ST. LOUIS—Despite growth in the first quarter of last year, TLCVision (Nasdaq: TLCV) saw its net loss more than double for the full 2008 fiscal year, and more than triple in last year’s fourth quarter.

For the full year, the company’s total revenues fell 8 percent, to $275.7 million. Its refractive-surgery revenues fell 14 percent to $151.4 million, as refractive procedure volumes dropped 16 percent for the year. Revenues from TLCVision’s non-refractive businesses rose 10 percent in 2008.

TLCVision’s net loss in 2008 was $98.3 million, compared to a net loss of $43.5 million in FY 2007.

In last year’s Q4, the company’s revenues were $53.7 million, down 19 percent compared to the prior year‘s fourth quarter. Refractive revenues fell 32 percent to $24.9 million; refractive procedure volumes were also off 32 percent in the quarter. The company’s non-refractive businesses posted an 8 percent increase in revenues.

TLCVision had a net loss of $95.4 million in 2008’s Q4, vs. a $25.3 million net loss in the last quarter of 2007.

Jim Wachtman, the company’s president and chief executive officer, commented, “As a result of the economic crisis and the sharp decline in consumer discretionary spending during 2008, the company’s financial performance deteriorated during the fourth quarter. This has resulted in the company falling out of compliance with its primary financial covenants under its credit facility as of Dec. 31, 2008.

He said TLCVision is in final negotiations with its lenders for an amendment to existing loan documents, expected to be completed shortly, adding that it is unlikely the company will remain in compliance with the existing covenants for the balance of 2009 unless amended.

Said Wachtman, “We are confident that our day-to-day operations will remain unaffected. We are working constructively with our lenders and advisors to secure more financial flexibility, and we will continue to implement cost-reduction initiatives to keep them in balance with demand. We have ample liquidity in the near term, and remain confident that we can reach a prompt resolution with our lenders.”