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LINCARE HOLDINGS INC. ANNOUNCES RECORD FINANCIAL RESULTS

 CLEARWATER, Fla., July 19 /PRNewswire/ -- Lincare Holdings Inc. (NASDAQ: LNCR) today announced record financial results for the quarter and six month period ended June 30, 1993.
 Revenues for the quarter ended June 30, 1993 were $37,535,000, a 33 percent increase over second quarter 1992 revenues of $28,321,000. Internal growth accounted for approximately 17 percent of the revenue increase while acquisitions accounted for the remaining 16 percent of the increase.
 Net income for the quarter ended June 30, 1993 was $6,711,000, or $0.48 per share, an increase of 78 percent over Lincare's net income of $3,780,000, or $0.28 per share, for the second quarter of 1992.
 Revenues for the six month period ended June 30, 1993 were $71,712,000, an increase of 30 percent over revenues of $55,262,000 for the comparable period in 1992. Internal growth accounted for approximately 16 percent of the revenue increase during the first half of 1993, and acquisitions accounted for the remaining 14 percent of the increase.
 Net income for the first six months of 1993 was $12,410,000, or $0.89 per share, and compares with income before extraordinary item of $6,243,000 for the first six months of 1992. Net income for the first half of 1992 was $5,243,000, or $0.44 per share. During the first half of 1992, the company recorded a one-time extraordinary expense, net of taxes, of $1,000,000, or $0.09 per share, associated with the early extinguishment of debt.
 "We are very pleased with the operating results for the first half of 1993," said James T. Kelly, Lincare's chief executive officer. "Lincare achieved strong revenue and earnings growth from our existing operating centers, and we were able to complete several strategic acquisitions which established Lincare operations in five additional states in the Mid-Atlantic and Southeast portions of the United States as well as in Arizona and Utah."
 During the first half of 1993, Lincare completed the acquisition of five companies having combined annual sales revenue of approximately $14.3 million. These acquisitions resulted in the addition of 14 new operating centers, bringing Lincare's total number of operating centers to 132.
 Lincare, headquartered in Clearwater, Fla., 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 40,000 customers located in 32 states.
 LINCARE HOLDINGS INC.
 Financial Summary
 (Unaudited)
 (Dollars in thousands)
 For the three months ended June 30, 1993 1992
 Net revenues $37,535 $28,321
 Costs and expenses:
 Costs of goods and services 5,173 3,897
 Operating expenses 8,351 6,852
 S,G & A expenses 8,506 7,083
 Bad debt expense 449 427
 Depreciation expense 2,850 2,509
 Amortization expense 1,289 1,266
 Operating income 10,917 6,287
 Other income 173 57
 Income before income tax 11,090 6,344
 Income tax expense 4,379 2,564
 Net income $6,711 $3,780
 Income per common share:
 Net income $0.48 $0.28
 Wtd. avg. no. of common shares & common
 share equivs. outstanding 13,884,837 13,425,783
 For the six months ended June 30, 1993 1992
 Net revenues $71,712 $55,262
 Costs and expenses:
 Costs of goods and services 9,952 7,542
 Operating expenses 16,312 13,751
 S,G & A expenses 16,388 13,925
 Bad debt expense 928 832
 Depreciation expense 5,501 5,022
 Amortization expense 2,486 2,790
 Operating income 20,145 11,399
 Other income (expense) 219 (955)
 Income before income tax
 and extraordinary item 20,364 10,444
 Income tax expense 7,954 4,201
 Income before extraordinary item 12,410 6,243
 Extraordinary item, net of income taxes --- 1,000
 Net income $12,410 $5,243
 Income per common share:
 Income before extraordinary item $0.89 $0.53
 Extraordinary item --- 0.09
 Net income $0.89 $0.44
 Wtd. avg. no. of common shares & common
 share equivs. outstanding 13,885,260 11,825,427
 -0- 7//19/93
 /CONTACT: James M. Emanuel of Lincare Holdings, 813-530-7700/
 (LNCR)


CO: Lincare Holdings Inc. ST: Florida IN: HEA SU: ERN

SH -- NY073 -- 3258 07/19/93 17:02 EDT
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Date:Jul 19, 1993
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