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Lincare Holdings Inc. Announces Third Quarter and First Nine Months 2007 Financial Results
Date:10/22/2007

CLEARWATER, Fla., Oct. 22 /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 three and nine months ended September 30, 2007.

For the quarter ended September 30, 2007, revenues were $408.2 million, a 14% increase over revenues of $358.0 million for the third quarter of 2006. The Company estimates that the increase in net revenues was comprised of approximately 12% internal growth and 3% growth from acquisitions, partially offset by Medicare price changes taking effect in 2007. Net income for the quarter ended September 30, 2007, was $58.6 million compared to net income of $56.2 million for the third quarter of 2006. Diluted earnings per share were $0.66 for the quarter ended September 30, 2007, compared with $0.57 diluted earnings per share for the comparable prior year period.

Revenues for the nine months ended September 30, 2007, were $1.184 billion, a 14% increase over revenues of $1.042 billion for the comparable period in 2006. The Company estimates that the increase in net revenues was comprised of approximately 11% internal growth and 4% growth from acquisitions, partially offset by Medicare price changes taking effect in 2007. Net income for the nine months ended September 30, 2007, was $168.5 million compared to net income of $156.0 million for the first nine months of 2006. Diluted earnings per share were $1.89 for the nine months ended September 30, 2007, compared with $1.57 diluted earnings per share for the comparable period last year.

Lincare added ten new operating centers in the third quarter derived from internal development. The total number of Lincare locations expanded to 1,009 at the end of the third quarter. During the first nine months of 2007, Lincare opened 31 new locations.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased to report that Lincare achieved strong growth in revenues and earnings during the third quarter and first nine months of 2007. We are experiencing strong customer growth and expanding market share in our core businesses. We remain committed to our strategy to be the market leader in the provision of home- based therapies and equipment to individuals suffering from the effects of severe respiratory diseases and other chronic conditions."

Mr. Byrnes added, "Our financial position is strong and we achieved significant operating cash flows in the first nine months of 2007." Lincare generated $305.2 million of cash from operating activities and invested $95.8 million in net capital expenditures during the first nine months of 2007. The Company repurchased 699,855 shares of its common stock during the quarter for $25.0 million, bringing the total amount of shares repurchased in 2007 to $300.0 million. Total debt was $408.0 million and cash and investments were $36.1 million at September 30, 2007.

Lincare, headquartered in Clearwater, Florida, is one of the nation's largest providers of oxygen and other respiratory therapy services to patients in the home. The Company provides services and equipment to nearly 700,000 customers in 47 states.

Statements in this release concerning future results, performance or expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All forward-looking statements included in this document are based upon information available to Lincare as of the date hereof and Lincare assumes no obligation to update any such forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Lincare's actual results, levels of activity, performance or achievements to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statements. In some cases, forward-looking statements that involve risks and uncertainties contain terminology such as "may," "will," "should," "could," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or variations of these terms or other comparable terminology.

Key factors that have an impact on Lincare's ability to attain any estimates contained in this release include potential reductions in reimbursement rates by government and other third party payors, changes in reimbursement policies, the demand for Lincare's products and services, the availability of appropriate acquisition candidates and Lincare's ability to successfully complete and integrate acquisitions, efficient operation of Lincare's existing and future operating facilities, regulation and/or regulatory action affecting Lincare or its business, economic and competitive conditions, access to borrowed and/or equity capital on favorable terms and other risks described in the filings of Lincare with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2006.

In developing its forward-looking statements, Lincare has made certain assumptions relating to reimbursement rates and policies, internal growth and acquisitions and the outcome of various legal and regulatory proceedings. If the assumptions used by Lincare differ materially from what actually occurs, then actual results could vary significantly from the performance projected in the forward-looking statements. Lincare is under no duty to update any of the forward-looking statements after the date of this release.

LINCARE HOLDINGS INC.

Financial Summary

(Unaudited)

(In thousands, except share and per share data)

For the three months ended

September 30, September 30,

2007 2006

Net revenues $ 408,152 $ 358,013

Costs and expenses:

Costs of goods and services 101,398 80,648

Operating expenses 91,458 84,398

Selling, general and

administrative expenses 80,128 73,301

Bad debt expense 6,122 5,370

Depreciation expense 29,893 24,736

Amortization expense 64 422

Operating income 99,089 89,138

Interest expense, net 4,339 1,674

Income before income taxes 94,750 87,464

Income taxes 36,111 31,242

Net income $ 58,639 $ 56,222

Basic earnings per common share $ 0.69 $ 0.60

Diluted earnings per common share $ 0.66 $ 0.57

Weighted average number of common

shares outstanding 84,562,220 93,795,295

Weighted average number of common

shares and common share equivalents

outstanding 90,551,077 100,258,345

For the nine months ended

September 30, September 30,

2007 2006

Net revenues $ 1,183,694 $ 1,041,731

Costs and expenses:

Costs of goods and services 289,494 232,941

Operating expenses 272,939 245,273

Selling, general and administrative

expenses 236,190 217,354

Bad debt expense 17,755 15,626

Depreciation expense 83,497 73,899

Amortization expense 197 1,263

Operating income 283,622 255,375

Interest expense, net 13,945 5,220

Income before income taxes 269,677 250,155

Income taxes 101,188 94,142

Net income $ 168,489 $ 156,013

Basic earnings per common share $ 1.98 $ 1.64

Diluted earnings per common share $ 1.89 $ 1.57

Weighted average number of common

shares outstanding 85,033,782 94,867,355

Weighted average number of common

shares and common share equivalents

outstanding 91,392,442 101,755,830

LINCARE HOLDINGS INC.

Selected Balance Sheet Data

(Unaudited)

(In thousands)

September 30, December 31,

2007 2006

Cash and Investments $ 36,064 $ 25,075

Accounts Receivable, Net 201,031 170,533

Current Assets 254,843 242,279

Total Assets 1,799,339 1,775,310

Current Liabilities 565,878 189,464

Total Debt 408,012 346,047

Stockholders' Equity 1,036,284 1,110,577


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SOURCE Lincare Holdings Inc.
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