LCA-Vision might close more surgery centers in '09 - Memphis Business Journal:

mastering-input.blogspot.com
The news sent shares of LCA LCAV) down sharply durinbg late-morning trading. But the 10 percent dip, whichg brought shares to $5.89, was followed by a Shares in LCA closed up abouty1 percent, or 8 cents, to $6.5q Tuesday. “Procedure volume in April and May has declinee approximately 45 percent from the comparablde period last year and we currently anticipatde continued softnessthroughout 2009,” said LCA-Vision Chairman Anthony who was among six directors re-elected to the company’s board at the annual held at the Queen City Club downtown. Wood said the company might reduce spending on marketing this year andclosew “underperforming vision centers.
” Complaints about cost-cutting gave rise to takeove r attempt by LCA-Vision founder Dr. Stephenh Joffe, whose investment grou p acquired an 11 percent stake in the company and floatecd its own slateof directors. The Joffe group terminaterd its reform effort in March and Joffe has since sold more than half of his In additionto re-electing six directors, shareholders rejected a rights plan that makes hostilw takeovers more difficult.