2006
|
Increase
|
2007
|
2006
|
||||||||||||
Medical
professional and license fees
|
$
|
49,312
|
$
|
42,954
|
$
|
6,358
|
16.9
|
%
|
18.0
|
%
|
||||||
Direct
costs of services
|
97,423
|
77,612
|
19,811
|
33.3
|
%
|
32.5
|
%
|
|||||||||
General
and administrative expenses
|
22,657
|
21,156
|
1,501
|
7.7
|
%
|
8.9
|
%
|
|||||||||
Marketing
and advertising
|
66,469
|
47,971
|
18,498
|
22.7
|
%
|
20.1
|
%
|
|||||||||
Depreciation
|
11,209
|
8,453
|
2,756
|
3.8
|
%
|
3.5
|
%
|
% of Revenues
|
||||||||||||||||
2006
|
2005
|
Increase
|
2006
|
2005
|
||||||||||||
Medical
professional and license fees
|
$
|
42,954
|
$
|
33,499
|
$
|
9,455
|
18.0
|
%
|
18.9
|
%
|
||||||
Direct
costs of services
|
77,612
|
54,952
|
22,660
|
32.5
|
%
|
31.1
|
%
|
|||||||||
General
and administrative expenses
|
21,156
|
14,021
|
7,135
|
8.9
|
%
|
7.9
|
%
|
|||||||||
Marketing
and advertising
|
47,971
|
31,813
|
16,158
|
20.1
|
%
|
18.0
|
%
|
|||||||||
Depreciation
|
8,453
|
7,636
|
817
|
3.5
|
%
|
4.3
|
%
|
Payments due by Period
|
||||||||||||||||
Contractual
Obligations
|
Total
|
Less
than 1 year
|
1
- 3 years
|
3
- 5 years
|
More than 5 years
|
|||||||||||
Capital
leases
|
$
|
6,741
|
$
|
4,412
|
$
|
2,329
|
$
|
-
|
$
|
-
|
||||||
Operating
lease obligations
|
38,845
|
9,034
|
15,854
|
9,783
|
4,174
|
|||||||||||
Deferred
compensation
|
5,516
|
-
|
-
|
-
|
5,516
|
|||||||||||
Total
|
$
|
51,102
|
$
|
13,446
|
$
|
18,183
|
$
|
9,783
|
$
|
9,690
|
2007
|
2006
|
|
Long
Island, NY
|
Paramus,
NJ
|
|
Omaha,
NE
|
Grand
Rapids, MI
|
|
Green
Bay, WI
|
Seattle,
WA
|
|
Harrisburg,
PA
|
Sugar
Land, TX
|
|
Little
Rock, AR
|
Denver,
CO
|
|
Colorado
Springs, CO
|
New
Haven, CT
|
|
San
Diego, CA
|
Dallas,
TX
|
|
Oklahoma
City, OK
|
Oakdale,MN
|
|
Scarsdale,
NY
|
Lexington,
KY
|
|
Fresno,
CA
|
Lincoln
Park, IL
|
|
Boise,
ID
|
||
Coral
Springs, FL
|
||
Chandler,
AZ
|
2008
|
$
|
18,718,000
|
||
2009
|
$
|
9,106,000
|
||
2010
|
$
|
6,151,000
|
||
2011
|
$
|
4,376,000
|
||
2012
|
$
|
2,516,000
|
||
2013
|
$
|
871,000
|
||
2014
|
$
|
91,000
|
Page
|
|
Report
of Management on Internal Control over Financial Reporting
|
25
|
Reports
of Independent Registered Public Accounting Firm
|
26-27
|
Consolidated
Balance Sheets as of December 31, 2007 and 2006
|
28
|
Consolidated
Statements of Operations for the years ended December 31, 2007, 2006
and
2005
|
29
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2007, 2006
and
2005
|
30
|
Consolidated
Statements of Stockholders' Investment for the years ended December
31,
2007, 2006 and 2005
|
31
|
Notes
to Consolidated Financial Statements
|
32
|
/s/
Steven C. Straus
|
/s/
Alan H. Buckey
|
|
Steven
C. Straus
|
Alan
H. Buckey
|
|
Chief
Executive Officer
|
Executive
Vice President/Finance, Chief Financial Officer
|
|
(Principal Executive Officer) |
(Principal
Financial and Accounting Officer)
|
|
|
||
February
27, 2008
|
At
December 31,
|
|||||||
2007
|
2006
|
||||||
(Dollars
in thousands, except per share amounts)
|
|||||||
Assets
|
|||||||
Current
assets
|
|||||||
Cash
and cash equivalents
|
$
|
17,614
|
$
|
24,431
|
|||
Short-term
investments
|
42,534
|
70,801
|
|||||
Patient
receivable, net of allowance for doubtful accounts of $3,628
and
$2,310
|
12,071
|
11,269
|
|||||
Other
