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Lincare Holdings Inc. Announces Fourth Quarter and Year Ended 2007 Financial Results
Date:2/11/2008

isition. For the year ended December 31, 2007, Lincare added 41 new operating centers, with 40 derived from internal expansion and one derived from acquisition. The total number of Lincare locations expanded to 1,019 at the end of 2007.

During the fourth quarter and year ended December 31, 2007, Lincare completed the acquisition of three businesses with annual revenues of approximately $4.3 million. The acquired businesses were located in Alabama, Florida and Mississippi.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased with Lincare's operating and financial performance in 2007. We continue to gain market share in our core respiratory business while controlling costs and reinvesting capital to sustain growth. We remain committed to our strategy to remain the market leader in the provision of home-based respiratory therapy services and to expand our reach into markets where we believe we can add value and compete on the basis of efficiency and quality of care."

Lincare generated $406.2 million of cash from operating activities during 2007. Investments of cash during the year included $129.8 million in net capital expenditures and $4.8 million in business acquisition expenditures. As of December 31, 2007, total debt outstanding was $838.2 million and cash and short-term investments were $150.0 million. The Company repurchased 18,423,994 shares of its common stock during the year for $673.4 million and common shares outstanding at December 31, 2007 were 74,193,793 shares.

The Company's revenues and earnings are expected to be impacted in fiscal year 2008 by reductions in Medicare reimbursement for certain items provided by the Company to Medicare beneficiaries. The Company is still evaluating the potential impact of these changes to its business, but estimates that revenues in 2008 will be negatively impacted by approximately $65.0 million to $70.0 million. Based on the expected timing of the implementation of the rei
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SOURCE Lincare Holdings Inc.
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