Lincare posts income loss
CLEARWATER, Fla. – Lincare last week reported a net income of $43.6 million for the third quarter ended Sept. 30, 2011, a 4% drop compared to the same period last year.
The provider reported a net income of $132.8 million for the nine months ended Sept. 30, 2011, a 2% drop compared to the same period last year.
In a conference call to discuss earnings, Lincare officials blamed the decrease in net income, despite an increase in net revenues, on higher costs and expenses.
Lincare reported net revenues of $474.8 million for the third quarter, a 13.4% increase compared to the same period last year. It reported net revenues of $1.355 billion for the nine months ended Sept. 30, 2011, an 8.7% increase compared to the same period last year.
The provider credited the increase in net revenues to internal and acquisition growth offset by Medicare payment changes.
“We continue to focus on those activities that we believe will drive the long-term success of our company—an emphasis on organic revenue growth and expansion of our product offerings across our national network, accompanied by disciplined cost containment and operating efficiencies that maximize our operating cash flows,” stated CEO John Byrnes in a release.
Other activity by Lincare in the nine months ended Sept. 30, 2011:
The provider generated $217.2 million of cash from operating activities and invested $95.7 million in net capital expenditures and $95.6 million in business acquisitions.
It repurchased 8 million shares of its common stock for $200 million.
It reported total long-term obligations of $622.5 million, and cash and investments of $56.8 million.
It reported outstanding common shares of 88.9 million. HME