accounts receivable
|
5,941
|
7,021
|
|||||
Prepaid
professional fees
|
1,872
|
2,223
|
|||||
Prepaid
income taxes
|
6,391
|
2,356
|
|||||
Deferred
tax assets
|
3,450
|
11,155
|
|||||
Prepaid
expenses and other
|
5,076
|
6,414
|
|||||
Total
current assets
|
94,949
|
135,670
|
|||||
Property
and equipment
|
106,788
|
77,323
|
|||||
Accumulated
depreciation and amortization
|
(52,872
|
)
|
(46,399
|
)
|
|||
Property
and equipment, net
|
53,916
|
30,924
|
|||||
Long-term
investments
|
2,250
|
-
|
|||||
Accounts
receivable, net of allowance for doubtful accounts of $1,489
and
$532
|
5,197
|
2,174
|
|||||
Deferred
compensation plan assets
|
5,540
|
4,090
|
|||||
Investment
in unconsolidated businesses
|
590
|
904
|
|||||
Deferred
tax assets
|
13,561
|
12,141
|
|||||
Other
assets
|
3,644
|
4,256
|
|||||
Total
assets
|
$
|
179,647
|
$
|
190,159
|
|||
Liabilities
and stockholders' investment
|
|||||||
Current
liabilities
|
|||||||
Accounts
payable
|
$
|
10,396
|
$
|
5,264
|
|||
Accrued
liabilities and other
|
13,861
|
9,800
|
|||||
Deferred
revenue
|
18,719
|
22,234
|
|||||
Capital
lease obligations maturing in one year
|
3,941
|
3,360
|
|||||
Total
current liabilities
|
46,917
|
40,658
|
|||||
Capital
lease obligations
|
2,012
|
2,431
|
|||||
Deferred
compensation liability
|
5,516
|
4,136
|
|||||
Insurance
reserve
|
8,493
|
6,163
|
|||||
Deferred
revenue
|
23,110
|
27,608
|
|||||
Minority
equity interest
|
-
|
47
|
|||||
Stockholders'
investment
|
|||||||
Common
stock ($.001 par value; 25,114,244 and 24,814,542 shares and
18,482,658
and 19,821,348 shares issued and outstanding,
respectively)
|
25 | 25 | |||||
Contributed
capital
|
172,965
|
162,245
|
|||||
Common
stock in treasury, at cost (6,631,586 shares and 4,993,194
shares)
|
(114,427
|
)
|
(69,487
|
)
|
|||
Retained
earnings
|
34,597
|
16,320
|
|||||
Accumulated
other comprehensive income
|
439
|
13
|
|||||
Total
stockholders' investment
|
93,599
|
109,116
|
|||||
Total
liabilities and stockholders' investment
|
$
|
179,647
|
$
|
190,159
|
Year
Ended December 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||
Revenues
- Laser refractive surgery
|
$
|
292,635
|
$
|
238,925
|
$
|
176,874
|
||||
Operating
costs and expenses
|
||||||||||
Medical
professional and license fees
|
49,312
|
42,954
|
33,499
|
|||||||
Direct
costs of services
|
97,423
|
77,612
|
54,952
|
|||||||
General
and administrative expenses
|
22,657
|
21,156
|
14,021
|
|||||||
Marketing
and advertising
|
66,469
|
47,971
|
31,813
|
|||||||
Depreciation
|
11,209
|
8,453
|
7,636
|
|||||||
Operating
income
|
45,565
|
40,779
|
34,953
|
|||||||
Equity
in earnings from unconsolidated businesses
|
814
|
746
|
328
|
|||||||
Net
investment income
|
5,953
|
6,182
|
3,929
|
|||||||
Other
expense, net
|
(607
|
)
|
(27
|
)
|
(397
|
)
|
||||
Income
before taxes on income
|
51,725
|
47,680
|
38,813
|
|||||||
Income
tax expense
|
19,221
|
19,310
|
15,832
|
|||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
||||
Income
per common share
|
||||||||||
Basic
|
$
|
1.66
|
$
|
1.37
|
$
|
1.12
|
||||
Diluted
|
$
|
1.64
|
$
|
1.34
|
$
|
1.07
|
||||
Weighted
average shares outstanding
|
||||||||||
Basic
|
19,572
|
20,694
|
20,500
|
|||||||
Diluted
|
19,858
|
21,235
|
21,492
|
Years
