<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 10-Q
---------------------
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES ACT OF 1934
COMMISSION FILE NUMBER 0-19946
LINCARE HOLDINGS INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 51-0331330
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
19337 US 19 NORTH, SUITE 500, 33764
CLEARWATER, FL (Zip Code)
(Address of principal executive offices)
</TABLE>
Registrant's telephone number, including area code: (727) 530-7700
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No _
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
<TABLE>
<CAPTION>
CLASS OUTSTANDING AT APRIL 30, 2000
----- -------------------------------
<S> <C>
Common Stock, $0.01 par value............................... 53,279,652 shares
</TABLE>
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<PAGE> 2
LINCARE HOLDINGS INC.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
INDEX
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1 Financial Statements (unaudited)
Condensed consolidated balance sheets....................... 3
Condensed consolidated statements of operations............. 4
Condensed consolidated statements of cash flows............. 5
Notes to condensed consolidated financial statements........ 6
Item 2 Management's Discussion and Analysis of Results of
Operations and Financial Condition.......................... 7
Item 3 Quantitative and Qualitative Disclosure Regarding Market
Risk........................................................ 9
PART II. OTHER INFORMATION
Item 1 Legal Proceedings........................................... 9
Item 2 Changes in Securities....................................... 9
Item 3 Defaults Upon Senior Securities............................. 9
Item 4 Submission of Matters to a Vote of the Security Holders..... 9
Item 5 Other Information........................................... 9
Item 6 Exhibits and Reports on Form 8-K............................ 9
SIGNATURE........................................................... 10
</TABLE>
2
<PAGE> 3
LINCARE HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
----------- ------------
(UNAUDITED)
(IN THOUSANDS)
<S> <C> <C>
Current assets:
Cash and cash equivalents................................. $ 405 $ 3,699
Accounts and notes receivable............................. 110,299 104,762
Income tax receivable..................................... -- 5,837
Inventories............................................... 3,584 3,612
Prepaid expenses.......................................... 902 1,700
-------- --------
Total current assets.............................. 115,190 119,610
-------- --------
Property and equipment...................................... 322,676 305,168
Less: accumulated depreciation.............................. 143,865 134,041
-------- --------
Net property and equipment........................ 178,811 171,127
-------- --------
Other assets:
Goodwill.................................................. 431,589 413,856
Intangible assets......................................... 8,689 8,577
Covenants not to compete.................................. 826 951
Other..................................................... 2,635 2,703
-------- --------
Total other assets................................ 443,739 426,087
-------- --------
Total assets................................. $737,740 $716,824
======== ========
Current liabilities:
Current installments of long-term obligations............. $ 7,056 $ 12,436
Accounts payable.......................................... 17,707 20,598
Accrued expenses:
Compensation and benefits.............................. 5,871 10,859
Other.................................................. 5,915 5,538
Income taxes payable................................... 11,034 --
-------- --------
Total current liabilities......................... 47,583 49,431
-------- --------
Long-term obligations, excluding current installments....... 175,000 159,000
Deferred income taxes....................................... 21,493 21,493
Minority interest........................................... 831 789
Stockholders' equity:
Common stock.............................................. 585 584
Additional paid-in capital................................ 136,747 135,741
Retained earnings......................................... 494,961 467,825
Less: treasury stock...................................... 139,460 118,039
-------- --------
Total stockholders' equity........................ 492,833 486,111
-------- --------
Total liabilities and stockholders' equity... $737,740 $716,824
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE> 4
LINCARE HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
---------------------------
MARCH 31, MARCH 31,
2000 1999
------------ ------------
(IN THOUSANDS EXCEPT
SHARE AND PER SHARE DATA)
<S> <C> <C>
Net revenues................................................ $ 159,497 $ 136,081
----------- -----------
Costs and expenses:
Costs of goods and services............................... 24,395 21,597
Operating expenses........................................ 35,928 30,937
Selling, general and administrative expenses.............. 34,078 29,995
Bad debt expense.......................................... 2,392 1,633
Depreciation expense...................................... 11,325 9,550
Amortization expense...................................... 4,266 3,790
----------- -----------
112,384 97,502
----------- -----------
Operating income.................................. 47,113 38,579
