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LINCARE HOLDINGS INC. ANNOUNCES RECORD THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS

 CLEARWATER, Fla., Oct. 18 /PRNewswire/ -- Lincare Holdings Inc. (NASDAQ: LNCR) today announced record financial results for the quarter and nine months ended Sept. 30, 1993. Quarterly revenues, net income and net income per share were the highest for any quarter in the company's history. Net income and earnings per share in the 1993 nine- month period exceeded the levels recorded for all of 1992.
 Revenues for the quarter ended Sept. 30, 1993, were $40,643,000, up 36 percent from $29,934,000 in the third quarter a year ago. Approximately 16 percent of the revenue increase was derived from internal growth, while the remaining 20 percent was attained through acquisitions. Quarterly net income increased to $7,698,000 in the 1993 third quarter from $4,663,000 in the 1992 third quarter. Earnings per share were 55 cents in the 1993 third quarter, an increase of 62 percent over the 34 cent earnings per share in the third quarter of 1992.
 Revenues for the nine months ended Sept. 30, 1993, increased 32 percent to $112,355,000 from $85,195,000 for the comparable period in 1992. Internal growth accounted for 16 percent of the nine months revenue increase, and acquisitions accounted for 16 percent.
 Net income for the first nine months of 1993 was $20,108,000, compared to $10,906,000 income before extraordinary item in the comparable period in 1992. Earnings per share were $1.44 in the first nine months of 1993, an increase of 64 percent over the 88 cent earnings per share before extraordinary item for the comparable period in 1992. During the first nine months of 1992, the company recorded a one-time extraordinary expense, net of taxes, of $1 million, or 8 cents per share, which was associated with the early extinguishment of debt.
 "Lincare experienced strong internal growth in sales and income, which was supplemented by the acquisitions made over the past nine months," stated James T. Kelly, Lincare's president and chief executive officer. "We remain confident about our prospects for continued growth. Internally, our centers are well-positioned to achieve further improvements in sales and income. Externally, we will continue to pursue acquisitions as part of our growth strategy."
 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 40,000 customers in 33 states.
 LINCARE HOLDINGS INC.
 Financial Summary
 (Unaudited; dollars in thousands)
 Three months ended Sept. 30 1993 1992
 Net revenues $40,643 $29,934
 Costs and expenses:
 Costs of goods and services 5,449 4,048
 Operating expenses 8,924 7,117
 Selling, general & administrative expenses 8,900 6,977
 Bad debt expense 488 447
 Depreciation expense 3,063 2,485
 Amortization expense 1,140 1,218
 Operating income 12,679 7,642
 Other income 43 105
 Income before income taxes 12,722 7,747
 Income taxes 5,024 3,084
 Net income 7,698 4,663
 Income per common share:
 Net income $0.55 $0.34
 Wtd. avg. number of common shares and
 common share equivalents outstanding 13,967,515 13,580,655
 Nine months ended Sept. 30 1993 1992
 Net revenues $112,355 $85,195
 Costs and expenses:
 Costs of goods and services 15,401 11,590
 Operating expenses 25,236 20,868
 Selling, general & administrative expenses 25,289 20,902
 Bad debt expense 1,416 1,279
 Depreciation expense 8,563 7,507
 Amortization expense 3,626 4,008
 Operating income 32,824 19,041
 Other income (expense) 262 (850)
 Inc. bef. inc. taxes & extraordinary item 33,086 18,191
 Income taxes 12,978 7,285
 Income before extraordinary item 20,108 10,906
 Extraordinary item, net of income taxes -- 1,000
 Net income 20,108 9,906
 Income per common share:
 Income before extraordinary item $1.44 $0.88
 Extraordinary item -- (0.08)
 Net income $1.44 $0.80
 Wtd. avg. number of common shares and
 common share equivalents outstanding 13,918,108 12,354,677
 -0- 10/18/93
 /CONTACT: James M. Emanuel of Lincare Holdings, 813-530-7700/
 (LNCR)


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

CK -- NY004 -- 3116 10/18/93 06:01 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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