Ended December 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
(dollars
in thousands)
|
||||||||||
Cash
flow from operating activities:
|
||||||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
Depreciation
|
11,209
|
8,453
|
7,636
|
|||||||
Provision
for loss on doubtful accounts
|
7,675
|
1,855
|
1,778
|
|||||||
Deferred
income taxes
|
5,369
|
(6,436
|
)
|
(2,297
|
)
|
|||||
Tax
benefit on disqualified disposition of stock options
|
-
|
-
|
5,670
|
|||||||
Stock-based
compensation
|
5,024
|
5,665
|
-
|
|||||||
Insurance
reserve
|
2,330
|
2,323
|
1,272
|
|||||||
Equity
in earnings from unconsolidated affiliates
|
(814
|
)
|
(746
|
)
|
(328
|
)
|
||||
Distributions
from unconsolidated affiliates
|
1,128
|
-
|
1,215
|
|||||||
Changes
in working capital:
|
||||||||||
Patient
accounts receivable
|
(11,500
|
)
|
(3,903
|
)
|
(3,800
|
)
|
||||
Other
accounts receivable
|
1,080
|
(1,087
|
)
|
(3,554
|
)
|
|||||
Prepaid
income taxes
|
(4,035
|
)
|
520
|
(2,608
|
)
|
|||||
Prepaid
expenses and other
|
1,338
|
(2,383
|
)
|
(1,544
|
)
|
|||||
Accounts
payable
|
5,132
|
1,464
|
(1,723
|
)
|
||||||
Deferred
revenue, net of professional fees
|
(7,212
|
)
|
16,202
|
13,971
|
||||||
Accrued
liabilities and other
|
5,751
|
1,364
|
829
|
|||||||
Net
cash provided by operations
|
54,979
|
51,661
|
39,498
|
|||||||
Cash
flows from investing activities:
|
||||||||||
Purchases
of property and equipment
|
(28,864
|
)
|
(9,656
|
)
|
(10,748
|
)
|
||||
Purchases
of investment securities
|
(330,826
|
)
|
(308,943
|
)
|
-
|
|||||
Proceeds
from sale of investment securities
|
356,874
|
238,013
|
-
|
|||||||
Other,
net
|
278
|
119
|
170
|
|||||||
Net
cash used in investing activities
|
(2,538
|
)
|
(80,467
|
)
|
(10,578
|
)
|
||||
Cash
flows from financing activities:
|
||||||||||
Principal
payments of capital lease obligations
|
(5,782
|
)
|
(2,795
|
)
|
(1,140
|
)
|
||||
Shares
repurchased for treasury stock
|
(44,940
|
)
|
(51,816
|
)
|
(2,209
|
)
|
||||
Tax
benefits related to stock-based compensation
|
2,121
|
5,409
|
-
|
|||||||
Exercise
of stock options
|
3,499
|
5,528
|
4,884
|
|||||||
Dividends
paid to stockholders
|
(13,984
|
)
|
(11,131
|
)
|
(7,407
|
)
|
||||
Other
|
(172
|
)
|
(19
|
)
|
-
|
|||||
Net
cash used in financing activities
|
(59,258
|
)
|
(54,824
|
)
|
(5,872
|
)
|
||||
(Decrease)
increase in cash and cash equivalents
|
(6,817
|
)
|
(83,630
|
)
|
23,048
|
|||||
Cash
and cash equivalents at beginning of year
|
24,431
|
108,061
|
85,013
|
|||||||
Cash
and cash equivalents at end of year
|
$
|
17,614
|
$
|
24,431
|
$
|
108,061
|
Year
Ended December 31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
|||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||
|
(Dollars
in thousands)
|
|
|||||||||||||||||
Common
Stock
|
|||||||||||||||||||
Balance
at beginning of year
|
24,814,542
|
$
|
25
|
24,368,992
|
$
|
24
|
23,767,353
|
$
|
24
|
||||||||||
Employee
plans
|
299,702
|
-
|
445,550
|
1
|
601,639
|
-
|
|||||||||||||
Balance
at end of year
|
25,114,244
|
$
|
25
|
24,814,542
|
$
|
25
|
24,368,992
|
$
|
24
|
||||||||||
Common
Stock in Treasury
|
|||||||||||||||||||
Balance
at beginning of year
|
(4,993,194
|
)
|
$
|
(69,487
|
)
|
(3,600,794
|
)
|
$
|
(17,671
|
)
|
(3,550,794
|
)
|
$
|
(15,462
