Lincare acquires four companies in first quarter

Sunday, May 4, 2003

May 5, 2003

CLEARWATER, Fla. - Lincare continued its acquisitive ways in the first quarter of 2003, picking up four companies with annualized net revenues of about $16 million. The acquired businesses were located in Iowa, Maine, Nevada and Tennessee.

Lincare also added 20 new operating centers in the first quarter, six of those derived from acquisitions and 14 locations from internal expansion. The total number of Lincare locations expanded to 662 at the end of the first quarter, according to the company’s most recent financial statement.

For the quarter ended March 31, 2003, revenues were $265.2 million, a 16% increase over revenues of $228.5 million for the first quarter of 2002. Lincare generated cash from operating activities of $88.5 million in the first quarter of 2003, an increase of 19% over the $74.6 million generated in the comparable prior year period. Investments of cash included $23.1 million in capital expenditures, $23.0 million in business acquisition expenditures and $39.3 million in repurchases of the company's common stock.