Lincare Holdings Inc. Announces Third Quarter And First Nine Months 2010 Financial Results

CLEARWATER, Fla., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Lincare Holdings Inc. (Nasdaq:LNCR) today announced financial results for the three and nine months ended September 30, 2010.

For the quarter ended September 30, 2010, net revenues were $418.7 million, a 6.6% increase over net revenues of $392.6 million for the third quarter of 2009. The Company estimates that the 6.6% increase in net revenues in the third quarter of 2010 was comprised of approximately 10.0% internal and acquisition growth offset by approximately 3.4% negative impact from $13.1 million of Medicare payment changes during the third quarter of 2010. Net income for the quarter ended September 30, 2010, was $45.5 million, a 26.2% increase over net income of $36.0 million for the third quarter of 2009. Diluted earnings per share were $0.47 for the quarter ended September 30, 2010, a 32.3% increase over diluted earnings per share of $0.36 for the comparable prior year period.

Revenues for the nine months ended September 30, 2010, were $1.247 billion, an 8.9% increase over net revenues of $1.145 billion for the comparable period in 2009. The Company estimates that the 8.9% increase in net revenues in the first nine months of 2010 was comprised of approximately 10.6% internal and acquisition growth offset by approximately 1.7% negative impact from $18.9 million of Medicare payment changes during the nine months ended September 30, 2010.  Net income for the nine months ended September 30, 2010, was $135.5 million, a 41.9% increase over net income of $95.5 million for the first nine months of 2009. Diluted earnings per share were $1.39 for the nine months ended September 30, 2010, a 51.3% increase over diluted earnings per share of $0.92 for the comparable period last year.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased with Lincare's operating and financial performance in the first nine months of 2010. We continue to focus on those activities that we believe will drive the long-term success of our Company – an emphasis on organic revenue growth driven by our market leading positions in our core respiratory service lines and expansion of our product offerings across our national network of local distribution and sales centers, accompanied by disciplined cost containment and operating efficiencies that maximize our operating cash flows."