LCA-Vision Completes Existing Share Repurchase Plan, Announces New Share Repurchase Plan and Increases Dividend
November 22 2006 - 7:00AM
Business Wire
LCA-Vision Inc. (Nasdaq:LCAV), a leading provider of laser vision
correction services under the LasikPlus brand, announced today that
it recently completed its existing share repurchase plan. Under the
plan, the company repurchased a total of 1,000,000 shares between
May 17, 2005 and November 21, 2006 for approximately $38.5 million
at an average price per share of $38.52. In addition, the board of
directors authorized a new share repurchase plan, and increased the
quarterly dividend payment. At a meeting held yesterday, the board
of directors approved a new share repurchase plan under which up to
$50 million of LCA-Vision common shares may be repurchased. As of
September 30, 2006, LCA-Vision had approximately 20.8 million
shares outstanding, and cash equivalents and short-term investments
of approximately $130.0 million. Under this new authorization, the
company may purchase shares from time to time at prevailing prices
in the open market, subject to market conditions, and as permitted
by securities laws and other legal requirements. The board also
declared a quarterly dividend in the amount of $0.18 per share
payable on December 12, 2006 to shareholders of record on December
5, 2006. This represents an increase of $0.06 per share or a 50%
increase over the $0.12 dividend paid in each of the last four
quarters. Steven C. Straus, LCA-Vision�s chief executive officer
commented, �The board's decision to authorize a new share
repurchase plan and increase the quarterly dividend by 50% is a
reflection of their confidence in the company�s financial strength
and future growth potential, and also shows their commitment to a
balanced cash deployment strategy. We believe that the purchase of
our common stock represents an attractive opportunity for the
company and for shareholders, and is one of the best uses of our
substantial cash position. The dividend increase represents the
third annual increase since we first initiated a dividend in August
of 2004. We are pleased to reward shareholders with some of the
cash flow we are generating from our solid financial performance.�
Forward-Looking Statements This news release may contain
forward-looking statements that are subject to risks and
uncertainties that may result in actual results to differ
materially from current expectations. For a discussion of risks and
uncertainties faced, please refer to our filings with the
Securities and Exchange Commission including, but not limited to,
our Forms 10-K and 10-Q. About LCA-Vision Inc./LasikPlus LCA-Vision
Inc. is a leading provider of laser vision correction services
under the LasikPlus brand. We own and operate 58 LasikPlus
fixed-site laser vision correction centers in the United States and
a joint venture in Canada. Additional information is available at
our corporate websites: www.lca-vision.com and www.lasikplus.com.
It's Not Just LASIK. It's LasikPlus! LCA-Vision Inc. (Nasdaq:LCAV),
a leading provider of laser vision correction services under the
LasikPlus brand, announced today that it recently completed its
existing share repurchase plan. Under the plan, the company
repurchased a total of 1,000,000 shares between May 17, 2005 and
November 21, 2006 for approximately $38.5 million at an average
price per share of $38.52. In addition, the board of directors
authorized a new share repurchase plan, and increased the quarterly
dividend payment. At a meeting held yesterday, the board of
directors approved a new share repurchase plan under which up to
$50 million of LCA-Vision common shares may be repurchased. As of
September 30, 2006, LCA-Vision had approximately 20.8 million
shares outstanding, and cash equivalents and short-term investments
of approximately $130.0 million. Under this new authorization, the
company may purchase shares from time to time at prevailing prices
in the open market, subject to market conditions, and as permitted
by securities laws and other legal requirements. The board also
declared a quarterly dividend in the amount of $0.18 per share
payable on December 12, 2006 to shareholders of record on December
5, 2006. This represents an increase of $0.06 per share or a 50%
increase over the $0.12 dividend paid in each of the last four
quarters. Steven C. Straus, LCA-Vision's chief executive officer
commented, "The board's decision to authorize a new share
repurchase plan and increase the quarterly dividend by 50% is a
reflection of their confidence in the company's financial strength
and future growth potential, and also shows their commitment to a
balanced cash deployment strategy. We believe that the purchase of
our common stock represents an attractive opportunity for the
company and for shareholders, and is one of the best uses of our
substantial cash position. The dividend increase represents the
third annual increase since we first initiated a dividend in August
of 2004. We are pleased to reward shareholders with some of the
cash flow we are generating from our solid financial performance."
Forward-Looking Statements This news release may contain
forward-looking statements that are subject to risks and
uncertainties that may result in actual results to differ
materially from current expectations. For a discussion of risks and
uncertainties faced, please refer to our filings with the
Securities and Exchange Commission including, but not limited to,
our Forms 10-K and 10-Q. About LCA-Vision Inc./LasikPlus LCA-Vision
Inc. is a leading provider of laser vision correction services
under the LasikPlus brand. We own and operate 58 LasikPlus
fixed-site laser vision correction centers in the United States and
a joint venture in Canada. Additional information is available at
our corporate websites: www.lca-vision.com and www.lasikplus.com.
It's Not Just LASIK. It's LasikPlus!
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