CINCINNATI— LCA-Vision Inc. (LCAV: Nasdaq) released financial and operational results for the first quarter ended March 31, 2008. Revenue was $79.6 million compared with $78.7 million for the first quarter of 2007. Adjusted revenue was $74 million compared with $84.3 million for Q1 2007.

Procedure volume was 44,159 compared with 59,101 for the same period in 2007. Same- store revenue decreased 8 percent and adjusted same-store revenue decreased 21 percent for the quarter. Operating income was $10.5 million compared with $15.5 million for the comparable period in 2007 while adjusted operating income was $5.4 million compared with $20.6 million for the first quarter of 2007.

During the first quarter of 2008, LCA-Vision opened four LasikPlus vision centers in Savannah, Ga; Des Moines, Iowa; Tulsa, Okla.; and Woodbridge, N.J.
Commenting on the company's first quarter 2008 results, LCA-Vision's chief executive officer, Steve Straus, said, "The number of scheduled eye exams increased slightly during the first quarter of 2008 compared with the first quarter of 2007. However, attended exams did not keep pace with the growth in scheduled exams. The decline in our procedure volume during the quarter was partially offset by a higher average price per procedure."

The company continues to focus on the key initiatives that were started in the second half of 2007 and is moving forward with its previously announced plans to open vision centers in new and existing markets, as well as relocating some older vision centers in their current markets, according to LCA-Vision.

"While today's financial results do not reflect the expected benefits of the business improvements we are implementing, I firmly believe that the company has the right strategy, the right business model, the right balance sheet, the right management team, and the right focus to create long-term sustainable shareholder value," Straus said.