LINCARE HOLDINGS INC. ANNOUNCES FIRST QUARTER EARNINGS
LINCARE HOLDINGS INC. ANNOUNCES FIRST QUARTER EARNINGS CLEARWATER, Fla., April 21 /PRNewswire/ -- Lincare Holdings Inc.
(NASDAQ: LNCR) today reported that revenues for the first quarter ended March 31, 1992 were $26,940,000, an increase of 37.5 percent over first quarter 1991 revenues of $19,597,000. Income before extraordinary item for the first quarter was $2,463,000, or $0.23 per share, and compares with net income of $228,000, or $0.03 per share, for the first quarter of 1991. Net income after extraordinary item for the quarter ended March 31, 1992 was $1,463,000, or $0.14 per share.
The company completed an initial public offering of 3,852,500 shares of common stock in March 1992. In connection with the application of the proceeds of the offering, the company recorded a one time extraordinary expense in the first quarter, net of taxes, of $1,000,000, or $0.09 per share, associated with the early extinguishment of the company's debt, including a prepayment premium and other costs related to the company's senior and subordinated debt. "We were pleased with the revenue growth and earnings performance achieved in the first quarter," said James T. Kelly, Lincare's chief executive officer. Approximately $4.2 million of the revenue increase is attributable to acquisitions made since March 1991, and the remaining $3.1 million of revenue increase reflects internal growth. Operating income increased to $5.1 million for the quarter, as compared with $1.5 million in the prior year period. Operating income before amortization expense increased 60 percent over the first quarter of 1991. Lincare, headquartered in Clearwater, is one of the nation's largest providers of oxygen and other respiratory therapy services to patients in the home, providing services and equipment to over 25,000 customers in 27 states through 110 operating centers. LINCARE HOLDINGS INC. Financial Summary (unaudited) Three Months Ended March 31, 1992 1991 Net revenues $26,940,000 $19,597,000 Income before extraordinary item $ 2,463,000 $ 228,000 Net income $ 1,463,000 $ 228,000 Income per common share: Income before extraord. item $ .23 $ .03 Net income $ .14 $ .03 Weighted avg. no. of com. shares and com. share equivalents outstdg. 10,529,093 8,044,400 -0- 4/21/92 /CONTACT: Howard R. Deutsch of Lincare Holdings Inc., 813-530-7700/ (LNCR) CO: Lincare Holdings Inc. ST: Florida IN: HEA SU: ERN
AH -- NY109 -- 0923 04/21/92 17:38 EDT
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|Date:||Apr 21, 1992|
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