SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 18, 1997
(March 18, 1997)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
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State or other jurisdiction of incorporation
0-19671 65-0273162
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Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
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Item 5. Other Events.
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The press release issued by LaserSight Incorporated dated March 18, 1997 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits
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Exhibit 99. Press Release dated March 18, 1997
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Regis-
trant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
LaserSight Incorporated
Date: March 18, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT REPORTS YEAR END
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AND FOURTH QUARTER RESULTS
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St. Louis, MO -- March 18, 1997..... LaserSight Incorporated (NASDAQ:LASE)
reported a fourth quarter net loss of $764,000 or $0.09 per share versus a net
income of $973,000 or $0.13 per share a year ago. Non-operating costs relating
to litigation and other claims and preferred dividends accounted for $0.02 of
the $0.09 per share loss. The Company also reported that fourth quarter revenues
were $6.4 million compared to $8.7 million for the same period last year.
Revenue for the year ended December 31, 1996 was $21.5 million versus $26.0
million in 1995. The Company reported a net loss of $4.1 million or $0.56 per
share compared with a net income of $4.6 million or $0.64 per share the prior
year.
LaserSight's Technology segment had 1996 revenues of $10.6 million compared to
$19.9 million in 1995. The Health Care Services segment had 1996 revenues of
$10.9 million compared to $6.1 million in 1995. Technology reported an operating
loss of $2.0 million in 1996 compared to an operating profit of $4.7 million in
1995. Health Care Services reported an operating loss of $468,000 in 1996
compared to an operating profit of $1.1 million in 1995.
Sales in the fourth quarter of 1996 were $6.4 million compared to $4.5 million
in the third quarter of 1996, an increase of $1.9 million or 42%. Technology
accounted for $1.6 million of the increase including 22 new laser sales compared
to 13 new laser sales in the third quarter. This positive trend in system sales
was partially offset by sales returns recognized in the fourth quarter. These
returns were attributable to sales made prior to LaserSight's credit and return
policies now in place. Beginning in the second quarter of 1996, systems have not
been sold with return rights. The fourth quarter returns reduced operating
results by approximately $1.2 million resulting in a consolidated operating loss
of $801,000.
LaserSight's president and chief executive officer, Michael R. Farris,
commented, "We have seen improvements in both our Technology and Health Care
Services segments in the fourth quarter. During 1996, the issues relating to
returned laser systems have been dealt with; stricter credit terms were
instituted; we eliminated the right to return laser units; and our field service
department was expanded. Based upon these improvements, the Company is now
pursuing debt financing to capitalize its business plan going forward."
Health Care Services revenues were $3.0 million in the fourth quarter of 1996
compared to $2.7 million in the third quarter of 1996. This segment incurred an
operating loss of $175,000 in the fourth quarter compared to $556,000 in the
third quarter of 1996. The improved results are due, primarily, to a reduced
loss in The Farris Group subsidiary, the only subsidiary that reported a fourth
quarter loss in this segment.
Mr. Farris also noted, "During 1996 we added business development capability to
MEC and aligned The Farris Group with the managed vision care business. The
Company incurred costs associated with these changes, but we are better
positioned to focus intensely on securing managed vision care contracts and
provider network development. We will continue to focus on the progress of each
of our subsidiaries individually to position the company for future growth."
LaserSight also announced the Company is engaged in negotiations with Foothill
Capital Corporation (Foothill), a commercial finance unit of Norwest
Corporation, for a loan of up to $8 million to be secured by substantically all
of the Company's presently unencumbered accounts receivable and other assets. In
connection with the loan, the Company expects to issue warrants to purchase a
number of shares of Common Stock equal to approximately six percent of the
shares presently outstanding. While there can be no assurance as to whether or
when, or on what terms, such financing can be completed, the Company has
executed a commitment letter with Foothill and loan documentation is underway.
Craig Noell, senior vice president of Foothill, commented, "We have been
impressed both by the management of LaserSight as well as its technology. We are
also impressed by the potential for their business in managed vision care. We
feel that they are positioned to execute on a well thought out business plan for
the future."
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LaserSight also noted that the escrow agreement associated with the patent
agreement between LaserSight and IBM, previously announced on February 20, 1997,
has been negotiated and executed. Per the agreement, LaserSight will place $1
million in LaserSight common stock into escrow as consideration of the
agreement.
LaserSight Incorporated is a holding company with four operating subsidiaries
engaged in the business of ophthalmic laser manufacturing and international
sales, third-party managed vision care administration, ophthalmic practice
management, and health and vision care consulting services.
This press release contains forward-looking statements regarding future events
and future performance of the Company that involve risks and uncertainties that
could materially affect actual results. Investors should refer to documents that
the Company files from time to time with the Securities and Exchange Commission
for a description of certain factors that could cause actual results to vary
from current expectations and the forward-looking statements contained in this
press release. Such filings include, without limitation, the Company's Form
10-K, Form 10-Q and Form 8-K reports and the Company's prospectus dated July 12,
1996 (File No. 333-2198).
Following are selected financial results:
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
(In 000's Except Per Share Data) (In 000's Except Per Share Data)
12/31/96 12/31/95 12/31/96 12/31/95
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<S> <C> <C> <C> <C>
Total Revenues $ 6,434 $8,657 $ 21,504 $25,988
Cost of Sales/Provider Payments 2,379 2,295 7,637 5,635
Gross Profit 4,055 6,362 13,867 20,353
Research & Development and Regulatory 347 541 1,720 1,461
Selling, General & Administrative Expenses 4,509 4,660 17,107 14,340
Operating Income (Loss) (801) 1,161 (4,960) 4,552
Other Income (Expense) 17 (15) (253) 1,438
Income Tax (Expense) Benefit 20 (173) 1,139 (1,398)
Net Income (Loss) (764) 973 (4,074) 4,592
Dividends on Preferred Stock (13) - (359) -
Income (Loss) applicable to
Common Shareholders (777) 973 (4,433) 4,592
Earnings (Loss) Per
Common Share - Primary $ (0.09) $ 0.13 $ (0.56) $ 0.64
Weighted Average Number
of Common Shares and
Equivalents Outstanding - Primary 8,635 7,704 7,894 7,225
</TABLE>
<TABLE>
<CAPTION>
Selected Balance Sheet Data:
December 31, 1996 December 31, 1995
(In 000's) (In 000's)
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<S> <C> <C>
Cash and Equivalents $ 2,004 $ 1,598
Accounts and Notes Receivable (Current) 8,618 10,345
Total Current Assets 15,643 14,380
Total Current Liabilities 5,622 7,108
Stockholders' Equity 26,769 20,420
For additional information please contact: Marti Benfield,
Manager, Investor Relations
(314) 469-3220
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