TLC Vision operating loss improves to $11.97 million in 2009

By Caroline Salls

Pittsburgh, March 31 - TLC Vision Corp. reported an $11.97 million operating loss for the year ended Dec. 31 on $230.19 million in total revenues, according to a 10-K filed Wednesday with the Securities and Exchange Commission.

In comparison, the company posted a $77.95 million operating loss for the year ended Dec. 31, 2008 on $275.67 million in total revenues.

According to the filing, the decrease in revenues resulted primarily from the decline in refractive centers and refractive access procedures, partially offset by higher cataract volume and growth in eye care.

The net loss for 2009 was $27.26 million, narrowing from an $88.72 million 2008 net loss.

TLC Vision had $14.62 million in cash and cash equivalents at Dec. 31, up from $4.49 million at Dec. 31, 2008.

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.

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