----------- -----------
Other income (expense):
Interest income........................................... 80 49
Interest expense.......................................... (3,305) (652)
Net loss on disposal of property
and equipment.......................................... (49) (8)
----------- -----------
(3,274) (611)
----------- -----------
Income before income taxes........................ 43,839 37,968
Income taxes................................................ 16,703 14,465
----------- -----------
Net income........................................ $ 27,136 $ 23,503
=========== ===========
Basic -- earnings per common share........................ $ .51 $ 0.40
=========== ===========
Diluted -- earnings per common share...................... $ .50 $ 0.40
=========== ===========
Weighted average number of common shares outstanding........ 53,725,718 58,355,360
=========== ===========
Weighted average number of common shares and common share
equivalents outstanding................................... 54,710,946 59,397,126
=========== ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
4
<PAGE> 5
LINCARE HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
--------------------------
MARCH 31, MARCH 31,
2000 1999
---------- ----------
(IN THOUSANDS)
<S> <C> <C>
Cash from operations........................................ $ 49,430 $ 42,268
Investing activities:
Proceeds from sale of property and equipment.............. 138 14
Capital expenditures...................................... (18,242) (22,881)
Decrease in other assets.................................. 68 61
Business acquisitions, net of cash acquired............... (22,050) (37,455)
-------- --------
(40,086) (60,261)
-------- --------
Financing activities:
Proceeds from long-term obligations....................... 34,000 57,000
Payment of long-term obligations.......................... (26,089) (42,491)
Proceeds from issuance of common stock.................... 872 277
Proceeds from issuance of treasury stock.................. 255 230
Payment to acquire treasury stock......................... (21,676) --
-------- --------
(12,638) 15,016
-------- --------
Decrease in cash............................................ (3,294) (2,977)
Cash and cash equivalents, beginning of period.............. 3,699 5,100
-------- --------
Cash and cash equivalents, end of period.................... $ 405 $ 2,123
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
5
<PAGE> 6
LINCARE HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 -- BASIS OF PRESENTATION
The accompanying condensed consolidated balance sheet as of March 31, 2000,
the condensed consolidated statements of operations for the three months ended
March 31, 2000 and 1999 and the condensed consolidated statements of cash flows
for the three months ended March 31, 2000 and 1999 are unaudited. In the opinion
of management, all adjustments, consisting of normal recurring accruals,
necessary for a fair presentation of the results of operations for the interim
periods presented have been reflected herein. The results of operations for
interim periods are not necessarily indicative of the results to be expected for
the entire year. The accompanying condensed consolidated balance sheet as of
December 31, 1999 is derived from the Lincare Holdings Inc. (the "Company")
audited balance sheet as of that date.
NOTE 2 -- BUSINESS COMBINATIONS
During the three months ended March 31, 2000 the Company acquired, in
unrelated acquisitions certain assets of ten companies. Each acquisition was
accounted for as a purchase. The results of the acquired companies are included
in the accompanying consolidated statements of operations since the respective
dates of acquisition.
The aggregate cost of these acquisitions was as follows:
<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Cash........................................................ $22,050
Deferred acquisition obligations............................ 2,845
Assumption of liabilities................................... 66
-------
$24,961
=======
</TABLE>
The aggregate purchase price was allocated as follows:
<TABLE>
<S> <C>
Current assets.............................................. $ 510
Property and equipment...................................... 954
Intangible assets........................................... 1,379
Goodwill.................................................... 22,118
-------
$24,961
=======
</TABLE>
Unaudited pro forma supplemental information on the results of operations
for the three months ended March 31, 2000 and March 31, 1999 are provided below
and reflect the acquisitions as if they had been combined at the beginning of
each respective period.
<TABLE>
<CAPTION>
FOR THE THREE MONTHS
ENDED MARCH 31,
----------------------
2000 1999
-------- --------
(IN THOUSANDS EXCEPT
PER SHARE DATA)
<S> <C> <C>
Net revenues................................................ $161,609 $139,924
======== ========
Net income.................................................. $ 27,486 $ 24,127
======== ========
Income per common share:
Basic..................................................... $ .51 $ .41
======== ========
Diluted................................................... $ .50 $ .41
======== ========
</TABLE>
The unaudited pro forma financial information is not necessarily indicative
of either the results of operations that would have occurred had the
transactions been effected at the beginning of the respective preceding periods
or of future results of operations of the combined companies.
