Lincare's income down in 2011
CLEARWATER, Fla. - Lincare last week reported a net income of $177.3 million for the year ended Dec. 31, 2011, a decrease of 2.3% from the previous year.
Income for the quarter ended Dec. 31, 2011 was $44.6 million, a decrease of 3.3% from the same period in 2010.
Net revenues for the year were $1.848 billion, a 10.7% increase over 2010, while net revenues for the quarter were $492.2 million, a 16.6% increase compared to the same period in 2012.
Lincare attributed the growth in revenues to internal and acquisition growth, offset slightly by decreased Medicare reimbursement.
"We are pleased with Lincare's operating and financial performance in 2011," stated CEO John Byrnes in a release. "We remain committed to increasing our market leading positions in our core product lines and investing in the expansion of our service offerings through organic investment and selective acquisitions."
Also during 2011:
* Lincare generated $314.7 million in cash from operating activities and invested $130.6 million in net capital expenditures and $111 million in business acquisitions.
* It repurchased 10,151,597 shares of its common stock for $250 million and paid $74.9 million in cash dividends.
* As of Dec. 31, 2011, total long-term obligations were $653.9 million, and cash and investments were $55 million.
* The provider reported outstanding common shares of 87,026,945.
Lincare last week also announced that CFO Paul Gabos plans to retire at the end of 2012 upon the expiration of his current employment agreement. Gabos has been with Lincare for nearly 20 years and has served as CFO since 1997.
The provider has extended the terms of employment agreements with Byrnes, and President and COO Shawn Schabel.