Lincare's revenues jumped 18% in 2002
February 24, 2003
CLEARWATER, Fla. - For the quarter ended December 31, 2002, Lincare's revenues were $253.8 million, an 18% increase over revenues of $215.6 million for the fourth quarter of 2001. Net income for the quarter was $50.3 million compared to net income of $33.3 million for the fourth quarter of 2001.
Revenues for the year ended December 31, 2002, were $960.9 million, an 18% increase over revenues of $812.4 million for the comparable period in 2001. Net income for the year ended December 31, 2002, was $190.4 million compared to net income of $134.9 million for the prior year.
During the fourth quarter of 2002, Lincare completed the acquisition of six companies with annualized revenues of approximately $25 million. The acquired businesses were located in Alabama, California, Idaho, Illinois, Missouri, Nevada and Wisconsin. The state of Wisconsin represents a new geographic territory for the company, bringing to 47 the number of states with Lincare operating centers.
The company added a record of 52 locations through internal expansion in 2002. Lincare also added 26 new operating centers through the acquisition of 28 companies with approximately $71 million in annual revenues. Lincare's now operates 642 locations.