6
<PAGE> 7
LINCARE HOLDINGS INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
MEDICARE REIMBURSEMENT
As a supplier of home oxygen and other respiratory therapy services for the
home health care market, the Company participates in Medicare Part B, the
Supplementary Medical Insurance Program, which was established by the Social
Security Act of 1965. Suppliers of home oxygen and other respiratory therapy
services have historically been heavily dependent on Medicare reimbursement due
to the high proportion of elderly suffering from respiratory disease.
On August 5, 1997, the Balanced Budget Act of 1997 ("BBA") was signed into
law. The legislation, among other things, was intended to reduce Medicare
expenditures by $115 billion over five years. The BBA reduced Medicare
reimbursement amounts for oxygen and oxygen equipment furnished after January 1,
1998, to 75 percent of the fee schedule amounts in effect during 1997.
Reimbursement amounts for oxygen and oxygen equipment furnished after January 1,
1999, and each subsequent year thereafter, were reduced to 70 percent of the fee
schedule amounts in effect during 1997. The BBA also reduced payment amounts for
covered drugs and biologicals furnished after January 1, 1998 to 95 percent of
the average wholesale price of such covered items.
The BBA authorizes the Department of Health and Human Services to conduct
up to five competitive bidding demonstration projects for the acquisition of
durable medical equipment and requires that one such project be established for
oxygen and oxygen equipment. Each demonstration project is to be operated over a
three-year period and is to be conducted in not more than three competitive
acquisition areas. The first demonstration project became effective in Polk
County, Florida on October 1, 1999. The second demonstration project is
scheduled to become effective January 1, 2001 in the San Antonio, Texas area.
The BBA also includes provisions designated to reduce health care fraud and
abuse including a surety bond requirement, which has not yet been implemented,
for durable medical equipment providers.
On November 29, 1999, the Balanced Budget Refinement Act of 1999 ("BBA
Refinement Act") was signed into law. This legislation was designed to mitigate
the effects of the Balanced Budget Act of 1997 ("BBA") on health care providers.
The BBA Refinement Act restores approximately $1.2 billion in funding in 2000
and $16 billion over five years, and affects a wide range of health care
providers. With respect to the services provided by the Company, the BBA
Refinement Act provides for temporary increases in Medicare payment rates for
durable medical equipment (including oxygen equipment) of 0.3% in 2001 and 0.6%
in 2002. Furthermore, the BBA Refinement Act temporarily prohibits the
Department of Health and Human Services from exercising its inherent
reasonableness authority to reduce payments for non-physician Part B services,
including durable medical equipment, and excludes durable medical equipment from
the home health consolidated billing requirements established in the BBA.
Federal and state budgetary and other cost-containment pressures will
continue to impact the home respiratory care industry. The Company cannot
predict whether new federal and state budgetary proposals will be adopted or the
effect, if any, such proposals would have on the Company's business.
7
<PAGE> 8
OPERATING RESULTS
The following table sets forth for the periods indicated a summary of the
Company's net revenues by source:
<TABLE>
<CAPTION>
FOR THE THREE MONTHS
ENDED MARCH 31,
--------------------
2000 1999
-------- --------
(IN THOUSANDS)
<S> <C> <C>
Oxygen and other respiratory therapy........................ $141,957 $121,622
Home medical equipment and other............................ 17,540 14,459
-------- --------
Total............................................. $159,497 $136,081
======== ========
</TABLE>
Net revenues for the three months ended March 31, 2000 increased by
$23,416,000 (or 17.2%) compared with the three months ended March 31, 1999.
Internally generated growth increased revenues by approximately $13,840,000 (or
10.2%) for the three months ended March 31, 2000. Growth due to acquisitions
increased revenues by approximately $9,576,000 (or 7.0%) for the three months
ended March 31, 2000.
Cost of goods and services as a percentage of net revenues were 15.3% for
the three months ended March 31, 2000 compared with 15.9% for the three months
ended March 31, 1999.