|
)
|
||||
Shares
repurchased
|
(1,638,392
|
)
|
(44,940
|
)
|
(1,392,400
|
)
|
(51,816
|
)
|
(50,000
|
)
|
(2,209
|
)
|
|||||||
Balance
at end of year
|
(6,631,586
|
)
|
$
|
(114,427
|
)
|
(4,993,194
|
)
|
$
|
(69,487
|
)
|
(3,600,794
|
)
|
$
|
(17,671
|
)
|
||||
Contributed
Capital
|
|||||||||||||||||||
Balance
at beginning of year
|
$
|
162,245
|
$
|
145,262
|
$
|
134,708
|
|||||||||||||
Employee
stock plans
|
3,499
|
5,527
|
4,884
|
||||||||||||||||
Stock
based compensation
|
5,024
|
5,665
|
-
|
||||||||||||||||
Deferred
tax benefit of disqualified stock options
|
2,197
|
5,791
|
5,670
|
||||||||||||||||
Balance
at end of year
|
$
|
172,965
|
$
|
162,245
|
$
|
145,262
|
|||||||||||||
Retained
Earnings (Deficit)
|
|||||||||||||||||||
Balance
at beginning of year
|
$
|
16,320
|
$
|
(919
|
)
|
$
|
(16,493
|
)
|
|||||||||||
Net
income
|
32,504
|
28,370
|
22,981
|
||||||||||||||||
Adjustments
for adoption of FIN 48
|
(243
|
)
|
-
|
-
|
|||||||||||||||
Dividends
paid, $0.72, $0.54 and $0.36 per common share in 2007,
2006 and 2005,
respectively
|
(13,984
|
)
|
(11,131
|
)
|
(7,407
|
)
|
|||||||||||||
Balance
at end of year
|
$
|
34,597
|
$
|
16,320
|
$
|
(919
|
)
|
||||||||||||
Accumulated
Other Comprehensive Income
|
|||||||||||||||||||
Balance
at beginning of year
|
$
|
13
|
$
|
7
|
$
|
299
|
|||||||||||||
Foreign
currency translation adjustments
|
367
|
1
|
(286
|
)
|
|||||||||||||||
Unrealized
investment gain (loss), net of tax
|
59
|
5
|
(6
|
)
|
|||||||||||||||
Balance
at end of year
|
$
|
439
|
$
|
13
|
$
|
7
|
|||||||||||||
Total
Stockholders' Investment
|
$
|
93,599
|
$
|
109,116
|
$
|
126,703
|
1.
|
Description
Of Business And Summary Of Significant Accounting
Policies
|
December
31, 2007
|
|||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
(Net
Carrying Value)
|
||||||||||
Corporate
bonds
|
$
|
12,459
|
$
|
-
|
$
|
-
|
$
|
12,459
|
|||||
Municipal
bonds
|
29,293
|
61
|
-
|
29,354
|
|||||||||
Equities
|
2,884
|
87
|
-
|
2,971
|
|||||||||
Total
investments
|
$
|
44,636
|
$
|
148
|
$
|
-
|
$
|
44,784
|
December
31, 2006
|
|||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
(Net
Carrying Value)
|
||||||||||
Corporate
bonds
|
$
|
6,795
|
$
|
-
|
$
|
-
|
$
|
6,795
|
|||||
U.S.
Government securities
|
11,468
|
12
|
(6
|
)
|
11,474
|
||||||||
Municipal
bonds
|
52,615
|
10
|
(93
|
)
|
52,532
|
||||||||
Total
investments
|
$
|
70,878
|
$
|
22
|
$
|
(99
|
)
|
$
|
70,801
|
Amortized
Cost
|
Estimated Fair
Value
|
||||||
(Dollars
in thousands at December 31, 2007)
|
|||||||
Due
in one year or less
|
$
|
18,904
|
$
|
18,936
|
|||
Due
after one year through three years
|
2,546
|
2,565
|
|||||
Due
after three years
|
20,302
|
20,312
|
|||||
Total
debt securities
|
$
|
41,752
|
$
|
41,813
|
|||
Equities
|
2,884
|
2,971
|
|||||
Total
investments
|
$
|
44,636
|
$
|
44,784
|
2007
|
2006
|
2005
|
||||||||
Basic
Earnings
|
||||||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
||||
Weighted
average shares outstanding
|
19,572
|
20,694
|
20,500
|
|||||||
Basic
earnings per share
|
$
|
1.66
|
$
|
1.37
|
$
|
1.12
|
||||
Diluted
Earnings
|
||||||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
||||
Weighted
average shares outstanding
|
19,572
|
20,694
|
20,500
|
|||||||
Effect
