ST. LOUIS, Mo.—TLCVision Corporation (NASDAQ:TLCV; TSX:TLC), announced results for the first quarter ended March 31, 2009. Revenue for the first quarter was $69.4 million, a 23 percent decrease over prior year first quarter revenue of $90.4 million. Refractive revenues showed a decline of 37 percent while current non-refractive businesses grew by a combined 23 percent. Refractive Centers revenue of $36 million decreased by 39 percent, as majority-owned center procedures declined by 38 percent, consistent with estimated market declines, according to the company.

Consolidated net loss attributable to TLCVision Corporation for the first quarter was $1.3 million, compared to net income of $6.1 million from the prior year period. Adjusted EBITDA for the first quarter was $8.8 million compared to $14.0 million in the first quarter of 2008.

Commenting on the first quarter results, James B. Tiffany, president and COO of TLCVision said, "Overall, we had a seasonally strong first quarter that was consistent with industry estimates. While demand for Lasik surgery remains soft, we benefited from growth in our non-refractive businesses and from our cost reduction initiatives.

"Our non-refractive businesses, which include other surgical procedures and general eyecare, posted revenue growth in the quarter of 23 percent, and this growth helped to offset weaker performance in our refractive businesses. We also continue to realize significant cost reductions related to ongoing initiatives that generated approximately $11.0 million of cost savings in the first quarter of 2009 versus the first quarter of 2008. Furthermore, we generated $5.3 million in operating cash flow in the quarter versus [$6.2] million in the fourth quarter of 2008, bringing our cash balance at March 31, 2009 to $18.5 million,” he said.

"Although we are encouraged by recent economic data on consumer spending, we remain resolute on positioning the company to weather the current economic climate while reaping the substantial benefits of the economic rebound when pent-up demand returns," Tiffany said.