By Mike Boyer
Enquirer staff writer

LCA-Vision Inc., the Sycamore Township-based laser eye surgery provider, has declared its first quarterly dividend.

The fast-growing operator of 44 LasikPlus Vision Centers said its board voted to approve regular quarterly dividends, beginning with an 8-cents-a share payout, payable Sept. 9 to shareholders of record on Sept. 2.

Dividends are lately in fashion not only among old-line stocks but also among high-tech growth businesses like Microsoft Corp.

The trend has been fed by changes in the tax law last year, which cut the tax on dividends to 15 percent for investors in the 25 percent and higher tax bracket.

John Nobile, analyst with Taglich Brothers Inc. in New York City, said LCA Vision could afford the payout to investors without curtailing its growth. He has a buy recommendation on the stock.

"At the end of the June quarter they were carrying about $80 million in cash (or about $6 per share) in cash on their books,'' he said.

"We are pleased to reward shareholders with a portion of the cash flow we are generating from our proven business model,'' said Stephen Joffe, chairman and CEO.

Joffe is one of the biggest beneficiaries of the payout. He has about 2.3 million shares, or 17 percent, of LCA's outstanding stock. The 8-cent-a-share dividend means he'll pull in an extra $184,000 a quarter this quarter..

LCA's shares closed Thursday at $22.39, up 27 cents.

E-mail mboyer@enquirer.com