of dilutive securities
|
||||||||||
Stock
options
|
251
|
525
|
992
|
|||||||
Restricted
stock
|
35
|
16
|
-
|
|||||||
Weighted
average common shares and potential dilutive shares
|
19,858
|
21,235
|
21,492
|
|||||||
Diluted
earnings per share
|
$
|
1.64
|
$
|
1.34
|
$
|
1.07
|
2006
|
||||
Decrease
in income before income taxes
|
$
|
5,665
|
||
Decrease
in net income
|
$
|
4,511
|
||
Decrease
in earnings per share
|
||||
Basic
|
$
|
0.22
|
||
Diluted
|
$
|
0.21
|
2005
|
||||
Net
income, as reported
|
$
|
22,981
|
||
Deduct:
total stock-based employee compensation expense determined under
fair
value based method, net of tax
|
2,627
|
|||
Pro
forma net income
|
$
|
20,354
|
||
Earnings
per share:
|
||||
Basic
- as reported
|
$
|
1.12
|
||
Basic
- pro forma
|
$
|
0.99
|
||
Diluted
- as reported
|
$
|
1.07
|
||
Diluated
- pro forma
|
$
|
0.95
|
Revenues from External Customers
|
Net Assets
|
Property and Equipment
|
||||||||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||
United
States
|
$
|
292,635
|
$
|
238,925
|
$
|
171,906
|
$
|
90,117
|
$
|
106,846
|
$
|
53,916
|
$
|
30,924
|
||||||||
Canada
|
-
|
-
|
4,968
|
3,482
|
2,270
|
-
|
-
|
|||||||||||||||
$
|
292,635
|
$
|
238,925
|
$
|
176,874
|
$
|
93,599
|
$
|
109,116
|
$
|
53,916
|
$
|
30,924
|
2007
|
2006
|
2005
|
||||||||
Current:
|
||||||||||
Federal
|
$
|
11,990
|
$
|
21,686
|
$
|
14,247
|
||||
State
and local
|
1,862
|
4,060
|
3,386
|
|||||||
Foreign
|
-
|
-
|
496
|
|||||||
Total
|
13,852
|
25,746
|
18,129
|
|||||||
Deferred:
|
||||||||||
Federal
|
4,865
|
(5,964
|
)
|
(2,255
|
)
|
|||||
State
and local
|
504
|
(472
|
)
|
(42
|
)
|
|||||
Total
|
5,369
|
(6,436
|
)
|
(2,297
|
)
|
|||||
Income
tax expense
|
$
|
19,221
|
$
|
19,310
|
$
|
15,832
|
2007
|
2006
|
2005
|
||||||||
Domestic
|
$
|
50,880
|
$
|
46,972
|
$
|
37,638
|
||||
Foreign
|
845
|
708
|
1,175
|
|||||||
Total
|
$
|
51,725
|
$
|
47,680
|
$
|
38,813
|
December
31,
|
|||||||
2007
|
2006
|
||||||
Current
deferred tax assets:
|
|||||||
Deferred
revenue
|
$
|
1,014
|
$
|
8,133
|
|||
Net
operating loss carryforwards
|
-
|
684
|
|||||
Allowance
for doubtful accounts
|
2,043
|
1,135
|
|||||
Insurance
reserves
|
259
|
601
|
|||||
Accrued
enhancement expense
|
134
|
571
|
|||||
Other
|
-
|
31
|
|||||
Total
current deferred tax assets
|
$
|
3,450
|
$
|
11,155
|
|||
Long-term
deferred tax assets:
|
|||||||
Deferred
revenue
|
$
|
7,842
|
$
|
9,366
|
|||
Deferred
compensation
|
2,203
|
1,567
|
|||||
Insurance
reserves
|
1,696
|
-
|
|||||
Deferred
lease credits
|
226
|
-
|
|||||
Share-based
compensation
|
1,548
|
978
|
|||||
Property
and equipment
|
46
|
230
|
|||||
Total
long-term deferred tax assets
|
$
|
13,561
|
$
|
12,141
|
|||
Net
deferred tax assets
|
$
|
17,011
|
$
|
23,296
|
2007
|
2006
|
2005
|
||||||||
Tax
at statutory federal rate
|
$
|
18,104
|
$
|
16,689
|
$
|
13,585
|
||||
State
and local income taxes, net of federal benefit
|
1,714
|
2,169
|
2,084
|
|||||||
Permanent
differences
|
(194
|
)
|
702
|
49
|
||||||
Other
|
(403
|
)
|
(250
|
)
|
114
|
|||||
Income
tax expense
|
$
|
19,221
|
$
|
19,310
|
$
|
15,832
|
Balance
at January 1, 2007
|
$
|
1,546,000
|
||
Additions
based on tax positions related to the current year
|
28,000
|
|||
Additions
for tax positions of prior years
