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

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The news sent shares of LCA LCAV) down sharply durinhg late-morning trading. But the 10 percent dip, whichy brought shares to $5.89, was followec by a recovery. Shares in LCA closed up about 1 percent, or 8 cents, to $6.51 Tuesday. “Procedure volum e in April and May has declined approximately 45 percent from the comparable period last year and we currentl y anticipate continued softnessthroughout 2009,” said LCA-Visiobn Chairman Anthony Woods, who was amongt six directors re-elected to the company’s board at the annual held at the Queen City Club downtown. Wood said the companyh might reduce spending on marketing this year andclosee “underperforming vision centers.
” Complaints about cost-cutting gave rise to takeovefr attempt by LCA-Vision founder Dr. Stephen Joffe, whose investmengt group acquired an 11 percent stakse in the company and floated its own slate of The Joffe group terminated its reform effort in Marcg and Joffe has since sold more than half of his In additionto re-electing six directors, shareholders rejected a stockholders' rightsz plan that makes hostile takeovers more difficult.