1998 to 2002 Income statements from 3 USA competitors and a Canadian who file bankruptcy in 2001

I took this info from the textbook cd. Two of these three USA companies had losses every year since 1998 to 2002. One of them had small profits and a big loss in 1999. There is no financial data available for PCLI on textbook cd. One Canadian company went belly-up in 2001.(See article)

TICKER: NOVA
SIC: 8741
NOVAMED EYECARE INC
ANNUAL INCOME STATEMENT
($ MILLIONS, EXCEPT PER SHARE)
Dec02 Dec01 Dec00 Dec99 Dec98
Sales 53.773 70.063 135.638 102.588 63.729
Cost of Goods Sold 34.304 50.123 85.079 66.405 41.028
Gross Profit 19.469 19.940 50.559 36.183 22.701
Selling, General, & Administrative Expense 11.515 9.895 32.409 24.904 14.625
Operating Income Before Deprec. Depreciation, Depletion, & Amortization 7.954 10.045 18.150 11.279 8.076
Depreciation, Depletion, & Amortization 2.461 4.599 7.582 4.912 3.333
Operating Profit 5.493 5.446 10.568 6.367 4.743
Interest Expense 0.414 0.965 1.952 1.513 1.546
Non-Operating Income/Expense 0.227 @NA 0.174 0.253 0.305
Special Items 1.696 (14.631) 0.000 (2.425) 0.000
Pretax Income 7.002 (10.151) 8.790 2.682 3.502
Total Income Taxes 2.439 (4.000) 3.446 1.808 1.664
Minority Interest 0.906 0.028 0.000 0.000 0.132
Income Before Extraordinary Items & Discontinued Operations 3.657 (6.179) 5.344 0.874 1.706
Preferred Dividends 0.000 0.000 0.000 2.035 0.739
Available for Common 3.657 (6.179) 5.344 (1.161) 0.967
Savings Due to Common Stock Equivalents 0.000 0.000 0.000 3.130 (0.784)
Adjusted Available for Common 3.657 (6.179) 5.344 1.969 0.183
Extraordinary Items (1.803) 0.000 0.000 0.000 0.000
Discontinued Operations (1.644) (26.418) 0.000 0.000 0.000
Adjusted Net Income 0.210 (32.597) 5.344 1.969 0.183



TICKER: LCAV
SIC: 8093
LCA VISION INC
ANNUAL INCOME STATEMENT
($ MILLIONS, EXCEPT PER SHARE)
Dec02 Dec01 Dec00 Dec99 Dec98
Sales 61.838 68.096 63.450 57.384 35.200
Cost of Goods Sold 41.066 47.242 42.760 34.524 24.463
Gross Profit 20.772 20.854 20.690 22.860 10.737
Selling, General, & Administrative Expense 21.150 21.459 23.959 16.226 10.144
Operating Income Before Deprec. Depreciation, Depletion, & Amortization (0.378) (0.605) (3.269) 6.634 0.593
Depreciation, Depletion, & Amortization 5.997 5.625 3.839 2.964 3.521
Operating Profit (6.375) (6.230) (7.108) 3.670 (2.928)
Interest Expense 0.004 0.017 0.058 0.169 0.786
Non-Operating Income/Expense 0.460 1.245 3.366 1.987 1.153
Special Items 2.456 (1.774) 0.000 0.150 (10.500)
Pretax Income (3.463) (6.776) (3.800) 5.638 (13.061)
Total Income Taxes 0.174 16.589 (1.434) (5.287) 0.157
Minority Interest 0.189 0.010 @CF 0.032 0.000
Income Before Extraordinary Items & Discontinued Operations (3.826) (23.375) (2.366) 10.893 (13.218)
Preferred Dividends 0.000 0.000 0.000 0.140 0.518
Available for Common (3.826) (23.375) (2.366) 10.753 (13.736)
Savings Due to Common Stock Equivalents 0.000 0.000 0.000 0.000 0.000
Adjusted Available for Common (3.826) (23.375) (2.366) 10.753 (13.736)
Extraordinary Items 0.000 0.000 0.000 0.000 0.000
Discontinued Operations 0.000 0.000 0.000 0.000 0.000
Adjusted Net Income (3.826) (23.375) (2.366) 10.753 (13.736)



