LCA VISION INC

CIK:0001003130|SEC Filings

Note 9 - Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2014

Comprehensive Income (Loss) Note [Text Block]

9. Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income consisted of the following (dollars in thousands):

	Foreign currency translation adjustment						Total
	2014			2013			2014			2013

Beginning balance	$	363		$	677		$	363		$	677
Other comprehensive loss before reclassifications		(145	)		(97	)		(145	)		(97	)
Amounts reclassified from accumulated other comprehensive income		-			-			-			-
Balance at March 31	$	218		$	580		$	218		$	580

There were no reclassifications out of, or changes to, accumulated other comprehensive (loss) income during the three months ended March 31, 2014 and 2013.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net (loss) income	$ (151)	$ 1,205
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	490	556
Provision for loss on doubtful accounts	374	87
Gain on sale of assets		(6)
Stock-based compensation	294	346
Insurance reserve	(222)	(212)
Changes in operating assets and liabilities:
Patient accounts receivable	(579)	(708)
Other accounts receivable	229	(1,699)
Prepaid expenses and other	(387)	(984)
Accounts payable	542	193
Deferred revenue, net of professional fees	(63)	(332)
Accrued liabilities and other	1,291	525
Net cash provided by (used in) operations	1,818	(1,029)
Cash flow from investing activities:
Purchases of property and equipment	(80)	(135)
Proceeds from sale of assets	4	11
Proceeds from sale of investment securities		2,804
Net cash (used in) provided by investing activities	(76)	2,680
Cash flow from financing activities:
Principal payments on loan	(192)
Shares repurchased for treasury stock	(272)	(231)
Net cash used in financing activities	(464)	(231)
Net effect of exchange rate changes on cash and cash equivalents	(145)	(97)
Increase in cash and cash equivalents	1,133	1,323
Cash and cash equivalents at beginning of period	26,689	31,653
Cash and cash equivalents at end of period	$ 27,822	$ 32,976

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 27,822	$ 26,689
Investments	1,984	1,984
Patient receivables, net of allowances of $774 and $719, respectively	3,148	3,026
Other accounts receivable, net	692	950
Prepaid expenses and other	2,168	1,820
Total current assets	35,814	34,469
Property and equipment, net	6,629	7,037
Patient receivables, net of allowances of $490 and $423	1,294	1,186
Other assets	223	223
Total assets	43,960	42,915
Liabilities and Stockholders' Investment
Accounts payable	7,760	7,218
Accrued liabilities and other	8,240	6,868
Debt obligations maturing within one year	784	777
Total current liabilities	16,784	14,863
Long-term insurance reserves, less current portion	5,521	5,714
Long-term debt obligations, less current portion	881	1,080
Other long-term liabilities	1,917	2,127
Stockholders' investment
Common stock ($.001 par value; 25,291,637 shares issued and 19,347,554 and 19,254,175 shares outstanding, respectively)	25	25
Contributed capital	181,084	180,790
Common stock in treasury, at cost (5,944,083 shares and 6,037,462 shares, respectively)	(109,674)	(110,034)
Accumulated deficit	(52,796)	(52,013)
Accumulated other comprehensive income	218	363
Total stockholders' investment	18,857	19,131
Total liabilities and stockholders' investment	$ 43,960	$ 42,915