VisionAmerica’s Top Financial Officer Quits

VisionAmerica Inc. said its chief financial officer, Ronald Edmonds, has resigned, the company’s 10-K filing will be delayed and it is in violation of some credit agreements with its primary lenders. The Memphis, Tenn.-based eye-care company said it expects charges to operations of up to $3.5 million, and it may have to restate its 1999 financial results. Efforts are under way to recruit a new CFO, the company said. VisionAmerica said the 1999 10-K, a financial report required by the Securities and Exchange Commission, may not be completed for several weeks, and the delay is mostly due to the recent discovery of large amounts of unpaid payroll taxes. The company estimates fourth-quarter losses, excluding any potential impact of the payroll taxes, of about $2 million, of which about $1.2 million is attributed to restructuring expenses for certain management contracts. As a result of these matters, the company said it is in violation of certain covenants of its credit agreement with its primary lenders. Shares of VisionAmerica fell $1.13 to $1.88 on Nasdaq.