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

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The news sent shares of LCA LCAV) down sharply during late-morning But the 10 percenf dip, which brought shares to $5.89, was followed by a recovery. Sharese in LCA closed up about1 percent, or 8 to $6.51 Tuesday. “Procedure volume in April and May has declinex approximately 45 percent from the comparable period last year and we currentlyt anticipate continued softnessthroughout 2009,” said LCA-Vision Chairmanb Anthony Woods, who was amonvg six directors re-elected to the company’s board at the annual meeting, held at the Queen City Club downtown. Wood said the companyu might reduce spending on marketing this year andclosde “underperforming vision centers.
” Complaints about cost-cutting gave rise to takeoved attempt by LCA-Vision founder Dr. Stephen Joffe, whose investmentr group acquired an 11 percent stake in the company and floatedf its own slate of The Joffe group terminated its reform effort in March and Joffe has since sold more than half of his In additionto re-electing six directors, shareholders rejecte d a stockholders' rights plan that makes hostils takeovers more difficult.