LCA-Vision Inc. provides fixed-site laser vision correction services through its LasikPlus vision centers. Its vision centers provide the staff, facilities, equipment, and support services for performing laser vision correction that employ advanced laser technologies to help correct nearsightedness, farsightedness, and astigmatism. As of December 31, 2013, the company operated 61 LasikPlus fixed-site laser vision correction centers located in metropolitan markets in the United States, including 52 full-service LasikPlus fixed site laser vision correction centers and 9 pre- and post-operative LasikPlus satellite vision centers. LCA-Vision Inc. was founded in 1985 and is headquartered in Cinci...
7840 Montgomery Road
Cincinnati, OH 45236
Founded in 1985
PhotoMedex, Inc. Enters into Forbearance Agreement with the Lenders
Aug 28 14
On August 25, 2014, PhotoMedex, Inc. and its subsidiaries Radiancy, Inc.; LCA-Vision, Inc.; PhotoMedex Technology, Inc.; and Lumiere, Inc. entered into a Forbearance Agreement with the lenders that are parties to the Credit Agreement dated May 12, 2014, and with JP Morgan Chase, as Administrative Agent for the Lenders. Under the Credit Agreement, the Company obtained $85 million in senior secured credit facilities, which included a $10 million revolving credit facility and a $75 million four-year term loan. The Credit Agreement contained financial covenants, including a maximum leverage covenant and a minimum fixed charge covenant, which the Company is required to maintain; the targets for those covenants are determined quarterly based on a rolling average of the past four quarters of financial data. As of June 30, 2014, the Company failed to meet both financial covenants and consequently is in default of the Facilities. On August 4, 2014, the Company received a notice of default and a reservation of rights from Chase and engaged a third-party independent advisor to assist the Company in negotiating a longer term solution to the defaults. Pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies with respect to the Specified Events of Default from August 25, 2014 until October 31, 2014, during which period the Company and its third-party independent advisor will review the Company's ongoing business and the advisor will advise on the financial restructuring of the Company's business. Concurrent with the signing of the Forbearance Agreement on August 25, 2014, the Company agreed to make the first payment on the term loan, equaling $3.75 million plus applicable interest, originally due September 1, 2014, and to pay $1 million toward the term loan in inverse order of maturity. The Company also agreed to make additional prepayments on the term loan of $937,500 each on September 1 and October 1, 2014 which will be applied in direct order of maturity, and a payment toward the revolving credit facilities on October 24, 2014 equal to 75% of cash-on-hand in excess of $20 million, as measured on October 22, 2014.
LCA-Vision Inc. Announces Amendment and Restatement of Certificate of Incorporation and Bylaws
May 13 14
On May 12, 2014, LCA-Vision Inc. completed the merger contemplated by the agreement and plan of merger, dated as of February 13, 2014, by and among the LCA-Vision Inc., PhotoMedex and Gatorade Acquisition Corp. Upon the effective time of the merger, the LCA-Vision Inc.'s certificate of incorporation and bylaws were amended and restated in their entirety.
LCA-Vision Inc.(NasdaqGM:LCAV) dropped from NASDAQ Composite Index
May 12 14
LCA-Vision Inc. will be removed from the NASDAQ Composite Index.