<PAGE> 1
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
CURRENT REPORT
Pursuant to Section 13 or 15[d] of
The Securities Exchange Act of 1934
DATE OF REPORT [Date of earliest event reported]: July 12, 1999
LASER VISION CENTERS, INC.
[Exact name of Issuer as specified in its charter]
Delaware 1-10629 43-153003
[State or other [Commission [IRS Employer
jurisdiction of File Number] Identification
incorporation] Number]
540 Maryville Centre Drive, Suite 200
St. Louis, Missouri 63141
[Address of Principal Executive Offices]
Issuer's telephone number: [314] 434-6900
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FORM 8-K
ITEM 5. OTHER EVENTS
On July 12, 1999, the Company announced that its Board of Directors
approved a two-for-one stock split of its common stock, $0.01 par value, to be
effected in the form of a one hundred percent stock dividend. Stockholders of
record as of the close of business on July 23, 1999 will be issued one
additional share of common stock for each share of common stock held as of the
close of business on July 23, 1999. The distribution date for this stock
dividend will be on or about August 9, 1999.
On July 12, 1999, the Company issued a press release pertaining to
these matters; a copy of that press release is attached hereto as an exhibit.
ITEM 7(c). LIST OF EXHIBITS FILED
99.1 Press Release
2
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FORM 8-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LASER VISION CENTERS, INC.
BY: /S/ John J. Klobnak
--------------------------
John J. Klobnak
Chief Executive Officer
Date: July 19, 1999
3
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EXHIBIT 99.1
NEWS RELEASE
[LASER VISION CENTERS, INC.]
LASERVISION RECORDS EARNINGS OF $0.55 PER
DILUTED SHARE FOR FISCAL 1999
- COMPANY ANNOUNCES 2 FOR 1 STOCK SPLIT -
ST. LOUIS, MISSOURI--July 12, 1999--LASER VISION CENTERS, INC. (Nasdaq: LVCI)
announced today that revenue for the fourth quarter ended April 30, 1999
increased 141% to $18,785,000 from $7,803,000 for the April 1998 quarter. Net
income for the April 1999 quarter was $2,987,000 or $0.28 per share ($0.23 per
share diluted) compared to $127,000 or $0.01 per share for the same quarter a
year ago. For the quarter, earnings before interest, taxes, depreciation and
amortization (EBITDA) increased 182% from $1,594,000 to $4,493,000.
Revenues for the 1999 fiscal year were $52,359,000, a 123% increase over fiscal
1998 revenue of $23,469,000. Net income for fiscal 1999 was $6,540,000 or $0.63
per share ($0.55 per share diluted) compared to a net loss for fiscal 1998 of
$3,496,000 or $0.59 per share. For the year, EBITDA increased by 635% to
$11,474,000 from $1,562,000.
LaserVision noted that excluding a tax benefit of $1,489,000 for the year ended
April 30, 1999 earnings per share were $0.48 basic and $0.42 diluted. Excluding
a tax benefit of $687,000 for the quarter ended April 30, 1999, earnings per
share were $0.21 basic and $0.17 diluted.
LaserVision's Board of Directors today approved a 2-for-1 stock split payable
August 9, 1999 to shareholders of record at the close of business on July 23,
1999. Had the stock split been reflected as if it occurred on May 1, 1997, then
basic net income per share would have been $0.31 ($0.24 excluding the tax
benefit) for the year ended April 30, 1999 versus a loss of $0.30 for the year
ended April 30, 1998. Diluted net income per share would have been $0.27 ($0.21
excluding the tax benefit) for fiscal 1999 versus a loss of $0.30 for fiscal
1998.
For the April 1999 quarter, basic EPS after the stock split would have been
$0.14 ($0.11 excluding the tax benefit) versus $0.00 for the April 1998 quarter
and diluted EPS would have been $0.11 ($0.08 excluding the tax benefit) for the
April 1999 quarter versus $0.00 for the April 1998 quarter.
- more -
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Page Two
Laser Vision Centers, Inc.
