TLC Vision posts $9.88 million first-quarter income; plans to exit bankruptcy on Thursday

By Caroline Salls

Pittsburgh, May 17 - TLC Vision Corp. reported $9.88 million of operating income for the quarter ended March 31 on $61.39 million in total revenues, according to a 10-Q filed Monday with the Securities and Exchange Commission.

In comparison, the company posted $4.42 million of operating income for the quarter ended March 31, 2009 on $69.42 million in total revenues.

According to the 10-Q, the decrease in revenues primarily resulted from a decline in refractive center procedures.

The net loss for the first quarter of 2010 was $2.26 million, declining from $1.59 million of net income for the same period of 2009.

The company had $18 million of cash and cash equivalents at March 31, up from $14.62 million at Dec. 31.

In addition, TLC Vision said it expects its plan of reorganization to take effect on Thursday.

TLC Vision, a Mississauga, Ont.-based eye care services company, filed for bankruptcy on Dec. 21 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-14473.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.