updated 2/7/2011 4:46:01 PM ET 2011-02-07T21:46:01

CLEARWATER, Fla., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Lincare Holdings Inc. (Nasdaq:LNCR) today announced financial results for the fourth quarter and year ended December 31, 2010.

For the quarter ended December 31, 2010, net revenues were $422.1 million, a 4.0% increase over net revenues of $405.8 million for the fourth quarter of 2009. The Company estimates that the 4.0% increase in net revenues in the fourth quarter of 2010 was comprised of approximately 8.0% internal and acquisition growth offset by approximately 4.0% negative impact from $16.0 million of Medicare payment changes during the fourth quarter of 2010. Net income for the quarter ended December 31, 2010, was $46.1 million, a 13.4% increase over net income of $40.6 million for the fourth quarter of 2009. Diluted earnings per share were $0.48 for the quarter ended December 31, 2010, a 17.6% increase over diluted earnings per share of $0.41 for the comparable prior year period.

Revenues for the year ended December 31, 2010, were $1.669 billion, a 7.7% increase over net revenues of $1.550 billion for the comparable period in 2009. The Company estimates that the 7.7% increase in net revenues for the year ended December 31, 2010, was comprised of approximately 9.9% internal and acquisition growth offset by approximately 2.2% negative impact from $34.9 million of Medicare payment changes in 2010.  Net income for the year ended December 31, 2010, was $181.6 million, a 33.4% increase over net income of $136.1 million for the prior year. Diluted earnings per share were $1.87 for the year ended December 31, 2010, a 41.1% increase over diluted earnings per share of $1.32 for the comparable period last year.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We remain committed to increasing our market leading positions in our core respiratory product lines and investing in the expansion of our service offerings through organic investment and selective acquisitions. As the nation's leading provider of chronic respiratory disease management therapies in the home setting, we serve a growing population of chronically ill seniors that require our continuous support throughout the progression of their disease. As a home-based provider of cost-efficient health care services to our nation's seniors delivered through our national network of local distribution and sales centers, we offer an attractive and preferred alternative that can avoid or delay higher-cost acute and facility-based care."

Lincare generated $360.8 million of cash from operating activities during 2010 and invested $110.2 million in net capital expenditures and $11.4 million in business acquisitions. During 2010, Lincare repurchased $100.0 million of its common stock in open market transactions and paid $39.2 million of cash dividends. As of December 31, 2010, total long-term obligations, including current installments, were $494.9 million and cash and investments were $204.2 million. Common shares outstanding at December 31, 2010 were 96,270,308.

Lincare, headquartered in Clearwater, Florida, is one of the nation's largest providers of respiratory therapy and other services to patients in the home. The Company provides services and equipment to more than 750,000 customers in 48 states through 1,090 local centers.

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.

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
  December 31,

2010
December 31,

2009
     
Net revenues $ 422,126 $ 405,800
Cost and expenses:    
Costs of goods and services 114,175 113,417
Operating expenses 100,729 97,477
Selling, general and administrative expenses 85,358 83,229
Bad debt expense 8,443 6,087
Depreciation and amortization expense 28,936 28,767
Operating income 84,485 76,823
     
Interest expense, net  9,008 8,706
     
Income before income taxes 75,477 68,117
     
Income taxes 29,406 27,506
     
Net income $ 46,071 $ 40,611
     
Basic earnings per common share $ 0.49 $ 0.41
     
Diluted earnings per common share $ 0.48 $ 0.41
     
Dividends declared per common share $ 0.20 $ 0.00
     
Weighted average number of common shares outstanding 94,192,007 98,527,607
     
Weighted average number of common shares and common share equivalents outstanding 96,088,643 99,619,817
     
  For the year ended
  December 31,

2010
December 31,

2009
     
Net revenues $ 1,669,205 $ 1,550,477
Cost and expenses:    
Costs of goods and services 453,905 431,291
Operating expenses 399,393 389,759
Selling, general and administrative expenses 333,094 330,589
Bad debt expense 31,849 23,257
Depreciation and amortization expense 116,783 118,120
Operating income 334,181 257,461
     
Interest expense, net  35,688 34,074
     
Income before income taxes 298,493 223,387
     
Income taxes 116,919 87,291
     
Net income $ 181,574 $ 136,096
     
Basic earnings per common share $ 1.91 $ 1.33
     
Diluted earnings per common share $ 1.87 $ 1.32
     
Dividends declared per common share $ 0.40 $ 0.00
     
Weighted average number of common shares outstanding 95,294,614 102,114,275
     
Weighted average number of common shares and common share equivalents outstanding 97,129,998 102,745,920
 
LINCARE HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  December 31,

2010
December 31,

2009
ASSETS    
     
Current assets:    
Cash and cash equivalents $ 164,203 $ 20,428
Short-term investments 40,000 58,650
Restricted cash 345 0
Accounts receivable, net 186,001 159,542
Income tax receivable 9,443 3,325
Inventories 13,276 13,617
Prepaid and other current assets 3,542 3,742
Deferred income taxes 26,488 25,646
Total current assets 443,298 284,950
     
Property and equipment, net 338,778 339,250
Other assets:    
Goodwill 1,258,065 1,243,404
Other 7,690 9,590
Total other assets 1,265,755 1,252,994
     
Total assets $ 2,047,831 $ 1,877,194
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities:    
Current installments of long-term obligations $ 619 $ 2,767
Accounts payable 64,078 49,959
Accrued expenses:    
Compensation and benefits 39,500 42,016
Liability insurance 19,052 19,461
Other current liabilities 51,501 49,264
Total current liabilities 174,750 163,467
     
Long-term obligations, net, excluding current installments 494,271 482,104
Deferred income taxes and other taxes 381,061 329,708
Total liabilities 1,050,082 975,279
     
Commitments and contingencies    
     
Stockholders' equity:    
Common stock 963 980
Additional paid-in capital 681,988 632,653
Retained earnings 314,798 268,282
Total stockholders' equity 997,749 901,915
     
Total liabilities and stockholders' equity $ 2,047,831 $ 1,877,194
CONTACT: Paul G. Gabos
         (727) 530-7700

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.43%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com