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VisionAmerica Announces Second Quarter 2000 Results of Operations and Other Matters

FRIDAY, SEPTEMBER 8, 2000 4:45:00 PM EST
MEMPHIS, Tenn., Sep 8, 2000 (BUSINESS WIRE) -- VisionAmerica Incorporated VSNAE today reported a net loss of $5,200,000, or ($.52) per share (diluted), for the three months ended June 30, 2000, compared to net earnings of $692,000, or $0.08 per share (diluted) for the second quarter of 1999. The net loss from continuing operations for the second quarter of 2000 was $3,094,000, or ($.31) per share (diluted), on revenues of $14,014,000, compared to net earnings from continuing operations of $597,000, or $0.07 per share (diluted), on revenues of $14,553,000 for the second quarter of 1999.

The results for the three months ended June 30, 2000, included a loss from discontinued operations of $2,106,000 or ($.21) per share (diluted), which consisted principally of an estimated loss on disposal of the Company`s discontinued ophthalmic buying group, Primary Eyecare Network, which assets were sold effective August 31, 2000. The results of the Company`s continuing operations for the second quarter of 2000 continue to be negatively impacted by the operations the Company has previously identified and disclosed as "impaired," and for which it recorded a $19.2 million impairment charge in the fourth quarter of 1999. The Company incurred an additional impairment charge of $1,562,000 in the second quarter of 2000 related to management`s continued pursuit and assessment of the disposition possibilities for the impaired practice assets, and a decline in volume and operating margins at the impaired centers was a principal cause for the remaining deterioration in the second quarter`s results in comparison to the prior year.

For the six month period ended June 30, 2000, the Company incurred a net loss of $7,525,000, or ($.78) per share (diluted), compared to achieving net earnings of $1,286,000, or $0.14 per share (diluted), for the first six months of 1999. The net loss from continuing operations for the first six months of 2000 was $5,601,000, or ($.58) per share (diluted), on revenues of $30,249,000, compared to net earnings from continuing operations of $1,110,000, or $0.12 per share (diluted), on revenues of $29,330,000 for the same period in 1999.

The Company also reported that Mr. Ghassan Barazi resigned his position as Chief Operating Officer of the Company on August 23, 2000. Mr. Barazi is also a board member and Chief Operating Officer of ICON Laser Eye Centers (ICON) and his resignation allows him to better focus his efforts in those roles. The Company and ICON operate joint laser vision correction centers in a number of the Company`s markets. Mr. Barazi remains a member of the board of directors of the Company.

This press release contains forward-looking statements which involve risks and uncertainties. VisionAmerica`s actual results may vary significantly from the results anticipated in these forward-looking statements as a result of various risks, assumptions and certain factors. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in detail in the Company`s filings with the Securities and Exchange Commission.

VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2000 and 1999
(unaudited)

2000 1999

Total revenues $14,014,034 $14,553,124

Center operating expenses 11,574,768 11,054,200
Selling, general, and
administrative expenses 2,170,982 1,495,486
Cost of sales 209,923 271,302
Provision for doubtful
accounts 490,150 732,331
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (1,993,795) 999,805

Gain on sale of investment - 724,242
Interest expense (1,090,264) (743,837)
Minority interest in net
income of partnerships (232,490) (162,842)
Equity in earnings of joint
venture 296,651 -
Income tax expense (74,000) (220,353)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (3,093,898) 597,015

Discontinued operations,
net of tax (2,106,355) 95,366
----------- ------------
----------- ------------
Net earnings (loss) $(5,200,253) $692,381
=========== ============
=========== ============


Earnings (loss) from
continuing operations per
common share:

Basic $ (0.31) $0.07
=========== ============
Diluted $ (0.31) $0.07
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:

Basic $ (0.21) $0.01
=========== ============
Diluted $ (0.21) $0.01
=========== ============
=========== ============
Earnings (loss) per
common share:

Basic $ (0.52) $0.08
=========== ============
Diluted $ (0.52) $0.08
=========== ============
=========== ============
Weighted average number of
common shares:

Basic 9,933,066 8,992,347
=========== ============
Diluted 9,933,066 9,174,454
=========== ============
=========== ============



VISIONAMERICA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 and 1999
(unaudited)

2000 1999

Total revenues $30,248,706 $29,329,604

Center operating expenses 25,481,619 22,021,125
Selling, general, and
administrative expenses 4,290,321 2,671,421
Cost of sales 433,149 839,827
Provision for doubtful
accounts 1,466,931 1,339,769
Impairment of physician
practice management assets 1,562,006 -
---------- -----------
---------- -----------
Earnings (loss) from
operations (2,985,320) 2,457,462

Gain on sale of investment - 724,242
Interest expense (2,307,509) (1,388,060)
Minority interest in net
income of partnerships (340,459) (295,749)
Equity in earnings of joint
venture 147,785 -
Income tax expense (115,000) (388,090)
----------- ------------
----------- ------------
Net earnings (loss) from
continuing operations (5,600,503) 1,109,805

Discontinued operations,
net of tax (1,924,727) 176,127
----------- ------------
----------- ------------
Net earnings (loss) $(7,525,230) $1,285,932
=========== ============
=========== ============


Earnings (loss) from
continuing operations per
common share:

Basic $ (0.58) $0.12
=========== ============
Diluted $ (0.58) $0.12
=========== ============
=========== ============
Earnings (loss) from
discontinued operations
per common share:

Basic $ (0.20) $0.02
=========== ============
Diluted $ (0.20) $0.02
=========== ============
=========== ============
Earnings (loss) per
common share:

Basic $ (0.78) $0.14 =========== ============
=========== ============
Diluted $ (0.78) $0.14
=========== ============
=========== ============
Weighted average number of
common shares:

Basic 9,630,516 8,991,474
=========== ============
Diluted 9,630,516 9,101,253
=========== ============
=========== ============

CONTACT: VisionAmerica Incorporated
Barry Reifler, 901/683-7868

URL: http://www.businesswire.com
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Copyright (C) 2000 Business Wire. All rights reserved.


KEYWORD: TENNESSEE
INDUSTRY KEYWORD: MEDICAL
EARNINGS

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[MoveYourAS]

hallo ;-)
kannst das nicht in kürze erklären
so müssen wir alle lange lesen....muß meine augen für die 885921
schonen da ich sie heute sehr...sehr genau verfolgen muß sehen die 1,8 marke heute drittel weniger wie gestern 100% heute reicht auch ...lol
viel glück an alle die dabei sind !!!!
MoveYourAS