Lincare Holdings Inc. Announces Second Quarter and
First Half 1999 Financial Results
CLEARWATER, Fla., July 20 /PRNewswire/ -- Lincare Holdings Inc. (Nasdaq: LNCR - news) today announced financial
results for the quarter and six-month periods ended June 30, 1999.
For the quarter ended June 30, 1999, revenues were $143,025,000, a 20% increase over revenues of $119,518,000 for the
second quarter of 1998. Net income for the quarter ended June 30, 1999, was $24,810,000 compared to net income of
$20,724,000 for the second quarter of 1998. Diluted earnings per share were $0.42 for the quarter ended June 30, 1999, an
increase of 20% over the $0.35 diluted earnings per share for the comparable period last year.
During the second quarter of 1999, Lincare completed the acquisition of selected respiratory operations of HealthCor
Holdings, Inc. with expected annual revenues of approximately $9.0 million. The acquired operations were located in Arizona,
Arkansas, Kansas, Missouri, New Mexico, Oklahoma and Texas. Through acquisitions and internal growth, Lincare added 12
new operating centers in the second quarter, bringing the total number of locations to 412.
Revenues for the six-month period ended June 30, 1999, were $279,106,000, a 21% increase over revenues of
$231,422,000 for the comparable period in 1998. Net income for the six months ended June 30, 1999, was $48,313,000
compared to net income of $38,902,000 for the first six months of 1998. Diluted earnings per share were $0.82 for the
six-month period ended June 30, 1999, an increase of 24% over the $0.66 diluted earnings per share for the comparable
period last year.
Commenting on the results of the second quarter and first half of 1999, John P. Byrnes, Lincare's Chief Executive Officer, said,
''We are pleased with Lincare's financial performance during the first half of 1999 and remain confident in the prospects for
growth in our core business. Excluding the effects of Medicare price reductions effective January 1, 1999, Lincare achieved
revenue growth of 25% during the first six months of the year. Our existing operating centers achieved internal growth of 12%,
with the balance of growth coming from our acquisition program.''
''Lincare continued to pursue its strategy of opening denovo locations in contiguous and new geographic markets. Of the 34
new operating centers added during the first half of the year, 20 were derived from denovos and 14 from acquisitions. We are
pleased with the success of our acquisition program during the first half of 1999, having acquired seven companies with annual
revenues of $40.0 million.''
Lincare, headquartered in Clearwater, Florida, is one of the nation's largest providers of oxygen and other respiratory therapy
services to patients in the home. The Company provides services and equipment to over 205,000 customers in 42 states.
Statements contained in this release that are not based on historical facts are forward-looking statements, subject to
uncertainties and risks, including, but not limited to, the constantly changing health care environment, potential reductions in
reimbursement by government and third party payors for the Company's products and services, the demand for the Company's
products and services, economic and competitive conditions, the availability of appropriate acquisition candidates and the
successful completion of acquisitions, access to borrowed and/or equity capital on favorable terms, and other risks detailed in
the Company's Securities and Exchange Commission filings.
LINCARE HOLDINGS INC.
Financial Summary
(Unaudited)
(In thousands, except share and per share data)
For the three months ended
June 30, June 30,
1999 1998
Net revenues $143,025 $119,518
Costs and expenses:
Costs of goods & services 22,032 18,681
Operating expenses 32,466 27,643
Selling, general and
administrative expenses 31,728 26,647
Bad debt expense 1,716 1,434
Depreciation expense 10,300 8,565
Amortization expense 3,977 2,966
Operating income 40,806 33,582
Other income (expense) (725) 7
Income before income taxes 40,081 33,589
Income taxes 15,271 12,865
Net income $24,810 $20,724
Basic-earnings per
common share $0.43 $0.36
Diluted-earnings per
common share $0.42 $0.35
Weighted average number of
common shares outstanding 58,376,441 57,960,693
Weighted average number of
common shares & common share
equivalents outstanding 59,251,608 59,365,322
For the six months ended
June 30, June 30,
1999 1998
Net revenues $279,106 $231,422
Costs and expenses:
Costs of goods & services 43,629 36,700
Operating expenses 63,403 54,283
Selling, general and
administrative expenses 61,723 52,119
Bad debt expense 3,349 2,777
Depreciation expense 19,850 16,575
Amortization expense 7,767 5,951
Operating income 79,385 63,017
Other income (expense) (1,336) 34
Income before income taxes 78,049 63,051
Income taxes 29,736 24,149
Net income $48,313 $38,902
Basic-earnings per
common share $0.83 $0.67
Diluted-earnings per
common share $0.82 $0.66
Weighted average number of
common shares outstanding 58,365,959 57,771,955
Weighted average number of
common shares & common share
equivalents outstanding 59,309,156 59,392,340
SOURCE: Lincare Holdings Inc. |
