Friday, February 16, 2001

Earnings: Kendle reports loss for 2000

Revenue was up; growth expected

By Randy Tucker
The Cincinnati Enquirer

        Kendle International Inc., the Cincinnati-based contract research firm, Thursday reported a net loss of $2.1 million, or 18 cents a share, in 2000, including a $3 million charge related to job cuts in the second quarter.

        Excluding the charge, the net loss for the year would have been $310,000, or 3 cents a share, Kendle said.

        Revenues rose 3 percent last year to $120.5 million from $117.2 million in 1999.

        “We are encouraged with our improving revenue performance,” Dr. Candace Kendle, company chairwoman and CEO, said. “This, along with our strong backlog and new business signings for the year, positions us well for 2001.”

        Results for the fourth quarter showed a net loss of $366,000, or 3 cents a share. Revenue for the same period was $29 million.

        In another report:

        • LCA-Vision Inc.: The Kenwood-based laser vision correction provider Thursday posted a net loss of $2.4 million, or 5 cents a share, in 2000.

        Revenues for the year increased 12 percent to $63.1 million, compared with revenues of $56.4 million in 1999.

        For the fourth quarter, the company reported a net loss of $1.6 million, or 3 cents a share, compared with a net loss of $201,000, or 0 cents a share, a year ago.

        Revenues for the quarter rose 5 percent to $14.4 million.

        LCA officials said the company has facilitated 100,000 laser eye surgeries since its inception.

        “The company is now the leading provider of laser vision correction in the United States using the Bausch & Lomb scanning laser,” Thomas Wilson, LCA's CEO, said. “We are now firmly established as the No. 1 or the No. 2 provider of laser vision correction in 12 of the 15 U.S. markets in which we operate.”

        Still, the company has been stung by competition. It has been forced to match prices for corrective laser eye surgeries with its newest rival in Cincinnati, Lasik Vision Corp. of Vancouver, Canada.

        Lasik, which opened an office in June at 8044 Montgomery Road, just north of LCA's offices, offers the laser eye surgery for as little as $998 for both eyes.

        Before Lasik came, LCA's lowest price was $2,995 for both eyes.


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