3Q1999 Results, Part 1 (Text)--
Lincare Holdings Inc. Announces Third Quarter and Nine-Month 1999
Financial Results
CLEARWATER, Fla., Oct 19 /PRNewswire/ -- Lincare Holdings Inc. (Nasdaq: LNCR) today announced financial results
for the quarter and nine- month period ended September 30, 1999.
For the quarter ended September 30, 1999, net revenues were $150,247,000, a 20% increase over net revenues of
$125,691,000 for the third quarter of 1998. Net income for the quarter ended September 30, 1999, was $26,021,000
compared to net income of $22,733,000 for the third quarter of 1998. Diluted earnings per share were $0.45 for the quarter
ended September 30, 1999, an increase of 18% over the $0.38 diluted earnings per share for the comparable period last
year.
During the third quarter of 1999, Lincare completed the acquisition of five companies with aggregate annual net revenues of
approximately $5.0 million. The acquired businesses were located in Kentucky, New Jersey, North Carolina, Texas and
Virginia. Through acquisitions and internal growth, Lincare added 4 new operating centers in the third quarter, bringing the
total number of locations to 416.
Net revenues for the nine-month period ended September 30, 1999, were $429,353,000, a 20% increase over net revenues
of $357,113,000 for the comparable period in 1998. Net income for the nine months ended September 30, 1999, was
$74,334,000 compared to net income of $61,635,000 for the first nine months of 1998. Diluted earnings per share were
$1.26 for the nine-month period ended September 30, 1999, an increase of 21% over the $1.04 diluted earnings per share
for the comparable period last year.
Commenting on the results of the third quarter and first nine months of 1999, John P. Byrnes, Lincare's Chief Executive
Officer, said, "We are pleased with Lincare's financial performance during the third quarter of 1999. Our existing operating
centers achieved strong internal growth while successfully integrating businesses acquired during the first nine months of 1999.
Internally generated growth contributed 13% to net revenues in the third quarter."
Lincare continued to pursue its strategy of opening denovo locations in contiguous and new geographic markets. Of the 38
new operating centers added during the first nine months of the year, 24 were derived from denovos and 14 from acquisitions.
Our acquisition program remains on track for 1999, having completed the acquisition of 12 local and regional businesses with
annual revenues of $45 million through the end of the third quarter," said Mr. Byrnes.
Mr. Byrnes added, "Lincare continues to execute its previously announced share repurchase program. Through September
30, 1999, Lincare had repurchased 4.2 million shares of its common stock on the open market and continues to view this as
an attractive use of funds."
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 215,000 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. |