July 12, 1999
"We are proud to report another banner year. The Company continues to exceed
internal and external expectations. LaserVision continues to experience growth
in terms of procedures, new surgeons and lasers,"LaserVision Chairman and CEO
John J. Klobnak said. "We are extremely pleased with the growth in earnings and
cash flow. We are also very pleased with our recent acquisition of Midwest
Surgical Services, which is exceeding our projections. The continued growth in
the marketplace and the predictability of our business model have required us to
expand at a more rapid rate than we had anticipated to keep up with demand."
Mr. Klobnak noted LaserVision had added four new lasers to its U.S. laser fleet
in May, four in June and plans to add six in July. He said LaserVision has 11
more lasers on order with Visx.
"We are also pleased to announce the two for one stock split. Since LaserVision
has such a high percentage of institutional ownership, we believe this move will
invite more smaller investors into the Company," Klobnak said.
Laser Vision is one of the world's largest providers of excimer lasers, related
equipment and support services for the treatment of nearsightedness,
farsightedness and astigmatism.
- more -
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Page Three
Laser Vision Centers, Inc.
July 12, 1999
LASER VISION CENTERS, INC.
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS
(THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
April 30, April 30,
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $18,785 $7,803 $52,359 $23,469
Gross Profit $ 6,463 $2,785 $17,691 $ 6,719
Operating Expenses $ 3,882 $2,514 $11,809 $ 9,592
------- ------ ------- -------
Income (Loss) from Operations $ 2,581 $ 271 $ 5,882 ($ 2,873)
Net Interest, Minority Interest
and Other Expense ($ 281) ($ 144) ($ 831) ($ 623)
------- ------ ------- -------
NET INCOME (LOSS) BEFORE TAXES $ 2,300 $ 127 $ 5,051 ($ 3,496)
Income Tax Benefit $ 687 $ 0 $ 1,489 $ 0
-------- ------ ------- -------
Net Income (Loss) $ 2,987 $ 127 $ 6,540 ($ 3,496)
Deemed Preferred Dividends $ 49 $ 43 $ 171 $ 1,930
-------- ------ ------- -------
NET INCOME (LOSS) APPLICABLE TO
COMMON SHAREHOLDERS $ 2,938 $ 84 $ 6,369 ($ 5,426)
======== ====== ======= =======
NET INCOME (LOSS)
PER SHARE-BASIC $ 0.28 $ 0.01 $ 0.63 ($ 0.59)
NET INCOME (LOSS)
PER SHARE - DILUTED $ 0.23 $ 0.01 $ 0.55 ($ 0.59)
Weighted Average Number of
Common Shares Outstanding-basic 10,633 9,558 10,145 9,178
Weighted Average Number of
Common Shares Outstanding-diluted 13,153 9,558 11,965 9,178
EBITDA $ 4,493 $1,594 $11,474 $ 1,562
</TABLE>
- more -
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Page Four
Laser Vision Centers, Inc.
July 12, 1999
LASER VISION CENTERS, INC.
SELECTED CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
<TABLE>
<CAPTION>
April, 1999 April, 1998
----------- -----------
<S> <C> <C>
Cash $ 8,173 $ 8,430
Other Current Assets $ 15,238 $ 5,845
Net Property $ 20,983 $ 14,191
Other Assets $ 8,795 $ 2,363
-------- --------
Total Assets $ 53,189 $ 30,829
======== ========
Current Liabilities $ 16,306 $ 8,721
Non-Current Liabilities $ 7,784 $ 6,615
Minority Interest $ 352 -
Redeemable Preferred Stock $ 2,086 $ 1,915
Total Stockholders' Equity $ 26,661 $ 13,578
-------- --------
Total Liabilities & Equity $ 53,189 $ 30,829
======== ========
Working Capital $ 7,105 $ 5,554
======== ========
</TABLE>
The April 30, 1999 balance sheet does not include the $49 million that
LaserVision received in May 1999 from the sale of 1,000,000 shares in a
secondary stock offering and the exercise of 563,500 warrants and options.
Except for historical information, statements relating to LaserVision's plan,
objectives and future performance are forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
are based on management's current expectations. Because of various risks and
uncertainties, actual strategies and results in future periods may differ
materially from those currently expected. Additional discussion of factors
affecting LaserVision's business is contained in LaserVision's most recent
filings with the Securities and Exchange Commission.
###
Contact: John A. Stiles
314-434-6900
[email protected]
http://www.laservision.com
