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Lincare Holdings Inc. Announces Fourth Quarter and Year Ended 2008 Financial Results
Date:2/9/2009

ived from internal expansion and three derived from acquisition. The total number of Lincare locations expanded to 1,063 at the end of 2008.

During the fourth quarter of 2008, Lincare completed the acquisition of a respiratory business located in Florida. Terms of the transaction were not disclosed.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased with Lincare's operating and financial performance in 2008. We continue to gain market share in our core respiratory business while controlling costs and reinvesting capital to sustain growth. While upcoming Medicare payment reductions will present significant challenges to our company and our industry in 2009, 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."

Mr. Byrnes added, "Our financial position is strong and we achieved significant operating cash flows in 2008." Lincare generated $439.1 million of cash from operating activities during 2008. Investments of cash during the year included $124.2 million in net capital expenditures and $22.0 million in business acquisition expenditures. The Company repurchased 1,009,250 shares of its common stock during the year for $35.2 million and common shares outstanding at December 31, 2008 were 74,393,068 shares. As of December 31, 2008, total debt outstanding was $556.9 million and cash and investments were $133.1 million. The Company has $363.0 million available under its revolving credit facility, net of outstanding letters of credit.

The Company's revenues and earnings are expected to be impacted in fiscal year 2009 by reductions in Medicare reimbursement for certain items provided by the Company to Medicare beneficiaries. The Company is still evaluating the pote
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SOURCE Lincare Holdings Inc.
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