LINCARE HOLDINGS INC. ANNOUNCES ACQUISITION OF AMERICAN MEDCO, LTD.
CLEARWATER, Fla., Dec. 2 ~PRNewswire~ -- Lincare Holdings Inc. (NASDAQ: LNCR) today announced that it has completed the acquisition of American Medco, Ltd., a provider of home respiratory therapy services in Denver and Boulder, Colorado, with annual sales in excess of $4.5 million. The acquisition is the eighth completed by Lincare since its initial public offering in March, 1992. The combined annual sales revenue of the businesses acquired by Lincare in 1992 are in excess of $12 million. "We are especially pleased to have made the American Medco acquisition as it complements our existing Denver operations and establishes a significant presence for Lincare in the Boulder market," said James T. Kelly, Lincare's CEO. Lincare's revenues for the nine months ended Sept. 30, 1992 were $85.2 million, an increase of 34 percent over evenues of $63.6 million for the comparable period in 1991. Income before extraordinary item for the first nine months was $10.9 million, or $0.88 per share, and compares with net income of $1.8 million, or $0.21 per share, for the first nine months of 1991. Net income after extraordinary item for the nine months ended Sept. 30, 1992 was $9.9 million or $0.80 per share. 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, providing services and equipment to over 30,000 customers in 27 states through 116 operating centers. -0- 12~2~92 ~CONTACT: Howard R. Deutsch, executive vice president of Lincare Holdings Inc., 813-530-7700~ (LNCR)
CO: Lincare Holdings Inc. ST: Florida IN: HEA SU: TNM
SH -- NY008 -- 2775 12~02~92 09:28 EST
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|Date:||Nov 30, 1992|
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