LINCARE HOLDINGS ANNOUNCES SECOND QUARTER EARNINGS
LINCARE HOLDINGS ANNOUNCES SECOND QUARTER EARNINGS CLEARWATER, Fla., July 22 /PRNewswire/ -- Lincare Holdings Inc.
(NASDAQ: LNCR) today reported that revenues for the second quarter ended June 30, 1992, were $28,321,000, an increase of 34 percent over second quarter 1991 revenues of $21,164,000. Net income for the quarter ended June 30, 1992, was $3,780,000, or $0.28 per share, and compares with net income of $610,000, or $0.08 per share, for the second quarter of 1991.
Revenues for the six months ended June 30, 1992, were $55,262,000, an increase of 36 percent over revenues of $40,762,000 for the comparable period in 1991. Income before extraordinary item for the first six months was $6,243,000, or $0.53 per share, and compares with net income of $838,000, or $0.10 per share, for the first six months of 1991. Net income after extraordinary item for the six months ended June 30, 1992, was $5,243,000, or $0.44 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 during the first quarter of 1992, 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 amortization of costs related to the company's senior and subordinated debt. "We are very pleased with the first-half performance, particularly the way in which acquisitions have complemented our strong internal growth. Operating margins continue to show improvement at the higher revenue level," said James T. Kelly, Lincare's chief executive officer. Approximately $8 million of the first-half revenue increase is attributable to acquisitions and the remaining $6.5 million of revenue increase reflects internal growth. Three additional businesses were acquired since the company completed its initial public stock offering in March 1992. Two of the acquisitions were merged into existing Lincare operations, and the third represents a new operating center for the company. 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 30,000 customers in 27 states through 112 operating centers. LINCARE HOLDINGS INC. Financial Summary (Unaudited) Three months ended June 30 1992 1991 Net revenues $28,321,000 $21,164,000 Net income $ 3,780,000 $ 610,000 Income per common share: Net income $.28 $.08 Weighted average number of common shares and common share equivalents outstanding 13,425,783 8,096,000 Six months ended June 30 1992 1991 Net revenues $55,262,000 $40,762,000 Income before extraordinary item 6,243,000 838,000 Net income $ 5,243,000 $ 838,000 Income per common share: Income before extraordinary item $.53 $.10 Net income $.44 $.10 Weighted average number of common shares and common share equivalents outstanding 11,825,427 8,066,514 -0- 7/22/92 /CONTACT: James M. Emanuel or Howard R. Deutsch of Lincare, 813-530-7700/ (LNCR) CO: Lincare Holdings Inc. ST: Florida IN: HEA SU: ERN
GK -- NY001 -- 1631 07/22/92 06:00 EDT
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|Date:||Jul 22, 1992|
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