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Lincare Holdings Inc. Announces First Quarter 2009 Financial Results
Date:4/20/2009

CLEARWATER, Fla., April 20 /PRNewswire-FirstCall/ -- Lincare Holdings Inc. (Nasdaq: LNCR), a leading provider of oxygen and other respiratory therapy services delivered to patients in the home, today announced financial results for the first quarter ended March 31, 2009.

For the quarter ended March 31, 2009, net revenues were $371.7 million, compared with net revenues of $415.4 million for the first quarter of 2008. Net income for the quarter ended March 31, 2009, was $26.0 million compared to net income of $58.2 million for the first quarter of 2008. Diluted earnings per share were $0.36 for the quarter ended March 31, 2009, compared with $0.76 diluted earnings per share for the comparable prior year period.

The reported results include the following items:

- The Company's financial results for the first quarter of 2009 were impacted by dramatic reductions in Medicare reimbursement for the Company's primary product lines resulting from the implementation on January 1, 2009 of previously enacted legislation. The legislation included reductions in Medicare payment amounts of 9.5% for certain items of durable medical equipment, including oxygen, additional regulated Medicare price reductions for stationary oxygen equipment of another 2.3% (for a total reduction of 11.8%) and the implementation of a new reimbursement methodology for oxygen equipment from continuous monthly payment for as long as the equipment is in use by a Medicare beneficiary to a capped rental arrangement whereby payment for oxygen equipment may not extend beyond a period of continuous use of 36 months. In a press release dated February 9, 2009, the Company provided an estimate for the full-year impact of these reductions of $240 million to $255 million. Based on activity through the end of the first quarter of 2009, the Company does not beli
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SOURCE Lincare Holdings, Inc.
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