Lincare, Apria post solid financials

Sunday, July 30, 2006

CLEARWATER, Fla. - Lincare bounced back from a disappointing first quarter and a $10 million fraud settlement by posting $350.1 million in revenues for the second quarter of 2006.

That's an 11% increase compared to revenues for the same quarter last year. Lincare attributed the increase in revenues largely to organic growth. In the second quarter of 2006, it added 18 new operating centers--16 of them through internal expansion.

"We are experiencing strong customer growth and expanding market share in our core respiratory business, and we continue to make inroads in the sleep therapy market," said Lincare CEO John Byrnes. "We continue to expand by opening new locations in new and contiguous geographic markets and to be selective regarding acquisitions of quality respiratory providers."

At Apria, revenues were $376.1 million in the second quarter compared to $374.9 million in the second quarter of 2005. Net income for the second quarter of 2006 was $18.5 million compared to $3 million for the second quarter of 2005.