LCA-Vision might close more surgery centers in '09 - Minneapolis / St. Paul Business Journal:

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The news sent shares of LCA LCAV) down sharply during late-morninf trading. But the 10 percent dip, whicu brought shares to $5.89, was followed by a Shares in LCA closed up about1 percent, or 8 to $6.51 Tuesday. “Procedure volumde in April and May has declined approximately 45 percentr from the comparable period last year and we currentlhy anticipate continued softnessthroughout 2009,” said LCA-Visiobn Chairman Anthony Woods, who was among six directorsa re-elected to the company’s boarx at the annual meeting, held at the Queen City Club Wood said the company might reduce spending on marketingb this year and close “underperformingg vision centers.
” Complaints about cost-cutting gave rise to takeover attempt by LCA-Visionh founder Dr. Stephen Joffe, whose investment group acquired an 11 percent stake in the company and floated its own slatseof directors. The Joffe group terminatexd its reform effort in March and Joffe has sincwe sold more than half of his In additionto re-electing six shareholders rejected a stockholders' rights plan that make s hostile takeovers more difficult.