|
342,000
|
|||
Reductions
for tax positions of prior years
|
(2,000
|
)
|
||
Reductions
due to statute expiration
|
(24,000
|
)
|
||
Settlements
|
(1,316,000
|
)
|
||
Balance
at December 31, 2007
|
$
|
574,000
|
December 31, 2007
|
|||||||
Capital Leases
|
Operating Leases
|
||||||
Year
|
|||||||
2008
|
$
|
4,412
|
$
|
9,034
|
|||
2009
|
2,066
|
8,578
|
|||||
2010
|
263
|
7,276
|
|||||
2011
|
-
|
5,694
|
|||||
2012
|
-
|
4,089
|
|||||
Beyond
2012
|
-
|
4,174
|
|||||
Total
minimum rental commitment
|
6,741
|
$
|
38,845
|
||||
Less
interest
|
788
|
||||||
Present
value of minimum lease payments
|
5,953
|
||||||
Less
current installments
|
3,941
|
||||||
Long-term
obligations at December 31, 2007
|
$
|
2,012
|
2007
|
2006
|
||||||
Stock
Options
|
$
|
2,179
|
$
|
4,080
|
|||
Restricted
Stock
|
2,845
|
1,585
|
|||||
$
|
5,024
|
$
|
5,665
|
||||
Income
Tax Benefit
|
$
|
1,294
|
$
|
1,154
|
2007
|
2005
|
||||||
Dividend
yield
|
3.69
|
%
|
1.0
- 1.2
|
%
|
|||
Expected
volatility
|
417
|
%
|
77
- 93
|
%
|
|||
Risk-free
interest rate
|
3.54
|
%
|
3.28
- 4.33
|
%
|
|||
Expected
lives (in years)
|
3
|
2
- 5
|
Stock Options
|
Weighted Average
Exercise Price
|
||||||
Outstanding
at January 1, 2005
|
1,773,465
|
$
|
10.83
|
||||
Granted
|
403,398
|
28.99
|
|||||
Exercised
|
(601,639
|
)
|
8.12
|
||||
Cancelled/forfeited
|
(80,584
|
)
|
16.54
|
||||
Outstanding
at December 31, 2005
|
1,494,640
|
16.64
|
|||||
Exercised
|
(440,774
|
)
|
12.54
|
||||
Cancelled/forfeited
|
(96,624
|
)
|
19.21
|
||||
Outstanding
at December 31, 2006
|
957,242
|
18.27
|
|||||
Granted
|
3,000
|
18.43
|
|||||
Exercised
|
(259,017
|
)
|
13.51
|
||||
Cancelled/forfeited
|
(61,627
|
)
|
20.39
|
||||
Outstanding
at December 31, 2007
|
639,598
|
19.73
|
|||||
Options
exercisable, December 31, 2007
|
506,666
|
18.87
|
|||||
Options
expected to vest, December 31, 2007
|
632,614
|
19.71
|
Stock Options Outstanding
|
Stock Options Exercisable
|
||||||||||||||||||||
Range of exercise prices
|
Outstanding as
of
December 31,
2007
|
Weighted-
average
remaining
contractual life
|
Weighted-
average
exercise price
|
Exercisable as
of December
31, 2007
|
Weighted-
average
exercise prie
|
||||||||||||||||
$
|
2.33
|
$
|
10.59
|
74,960
|
4.15
|
$
|
6.05
|
74,960
|
$
|
6.05
|
|||||||||||
10.65
|
12.19
|
90,368
|
5.82
|
11.95
|
86,618
|
11.95
|
|||||||||||||||
12.50
|
14.08
|
73,125
|
2.77
|
13.42
|
65,625
|
13.42
|
|||||||||||||||
14.31
|
16.60
|
103,389
|
6.40
|
16.39
|
67,089
|
16.28
|
|||||||||||||||
17.27
|
22.81
|
60,401
|
6.00
|
20.67
|
44,300
|
20.82
|
|||||||||||||||
27.05
|
27.05
|
120,337
|
7.01
|
27.05
|
61,225
|
27.05
|
|||||||||||||||
28.59
|
30.59
|
78,334
|
2.26
|
30.28
|
76,667
|
30.32
|
|||||||||||||||
33.45
|
42.56
|
28,684
|
5.18
|
37.42
|
23,516
|
37.66
|
|||||||||||||||
44.60
|
44.60
|
5,000
|
7.56
|
44.60
|
3,333
|
44.60
|
|||||||||||||||
48.25
|
48.25
|
5,000
|
7.50
|
48.25
|
3,333
|
48.25
|
|||||||||||||||
$
|
2.33
|
$
|
48.25
|
639,598
|
5.17
|
$
|
19.73
|
506,666
|
$
|
18.87
|
Number
of
Share
Unit
Awards
|
Weighted
Average
Grant
Date
Fair Value
|
||||||
Outstanding
at January 1, 2006
|
-
|
$
|
-
|
||||
Granted
|
142,895
|
42.40
|
|||||
Released
|
(4,776
|
)
|
41.57
|
||||
Forfeited
|
(18,872
|
)
|
42.45