Operating expenses as a percentage of net revenues were 22.5% for the three
months ended March 31, 2000 as compared to 22.7% for the three months ended
March 31, 1999. Selling, general and administrative expenses as a percentage of
net revenues were 21.4% for the three months ended March 31, 2000 compared with
22.0% for the three months ended March 31, 1999. The Company has been able to
maintain a cost structure that, with increases in net revenues, allows the
Company to spread its overhead across a larger base of revenue, resulting in
improvements in operating income.
Amortization expense for the three months ended March 31, 2000 increased to
$4,266,000 compared with $3,790,000 for the three month period ending March 31,
1999. The increase is attributable to the amortization of intangible assets
associated with business combinations in 1999 and the first three months of
2000.
Operating income for the three months ended March 31, 2000 increased to
$47,113,000, compared with $38,579,000 for the three ended March 31, 1999. The
increases in operating income are attributable to the continued revenue growth
and efforts to control costs.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided from operating activities was $49,430,000 for the three
months ended March 31, 2000 compared with $42,268,000 for the three months ended
March 31, 1999.
Net cash used in investing and financing activities was $52,724,000 for the
three months ended March 31, 2000. Activity during the three month period ended
March 31, 2000 included the Company's investment of $22,050,000 in business
acquisitions, investment in capital equipment of $18,242,000, proceeds of
$34,000,000 from long-term obligations, payments of $26,089,000 related to
long-term obligations and $21,676,000 to acquire treasury stock.
As of March 31, 2000, the Company's principal sources of liquidity
consisted of $67,607,000 of working capital and $86,630,000 available under its
bank-credit facilities. The Company believes that internally generated funds,
together with funds that may be borrowed under such credit facility, will be
sufficient to meet the Company's anticipated capital requirements for the
foreseeable future.
On June 11, 1999, the Company's Board of Directors authorized the Company
to repurchase up to $200,000,000 of its outstanding common stock. Purchases are
made through open market or privately negotiated transactions, subject to market
conditions and trading restrictions. As of March 31, 2000, $139,935,000 of
common stock had been repurchased under this program.
8
<PAGE> 9
QUANTITATIVE AND QUALITATIVE DISCLOSURE REGARDING MARKET RISK
During September 1999 as part of the Company's stock repurchase program,
the Company sold European Put Options ("Puts") on underlying shares of the
Company's common stock. The Puts originally had a six-month maturity period and
the Company was paid a $4,454,000 premium in advance which was accounted for as
additional paid-in capital. On March 3, 2000, the Company amended the terms of
the Puts to extend the maturity date of the Puts by two months. In connection
with extending the maturity period of the Puts, the Company was paid an
additional cash premium of $280,000. The Company has the option to settle the
Puts in cash or in shares of common stock. If the market price of the Company's
common stock is less than the strike price of the Puts at maturity, the Company
may either purchase 1,000,000 shares of its common stock for $28,282,000, settle
the Puts in cash based on the difference between the market price of the
Company's common stock and the strike price of the Puts or settle the Puts in
shares of common stock by issuing additional shares of common stock at the
current market value. As of March 31, 2000, the market price of the Company's
common stock was $28.38 and the average strike price of the Puts was $28.28.
The Company is exposed to changes in interest rates as a result of its bank
credit agreement which is based on the London Interbank Offered Rate. A 10%
increase in interest rates related to the Company's bank credit facility would
not have a material effect on the Company's earnings over the next fiscal year
or the bank credit agreement's fair value.
FORWARD LOOKING STATEMENTS
Statements contained in this Form 10-Q that are not based on historical
facts are forward looking statements, subject to uncertainties and risks,
including, but not limited to, the constantly changing health care environment,
potential reductions in reimbursement by government and third party payors for
the Company's products and services, the demand for the Company's products and
services, economic and competitive conditions, the availability of appropriate
acquisition candidates and the successful completion of acquisitions, access to
borrowed and/or equity capital on favorable terms, and other risks detailed in
the Company's Securities and Exchange Commission filings.
PART II. OTHER INFORMATION
Items 1-5 Not Applicable.
