By James Pilcher
The Cincinnati Enquirer

KENWOOD - Laser eye surgery provider LCA-Vision Inc. Wednesday reported a huge jump in profits for both the fourth quarter and the entire year, finishing 2003 with a net profit of almost $7.3 million.

That compares with a 2002 loss of $3.8 million, a turnaround that company officials credited to a big jump in revenues, thanks to the continued consolidation of the industry that has allowed LCA-Vision to raise prices for its procedure. The company operates 40 LasikPlus centers, including 36 company owned stores in the United States.

"The fact that fourth-quarter revenues surpassed first-quarter revenues is particularly impressive, given the historic seasonality of our business," said company chairman and chief executive officer Stephen N. Joffe. "We are confident in our ability to capture additional market share in the large, expanding market."

The company's fourth quarter profit was $2.2 million, or 19 cents a share. That's up from a loss of $1.89 million in fourth quarter 2002, or a loss of 18 cents a share. The yearly profit of $7.3 million equaled earnings of 67 cents a share, compared with a loss of $3.8 million, or 35 cents a share, in 2002.

The results exceeded analysts' expectations, with those surveyed by Nelson Information/Thomson Financial predicting quarterly earnings of 12 cents a share and yearly earnings of 58 cents a share.

LCA-Vision's stock closed at $23.29, up 10 cents on the day.

The company also reported a quarterly revenue jump of 56 percent, with fourth-quarter 2003 revenues coming in at $20.7 million, compared with $13.3 million in fourth quarter 2002. Revenues for all of 2003 were $81.4 million, up from $61.8 million in 2002.

Joffe said the company was planning to build new stores and expand further into the market.

LCA-Vision Inc.

Fourth quarter	2003	2002
Revenue, in millions	$20.7	$13.3
Net income (loss), in millions	$2.2	($1.89)
Earnings per share	$0.19	($0.18)
Full year	2003	2002
Revenue (loss), in millions	$81.4	$61.8
Net income (loss), in millions	$7.3	($3.8)
Earnings per share	$0.67	($0.35)

E-mail jpilcher@enquirer.com