|
||||
Outstanding
at December 31, 2006
|
119,247
|
42.43
|
|||||
Granted
|
95,507
|
39.73
|
|||||
Released
|
(40,685
|
)
|
40.86
|
||||
Forfeited
|
(32,845
|
)
|
42.28
|
||||
Outstanding
at December 31, 2007
|
141,224
|
41.10
|
At December 31,
|
|||||||
2007
|
2006
|
||||||
Property
and Equipment is comprised of the following:
|
|||||||
Land
|
$
|
354
|
$
|
354
|
|||
Building
and improvements
|
5,513
|
6,351
|
|||||
Leasehold
improvements
|
19,840
|
12,929
|
|||||
Furniture
and fixtures
|
5,403
|
4,804
|
|||||
Equipment
|
51,581
|
40,913
|
|||||
Equipment
under capital leases
|
13,944
|
7,834
|
|||||
96,635
|
73,185
|
||||||
Accumulated
depreciation
|
(52,872
|
)
|
(46,399
|
)
|
|||
Construction
in progress
|
10,153
|
4,138
|
|||||
$
|
53,916
|
$
|
30,924
|
||||
Accrued
Liabilities and Other is comprised of the following:
|
|||||||
Accrued
payroll and related benefits
|
4,595
|
2,851
|
|||||
Accrued
financing fees
|
2,047
|
1,257
|
|||||
Accrued
enhancement expense
|
1,372
|
1,314
|
|||||
Invoices
and other expenses accrued at year-end
|
5,847
|
4,378
|
|||||
$
|
13,861
|
$
|
9,800
|
For the Year Ended December 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Cash
paid during the year for:
|
||||||||||
Interest
|
$
|
507
|
$
|
302
|
$
|
104
|
||||
Income
taxes
|
15,928
|
18,961
|
15,348
|
|||||||
Non-cash
investing activities:
|
||||||||||
Capital
leases
|
$
|
5,944
|
$
|
5,030
|
$
|
3,778
|
||||
Other
Comprehensive Income (Loss) Information
|
||||||||||
Comprehensive
income (loss)
|
||||||||||
Net
income
|
$
|
32,504
|
$
|
28,370
|
$
|
22,981
|
||||
Unrealized
investment gain (loss), net of tax
|
59
|
5
|
(6
|
)
|
||||||
Foreign
currency translation adjustments
|
367
|
1
|
(286
|
)
|
||||||
Total
comprehensive income
|
$
|
32,930
|
$
|
28,376
|
$
|
22,689
|
2007 Quarters
|
2006 Quarters
|
||||||||||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||||||||
Revenues
|
$
|
78,663
|
$
|
69,685
|
$
|
74,584
|
$
|
69,703
|
$
|
66,750
|
$
|
60,297
|
$
|
55,841
|
$
|
56,037
|
|||||||||
Operating
income
|
15,543
|
10,039
|
14,130
|
5,853
|
14,710
|
12,400
|
6,818
|
6,851
|
|||||||||||||||||
Income
before taxes
|
17,298
|
12,033
|
15,848
|
6,546
|
16,282
|
13,992
|
8,518
|
8,888
|
|||||||||||||||||
Net
income
|
10,926
|
7,414
|
10,018
|
4,146
|
9,427
|
8,033
|
5,337
|
5,573
|
|||||||||||||||||
Earnings
per share
|
|||||||||||||||||||||||||
Basic
|
$
|
0.55
|
$
|
0.37
|
$
|
0.51
|
$
|
0.22
|
$
|
0.45
|
$
|
0.39
|
$
|
0.26
|
$
|
0.27
|
|||||||||
Diluted
|
$
|
0.54
|
$
|
0.36
|
$
|
0.51
|
$
|
0.22
|
$
|
0.44
|
$
|
0.37
|
$
|
0.25
|
$
|
0.27
|
Equity
Compensation Plan Information
|
||||||||||
Plan
Category
|
Number of securities to
be issued upon exercise
of
outstanding awards,
options,
warrants and
rights
|
Weighted-average
exercise
price of
outstanding options,
warrants and rights
|
Number of securities
remaining for future
issuance under equity
compensation plans
(excluding securities
reflected in
column (a)
|
|||||||
(
a )
|
(
b )
|
(
c )
|
||||||||
Equity
compensation plans approved by security holders
|
780,822
|
$
|
19.37
|
1,633,414
|
||||||
Equity
compensation plans not approved by security holders
|
-
|
-
|
-
|
|||||||
Total
|
780,822
|
$
|
19.37
|
1,633,414
|
LCA-Vision
Inc.
