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LINCARE HOLDINGS INC. ANNOUNCES RECORD FIRST QUARTER FINANCIAL RESULTS

 CLEARWATER, Fla., April 20 /PRNewswire/ -- Lincare Holdings Inc. (NASDAQ: LNCR) today announced record revenues, net income, and net income per share for the quarter ended March 31, 1993.
 Revenues for the quarter ended March 31, 1993 were $34,177,000, a 27 percent increase over first quarter 1992 revenues of $26,940,000. Internal growth accounted for approximately 15 percent of the revenue increase while acquisitions accounted for the remaining 12 percent of the increase.
 Net income for the quarter ended March 31, 1993 was $5,699,000, or $0.41 per share, an increase of 131 percent over Lincare's income before extraordinary item of $2,463,000, or $0.23 per share, for the first quarter of 1992. Net income for the first quarter of 1992 was $1,463,000, or $0.14 per share. During the first quarter 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 the company's debt.
 Last week Lincare announced the acquisition of the respiratory therapy business of T2 Medical, Inc. (NYSE: TSQ). That business provides oxygen and other respiratory therapy services from nine operating locations in North Carolina, South Carolina, Alabama, Georgia and Virginia, and has annual sales of approximately $6 million.
 "We are very pleased with the operating results for the first quarter," said James T. Kelly, Lincare's chief executive officer. "Lincare's strong revenue and earnings growth continue to reflect the excellent performance of our existing operating centers. The T2 Medical transaction accomplished our goal to make a strategic acquisition which establishes a significant presence for Lincare in the Mid-Atlantic and Southeast portions of the United States. The acquisition puts Lincare in eight new geographic markets which we believe have very promising growth opportunities."
 In addition to the T2 transaction, Lincare completed two other acquisitions in 1993. Those acquired businesses, located in Ohio and California, have combined annual sales of approximately $2 million. Lincare currently has 128 operating centers throughout the United States, up from 115 at the end of 1992.
 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 35,000 customers in 30 states.
 LINCARE HOLDINGS INC.
 Financial Summary
 Periods ended March 31 Three Months
 1993 1992
 Net Revenues $34,177,000 $26,940,000
 Income Before
 Extraordinary Item $ 5,699,000 $ 2,463,000
 Net Income $ 5,699,000 $ 1,463,000
 Income per Common Share:
 Income Before Extraordinary Item $0.41 $0.23
 Net Income $0.41 $0.14
 Weighted Average Number of
 Common Shares and Common
 Share Equivalents Outstanding 13,885,485 10,529,093
 -0- 4/20/93
 /CONTACT: James M. Emanuel of Lincare Holdings, Inc., 813-530-7700/
 (LNCR TSQ)


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

TM -- NY103 -- 8324 04/20/93 17:15 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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