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LINCARE HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
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JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1999 1998 1999 1998
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(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Net revenues................................ $ 143,025 $ 119,518 $ 279,106 $ 231,422
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Costs and expenses:
Costs of goods and services............... 22,032 18,681 43,629 36,700
Operating expenses........................ 32,466 27,643 63,403 54,283
Selling, general and administrative
expenses............................... 31,728 26,647 61,723 52,119
Bad debt expense.......................... 1,716 1,434 3,349 2,777
Depreciation expense...................... 10,300 8,565 19,850 16,575
Amortization expense...................... 3,977 2,966 7,767 5,951
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102,219 85,936 199,721 168,405
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Operating income.................. 40,806 33,582 79,385 63,017
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Other income (expense):
Interest income........................... 57 159 106 284
Interest expense.......................... (745) (129) (1,397) (216)
Net loss on disposal of property and
equipment.............................. (37) (23) (45) (34)
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(725) 7 (1,336) 34
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Income before income taxes........ 40,081 33,589 78,049 63,051
Income taxes................................ 15,271 12,865 29,736 24,149
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Net income........................ $ 24,810 $ 20,724 $ 48,313 $ 38,902
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Income per common share.....................
Basic..................................... $ 0.43 $ 0.36 $ 0.83 $ 0.67
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Diluted................................... $ 0.42 $ 0.35 $ 0.82 $ 0.66
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Weighted average number of common shares
outstanding............................... 58,376,441 57,960,693 58,365,959 57,771,955
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Weighted average number of common shares and
common share equivalents outstanding...... 59,251,608 59,365,322 59,309,156 59,392,340
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