|
|||||||||||||
For
the years ended December 31, 2007, 2006 and 2005
|
|||||||||||||
(in
thousands)
|
|||||||||||||
Description
|
Balance at
Beginning of
Period
|
Charges to
Cost and
Expenses
|
Deductions
|
Balance at
End of Period
|
|||||||||
Year
ended December 31, 2007:
|
|||||||||||||
Allowance
for doubtful accounts
|
$
|
2,842
|
$
|
7,675
|
$
|
5,400
|
$
|
5,117
|
|||||
Insurance
reserve
|
6,163
|
2,697
|
367
|
8,493
|
|||||||||
Year
ended December 31, 2006:
|
|||||||||||||
Allowance
for doubtful accounts
|
$
|
3,145
|
$
|
1,855
|
$
|
2,158
|
$
|
2,842
|
|||||
Insurance
reserve
|
3,840
|
2,530
|
207
|
6,163
|
|||||||||
Year
ended December 31, 2005:
|
|||||||||||||
Allowance
for doubtful accounts
|
$
|
2,865
|
$
|
1,778
|
$
|
1,498
|
$
|
3,145
|
|||||
Insurance
reserve
|
2,568
|
1,466
|
194
|
3,840
|
Exhibit
#
|
Description
of Exhibit
|
|
*3(a)
|
Restated
Certificate of Incorporation, as amended, of Registrant (Exhibit
3(a) to
Annual Report on Form 10-K for the year ended December 31,
2003)
|
|
*3(b)
|
Amended
Bylaws of Registrant (Exhibit 3 (b) to Current Report on Form 8-K
filed
June 15, 2007)
|
|
*10(a)
|
LCA-Vision
Inc. 1995 Long-Term Stock Incentive Plan (Exhibit to Annual Report
on Form
10-KSB for the year ended December 31, 1995)
|
|
*10(b)
|
LCA-Vision
Inc. 1998 Long-Term Stock Incentive Plan (Exhibit A to definitive
Proxy
Statement for Special Meeting of Stockholders, filed September 22,
1998)
|
|
*10(c)
|
LCA-Vision
Inc. 2001 Long-Term Stock Incentive Plan (Exhibit B to definitive
Proxy
Statement for 2001 Annual Meeting of Stockholders, filed on April
9,
2001)
|
|
*10(d)
|
Employment
Agreement of Alan H. Buckey (Exhibit 10.2 to the Registration Statement
No.333-109034 on Form S-3, filed September 23, 2003)
|
|
*10(e)
|
Executive
Cash Bonus Plan (as amended February 21, 2006) (Exhibit 10.1 to Current
Report on Form 8-K filed February 24, 2006)
|
|
*10(f)
|
Form
of Restricted Stock Award Agreement with all employees, including
named
executive officers (Exhibit 10.2 to Current Report on Form 8-K filed
February 24, 2006)
|
|
*10(g)
|
Form
of Stock Option Agreement with outside directors (Exhibit 10.3 to
Current
Report on Form 8-K filed February 24, 2006)
|
|
*10(h)
|
Form
of Stock Option Agreement with all employees, including named executive
officers (Exhibit 10.4 to Current Report on Form 8-K filed February
24,
2006)
|
|
*10(i)
|
LCA-Vision
Inc. 2006 Stock Incentive Plan (definitive Proxy Statement for 2006
Annual
Meeting of Stockholders, filed April 28, 2006)
|
|
*10(j)
|
Form
of Notice of Grant of Award and Award Agreement for Restricted Stock
Units
(Exhibit 10.2 to Current Report on Form 8-K filed June 16,
2006)
|
|
*10(k)
|
Employment
Agreement of Steven C. Straus (Exhibit 99.1 to Current Report on
Form 8-K
filed November 6, 2006)
|
|
*14
|
Code
of Business Conduct and Ethics (Exhibit 14 to Annual Report on Form
10-K
for the year ended December 31, 2003)
|
|
21
|
Subsidiaries
of the Registrant
|
|
23
|
Consent
of Ernst & Young LLP
|
|
24
|
Powers
of Attorney (contained on signature page)
|
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Executive
Officer
|
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial
Officer
|
|
32
|
Section
1350 Certifications
|
LCA-Vision
Inc.
|
By:
/s/ Steven C. Straus
|
Steven
C. Straus, Chief Executive Officer
|
/s/
Steven C. Straus
|
Chief
Executive Officer
|
|
Steven
C. Straus
|
(Principal
Executive Officer)
|
|
|
||
/s/
Alan H. Buckey
|
Executive
Vice President/Finance and Chief Financial
Officer
|
|
Alan
H. Buckey
|
(Principal
Financial and Accounting Officer)
|
|
/s/
E. Anthony Woods
|
Chairman
of the Board
|
|
E.
Anthony Woods
|
||
/s/
William F. Bahl
|
Director
|
|
William
F. Bahl
|
||
/s/
Thomas G. Cody
|
Director
|
|
Thomas
G. Cody
|
||
/s/
John H. Gutfreund
|
Director
|
|
John
H. Gutfreund
|
||
/s/
John C. Hassan
|
Director
|
|
John
C. Hassan
|
1 Year (MM) Chart |
1 Month (MM) Chart |
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