CINCINNATI--After a fourth quarter in which its net income dropped by more than 20 percent, to $4.1 million from $5.6 million in the same period last year, refractive surgery firm LCA-Vision (Nasdaq: LCAV) cut its nationwide work force by 16 percent, according to the company.

Revenues increased by 24 percent, to $69.7 million, in Q4, however, although procedure volume slumped 5 percent to 39,888.

In the full year 2007, LCA-Vision’s revenues reached $292.6 million, up 22 percent. Procedure volume increased 4 percent, to 192,204. The company’s net income for the year was $32.5 million, vs. $28.4 million in fiscal 2006. LCA-Vision opened 13 new LasikPlus vision centers in 2007, and recently announced the opening of its 73rd center, in Savannah, Ga.

Looking ahead to the rest of 2008, LCA-Vision’s chief executive officer, Steve Straus, said the company plans to open five to 10 vision centers during the year, and also plans to relocate four to seven existing locations.

Added Straus, “We expect the U.S. economy, including its impact on consumer spending habits and our industry, to continue to be challenging throughout 2008, and we estimate that industry procedure volumes could decline by more than 10 percent. However, we remain committed to selectively invest in our national expansion by opening vision centers in new markets, and relocating and renovating existing vision centers,” he said.

Straus said the company has also updated its LasikPlus Web site, and has shifted hours of operations at many of its vision centers to be more consumer-friendly. In addition to the recent work force reduction, he noted, LCA-Vision is “diligently managing our general and administrative costs.” ■