Lincare Holdings Inc. (Nasdaq:LNCR) today announced financial results for the first quarter ended March 31, 2010.
For the quarter ended March 31, 2010, net revenues were $410.0 million, a 10.3% increase over net revenues of $371.7 million for the first quarter of 2009. Net income for the quarter ended March 31, 2010, was $43.6 million, a 67.9% increase over net income of $26.0 million for the first quarter of 2009. Diluted earnings per share were $0.67 for the quarter ended March 31, 2010, an 87.2% increase over diluted earnings per share of $0.36 for the comparable prior year period.
John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased with Lincare's operating and financial performance in the first quarter of 2010. As the year progresses, we look forward to building on our market share gains and driving earnings growth through organic expansion, selective acquisitions and other strategic opportunities. We remain confident and passionate in our belief that the services we provide are an integral part of the solution to rising health care costs, representing an effective way to manage chronic disease outcomes and related costs in a low-cost, non-institutional setting – the patient's home."
Lincare generated $87.9 million of cash from operating activities during the first quarter of 2010 and invested $24.1 million in net capital expenditures and $11.1 million in business acquisitions. As of March 31, 2010, total long term obligations, including current installments, were $493.1 million and cash and investments were $136.5 million.