LCAV just broke to a new 52-week high

[HenryTo]

ROE of 35% and I believe the sector should see really good growth going forward. I know a few people who have had lasik surgeries done - no complaints so far.

[HenryTo]

Beats by 12 cents a share and guides 2005 higher to a range of $1.15 to $1.20 a share, up from previous guidance of $1.00 to $1.05 a share. Stock is at a new 52-week high in pre-hours trading this morning.
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LCA-Vision Reports Revenues Grew 59% in 2005's First Quarter
Wednesday April 27, 7:13 am ET
- Same-Store Revenue Growth Increases 47%Company Raises Full-Year 2005 Earnings Guidance to $1.15
- $1.20


CINCINNATI, April 27 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV - News), a leading provider of laser vision correction services under the LasikPlus brand, announced today first quarter financial results for the period ended March 31, 2005.

First Quarter 2005 Highlights

- Revenues grew 59% to approximately $50.2 million from approximately $31.7 million in last year's first quarter, marking the 7th consecutive quarter of revenue growth exceeding 50%.
- Same-store revenues grew 47% at vision centers open at least 12 months. Over the past seven quarters, same-store revenue growth has averaged over 40%.
- A record 37,578 procedures were performed during the quarter, a 55% increase from 24,270 procedures performed in last year's first quarter.

Net Income & Earnings Per Share

Net income was approximately $9.3 million and earnings per diluted share were $0.44 in 2005's first quarter, compared with net income of approximately $12.7 million and earnings per diluted share of $0.62 in 2004's first quarter. Included in 2004's first quarter financial results is an income tax benefit of approximately $8.6 million related to federal and state net operating loss carryforwards generated in prior years. Excluding the income tax benefit, 2004 first quarter earnings per diluted share were $0.20. The company believes that excluding the income tax benefit is a meaningful disclosure as it allows for year-over-year comparisons of financial results on a consistent basis.

Revenue Growth Driven by Continued Strong Demand for Procedures

Revenues grew 59% to approximately $50.2 million in 2005's first quarter from approximately $31.7 million in 2004's first quarter. Procedure volume increased 55% in 2005's first quarter to 37,578 from 24,270 procedures performed in 2004's first quarter. Revenues per procedure increased 2% to $1,336 in the first quarter of 2005 from $1,304 in the first quarter of 2004. Operating income increased 127% to approximately $15.3 million in 2005's first quarter from approximately $6.8 million in 2004's first quarter, and the operating margin was 30.6% compared with 21.4%.

Balance Sheet Positioned to Support Long-Term Growth

Cash provided by operations in 2005's first quarter grew to approximately $15.9 million as of March 31, 2005 from approximately $6.9 million as of March 31, 2004. Cash and cash equivalents increased to approximately $100.1 million as of March 31, 2005, from approximately $86.6 million as of December 31, 2004, and approximately $72.1 million as of March 31, 2004.

Stephen N. Joffe, Chairman and Chief Executive Officer of LCA-Vision commented, "We are pleased to report solid first quarter earnings. Our impressive results are a testimony to our strong business model, the health of our operations, and the favorable growth trends in the laser vision correction industry. We reported across-the-board gains in the key financial and operational metrics we track. Revenues and procedure volume reached record levels during the quarter, and excluding the income tax benefit recorded in last year's first quarter, earnings per diluted share increased nearly 120%."

"We expect to realize strong revenue growth throughout 2005 as we continue to gain market share in existing markets and expand the LasikPlus brand into new markets. During the quarter, we opened a LasikPlus vision center in Sacramento, and plans are underway to open additional vision centers throughout the year as we continue to expand the LasikPlus footprint."

"As a result of our strong first quarter earnings and the continued strong demand for laser vision correction procedures, we are again increasing our earnings guidance for the full-year of 2005. We now project earnings to be in the range of $1.15 to $1.20 per diluted share, up from prior guidance of $1.00 to $1.05."

Conference Call & Webcast

A conference call and webcast to discuss the contents of this news release will be held today, Wednesday, April 27, 2005 at 10:00 a.m. (ET). To access the call, dial 866-322-1352 (within the United States and Canada), or 706-758-1564 (international callers). To access the replay, dial 800-642-1687 (within the United States and Canada), or 706-645-9291 (international callers) and enter the conference ID number: 538 06 59. To access the webcast, go to the "Investors" section of LCA-Vision's website at http://www.lca-vision.com .

[HenryTo]

LCAV made a new all-time high today on the back of a very strong earnings report:

http://biz.yahoo.com/fool/050223/1109187960_1.html

[cl001]

Just added to S&P small cap, look for a jump tomorrow.