March 31, 2009 / 2:34 PM / in 9 years

UPDATE 1-TLCVision says auditors raise going concern doubts

* Says not in compliance with primary covenant

* Says annual report to include going concern paragraph

* Q4 net loss widens

* Revenue down 19 pct March 31 (Reuters) - TLCVision Corp TLC.TO TLCV.O, a provider of laser vision-correction services, said its auditors had cast doubts on the company’s ability to continue as a going concern as it was not in compliance with its key financial covenants as of Dec 31.

The company also said it was negotiating with its lenders to amend its existing loan documents, without which it was unlikely to remain in compliance with its covenants for the balance of 2009.

The company, which has been hit by low procedure volumes through the year, posted a wider net loss for the fourth-quarter quarter.

Net loss was $95.4 million, or $1.89 a share, compared with $25.3 million, or 51 cents a share, in the year ago period.

Revenue fell 19 percent to $53.7 million.

Analysts were expecting a loss of 8 cents a share, before special items, on revenue of $53.7 million, according to Reuters Estimates. (Reporting by Vidya L Nathan in Bangalore; Editing by Anil D‘Silva)

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