TICKER: TLCV
SIC: 8000
TLC VISION CORP
ANNUAL INCOME STATEMENT
($ MILLIONS, EXCEPT PER SHARE)
Dec02 May02 May01 May00 May99
Sales 138.888 134.751 174.006 201.223 146.910
Cost of Goods Sold 114.912 85.314 97.228 183.485 119.205
Gross Profit 23.976 49.437 76.778 17.738 27.705
Selling, General, & Administrative Expense 49.240 52.475 67.802 @CF @CF
Operating Income Before Deprec. Depreciation, Depletion, & Amortization @NA (3.038) 8.976 17.738 27.705
Depreciation, Depletion, & Amortization @CF 21.352 27.593 21.688 14.934
Operating Profit (25.264) (24.390) (18.617) (3.950) 12.771
Interest Expense @CF 2.176 1.912 2.671 4.342
Non-Operating Income/Expense 6.389 1.415 4.455 7.163 2.097
Special Items (122.249) (119.105) (19.075) 0.000 (12.924)
Pretax Income (141.124) (144.256) (35.149) 0.542 (2.398)
Total Income Taxes 1.640 1.784 2.239 3.454 0.816
Minority Interest 0.354 0.635 0.385 3.006 0.448
Income Before Extraordinary Items & Discontinued Operations (143.118) (146.675) (37.773) (5.918) (3.662)
Preferred Dividends 0.000 0.000 0.000 0.000 0.000
Available for Common (143.118) (146.675) (37.773) (5.918) (3.662)
Savings Due to Common Stock Equivalents 0.000 0.000 0.000 0.000 0.000
Adjusted Available for Common (143.118) (146.675) (37.773) (5.918) (3.662)
Extraordinary Items (15.174) (15.174) 0.000 0.000 0.000
Discontinued Operations 0.000 0.000 0.000 0.000 0.000
Adjusted Net Income (158.292) (161.849) (37.773) (5.918) (3.662)


http://www.kpbj.com/headlines/articles/2001-05-08-HED-33.html
For Your Health
Canadian Lasik no longer an option
Lasik Vision Corp., the Canadian company with offices in Bellevue that drew Washington patients across the border for the popular surgery at cut-rate prices, has filed for bankruptcy in Canada. It abruptly shut down its 24 North American clinics leaving patients, many who had prepaid for the surgery, out in the cold with no follow-up care and questionable financial recourse.
One of the continent’s largest laser vision correction operations, Lasik Vision was purchased in January by Toronto-based Icon Laser Eye Centers Inc. for a reported $40 million. The combined operation, which trades on the Vancouver stock exchange, operated 70 treatment centers and reportedly had annual revenues of $150 million.
According to the company, a work stoppage by Lasik surgeons in March at most of its facilities, coupled with what it termed “greater-than-anticipated operating liabilities,” forced the bankruptcy.
That’s bad news for the 120,000 patients treated at Lasik Vision facilities in the United States and Canada, and for numerous others who put down the requisite $1,000 deposit but got neither the treatment nor a refund. It is still unclear whether or not those who used a credit card will be able to have the amount credited.
What made the Canadian Lasik Vision operation so attractive to people in Washington was that the firm provided the treatment for substantially less that local practitioners, offering to correct both eyes for $1,200 to $1,400. Typically treatments cost between $1,500 and $2,000 per eye, according to the Lasik Institute, a non-profit educational organization that promotes the understanding of Lasik procedures.
Dr. Roger Niva of the Physician’s Eye Clinic in Everett, and one of the first surgeons to perform the procedure in the U.S., explained that in the beginning there was only company that made the laser used in the surgery. “They made us put in a card that activated the laser for each individual procedure, and we were billed $500 for each one of those cards. That’s what made the price so high here. Canadian surgeons weren’t required to use that card, so between that and the exchange rate, they had a substantial built in economic advantage.”
Niva said another firm began marketing a laser last year that didn’t require that card and that’s when prices began to fall in the U.S., making local surgeons more cost competitive with the Canadians.
One laser equipment representative believes that with the Canadian connection no longer viable, within three months local practitioners will have overly full procedure schedules.
As with any surgical procedure, complications are always a possibility and there are numerous reports of permanent problems of glare, haloes and wrinkling from the Canadian procedures. Other side effects can include problems with night vision, warping of the cornea and in some cases vision that is less clear than before the surgery, according to the Federal Trade Commission and American Academy of Ophthalmology.
Careful follow-up significantly reduces the chances of permanent side effects, and now that Lasik Vision has closed, the clients with those problems are left with few options. Most insurance companies refuse to pay to correct problems brought about by foreign elective surgery, which is how they view Lasik in general and Canadian Lasik in particular.
Icon said that taking care of patients is a priority and that it is “in the process of personally contacting all Lasik Vision patients who currently require post-operative care or are awaiting surgery.”
However, Angela McCrea, a spokeswoman for the Better Business Bureau of Washington and Oregon, said that she encountered patients at the Bellevue clinic who’d come back for treatment, unaware the clinic had shut down. “There were patients coming to the door not knowing they were closed ... and they had to find somebody else to take care of them,” she said. “These patients are really stuck.”

This article was dated 5/08/2001

Juan