LCAVision Inc. (LCAV, Financial) filed Quarterly Report for the period ended 2010-09-30.
Lcavision Inc. has a market cap of $116.3 million; its shares were traded at around $6.22 with and P/S ratio of 0.9. LCAV is in the portfolios of Julian Robertson of Tiger Management, Jim Simons of Renaissance Technologies LLC.
Net investment income in the third quarter of 2010 decreased $548,000, or 84.2%, to $103,000 from $651,000 in the third quarter of 2009. Interest income decreased by $579,000, primarily due to lower patient financing interest income of $183,000 on lower procedure volume and lower investment income of $396,000 on lower yielding debt investments and market value adjustments previously recorded for our deferred compensation plan that was terminated on December 31, 2009.
Medical professional and license fees in the nine months ended September 30, 2010 decreased by $4.2 million, or 17.9%, from the nine months ended September 30, 2009. The decrease was due to decreased license fees of $1.7 million and physician fees of $2.5 million associated with decreased procedure volumes, partially offset by a $232,000 increase in our enhancement expense. The amortization of the deferred medical professional fees attributable to prior years was $477,000 in the nine months ended September 30, 2010, and $728,000 in the same period of 2009.
The net restructuring charges in the nine months ended September 30, 2010 were $794,000, comprised primarily of contract termination costs associated with the closure of certain of our laser vision centers. Also included in the charges were other exit and disposal costs incurred in 2010 related to vacating leased properties and relocating medical equipment. We incurred restructuring charges totaling $1.3 million for the nine months ended September 30, 2009, which included $1.1 million of center closure costs and $587,000 of employee separation benefits, partially offset by a benefit of $435,000 due to a change in estimate to certain previously recognized contract termination costs related to our vision centers closed in 2008 after successful negotiations with the lessors.
Net investment income in the nine months ended September 30, 2010 increased $287,000, or 25.8%, to $1.4 million from $1.1 million in the nine months ended September 30, 2009. This is due primarily to the gain on sale of investments of $988,000 that occurred in the second quarter of 2010 and $365,000 other-than-temporary impairment of auction rate securities and equity investments recognized in the third quarter of 2009. Patient financing interest income declined $645,000 on lower procedure volume, investment income declined by $601,000 on lower yielding debt investments, and interest expense declined by $210,000.
At September 30, 2010, we held $54.4 million in cash and cash equivalents and short-term investments, an increase of $1.9 million from $52.5 million at December 31, 2009. Our cash flows from operating, investing, and financing activities, as reflected in the Condensed Consolidated Statements of Cash Flows, are summarized as follows (dollars in thousands):
Read the The complete Report
Lcavision Inc. has a market cap of $116.3 million; its shares were traded at around $6.22 with and P/S ratio of 0.9. LCAV is in the portfolios of Julian Robertson of Tiger Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Medical professional and license fees in the third quarter of 2010 decreased by $921,000, or 15.6%, from the third quarter of 2009. The decrease was due to lower license fees of $235,000 and physician fees of $697,000 associated with decreased procedure volumes, partially offset by a slight increase in our enhancement expense. The amortization of the deferred medical professional fees attributable to prior years was $148,000 in the third quarter of 2010 and $193,000 in the third quarter of 2009.Net investment income in the third quarter of 2010 decreased $548,000, or 84.2%, to $103,000 from $651,000 in the third quarter of 2009. Interest income decreased by $579,000, primarily due to lower patient financing interest income of $183,000 on lower procedure volume and lower investment income of $396,000 on lower yielding debt investments and market value adjustments previously recorded for our deferred compensation plan that was terminated on December 31, 2009.
Medical professional and license fees in the nine months ended September 30, 2010 decreased by $4.2 million, or 17.9%, from the nine months ended September 30, 2009. The decrease was due to decreased license fees of $1.7 million and physician fees of $2.5 million associated with decreased procedure volumes, partially offset by a $232,000 increase in our enhancement expense. The amortization of the deferred medical professional fees attributable to prior years was $477,000 in the nine months ended September 30, 2010, and $728,000 in the same period of 2009.
The net restructuring charges in the nine months ended September 30, 2010 were $794,000, comprised primarily of contract termination costs associated with the closure of certain of our laser vision centers. Also included in the charges were other exit and disposal costs incurred in 2010 related to vacating leased properties and relocating medical equipment. We incurred restructuring charges totaling $1.3 million for the nine months ended September 30, 2009, which included $1.1 million of center closure costs and $587,000 of employee separation benefits, partially offset by a benefit of $435,000 due to a change in estimate to certain previously recognized contract termination costs related to our vision centers closed in 2008 after successful negotiations with the lessors.
Net investment income in the nine months ended September 30, 2010 increased $287,000, or 25.8%, to $1.4 million from $1.1 million in the nine months ended September 30, 2009. This is due primarily to the gain on sale of investments of $988,000 that occurred in the second quarter of 2010 and $365,000 other-than-temporary impairment of auction rate securities and equity investments recognized in the third quarter of 2009. Patient financing interest income declined $645,000 on lower procedure volume, investment income declined by $601,000 on lower yielding debt investments, and interest expense declined by $210,000.
At September 30, 2010, we held $54.4 million in cash and cash equivalents and short-term investments, an increase of $1.9 million from $52.5 million at December 31, 2009. Our cash flows from operating, investing, and financing activities, as reflected in the Condensed Consolidated Statements of Cash Flows, are summarized as follows (dollars in thousands):
Read the The complete Report
