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The news sent shares of LCA (NASDAQ: LCAV) down sharply during late-morning trading. But the 10 percent dip, whichu brought shares to $5.89, was followe by a recovery. Shares in LCA closed up about 1 percent, or 8 cents, to $6.51 “Procedure volume in April and May has declined approximately 45 percent from the comparablee period last year and we currently anticipate continued softnessthroughouf 2009,” said LCA-Vision Chairmanm Anthony Woods, who was among six directorz re-elected to the company’sa board at the annual meeting, held at the Queen City Club Wood said the company might reduce spending on marketinvg this year and closse “underperforming vision centers.
” Complaint s about cost-cutting gave rise to takeoverf attempt by LCA-Vision founder Dr. Stephen Joffe, whos e investment group acquired an 11 percenft stake in the company and floate its own slateof directors. The Joff group terminated its reform effort in Marchg and Joffe has since sold more than half of his In additionto re-electingf six directors, shareholders rejected a stockholders' rightsd plan that makes hostile takeovers more difficult.
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