Lincare grows cash, expands service reach
July 28, 2003
CLEARWATER, Fla. - Lincare acquired four companies with annualized revenues of $62 million during the second quarter that ended June 30, the company reported last week.
The acquired businesses operated in Florida, Kentucky, Michigan, New Jersey, New York, Ohio, Pennsylvania, and West Virginia. Lincare added 38 new operating centers in the second quarter, with 24 of those locations derived from acquisitions and 14 locations derived from internal expansion. The total number of Lincare locations expanded to 700 at the end of the second quarter.
For the second quarter, revenues totaled $283.1 million, a 21% increase over revenues of $234.5 million for the second quarter of 2002. Net income for the quarter was $56.8 million compared to net income of $46.5 million for the second quarter of 2002.
Lincare generated $167.4 million of cash from operating activities during the first half of this year, an increase of 21% over the same period in 2002.