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits:
<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
- ------- -------
<C> <C> <S>
27.0 -- Financial Data Schedule (for SEC Use Only)
</TABLE>
(b) The Company did not file a Current Report on Form 8-K during the three
months ended March 31, 2000.
9
<PAGE> 10
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Lincare Holdings Inc.
--------------------------------------
Registrant
/s/ PAUL G. GABOS
--------------------------------------
Paul G. Gabos
Secretary, Chief Financial Officer
and Principal Accounting Officer
May 11, 2000
10
<PAGE> 11
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
<S> <C> <C>
+3.1 -- Amended and Restated Certificate of Incorporation of Lincare
Holdings Inc....................................................
*****3.1.1 -- Certificate of Amendment to the Amended and Restated
Certificate of Incorporation of Lincare Holdings Inc. ..........
+3.2 -- Amended and Restated By-Laws of Lincare Holdings Inc............
+10.6 -- Purchase Agreement dated as of September 25, 1991 among the
Registrant and the several purchasers named therein.............
+10.10 -- Non-Qualified Stock Option Plan of Registrant...................
+10.11 -- Lincare Holdings Inc. 1991 Stock Plan...........................
+10.15 -- Lincare Inc. 401(k) Plan........................................
+++10.21 -- Amendment to Non-Qualified Stock Option Agreement dated
December 2, 1992, between the Registrant and James T. Kelly.....
+++10.22 -- Amendment to Non-Qualified Stock Option Agreement dated
December 2, 1992, between the Registrant and Howard R. Deutsch..
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
- ------ -------
<S> <C>
+++10.23- Amendment to Non-Qualified Stock Option Agreement dated December 2, 1992,
between the Registrant and James M. Emanuel . . . . . . . . . . . . . . . . . . .
***10.31- Non-Qualified Stock Option Agreements dated as of January 23, 1995, between
the Registrant and James T. Kelly . . . . . . . . . . . . . . . . . . . . . . . .
***10.32- Non-Qualified Stock Option Agreements dated as of January 23, 1995, between
the Registrant and Howard R. Deutsch . . . . . . . . . . . . . . . . . . . . . . .
***10.33- Non-Qualified Stock Option Agreements dated as of January 23, 1995, between
the Registrant and James M. Emanuel . . . . . . . . . . . . . . . . . . . . . . .
/10.34- Employment Agreement dated as of January 1, 1997 between Lincare Holdings Inc.
and John P. Byrnes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
****10.35- Employment Agreement dated as of January 1, 1997 between Lincare Holdings Inc.
and James T. Kelly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
****10.38- Non-Qualified Stock Option Agreements dated as of January 26, 1996, between
the Registrant and John P. Byrnes . . . . . . . . . . . . . . . . . . . . . . . .
****10.39- Non-Qualified Stock Option Agreements dated as of July 15, 1996 between
the Registrant and John P. Byrnes . . . . . . . . . . . . . . . . . . . . . . . .
/10.40- Employment Agreement dated as of June 1, 1997 between Lincare Holdings Inc. and
Paul G. Gabos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
/10.41- Employment Stock Purchase Plan . . . . . . . . . . . . . . . . . . . . . . . . . .
/10.42- Credit Agreement dated November 25, 1997 between Registrant and NationsBank of
Florida N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
//10.42.1- Three-Year Credit Agreement among Lincare Holdings Inc., as Borrower, Certain
Subsidiaries of Borrower from time to time party thereto, as Guarantors,
the several Lenders from time to time party thereto and Bank of America,
N.A., as Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
//10.42.2- 364-Day Credit Agreement among Lincare Holdings Inc., as Borrower, Certain
Subsidiaries of Borrower from time to time party thereto, as Guarantors,
the several Lenders from time to time party thereto and Bank of America,
N.A., as Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
/10.43- Form of Non-employee Director Stock Option Agreement . . . . . . . . . . . . . . .
/10.44- Form of Non-qualified Stock Option Agreement . . . . . . . . . . . . . . . . . . .
+++++22.2- List of Subsidiaries of Lincare Holdings Inc . . . . . . . . . . . . . . . . . . .
27.0- Financial Data Schedule 3/31/00 (for SEC use only) . . . . . . . . . . . . . . . .
</TABLE>
- ---------------
+ Incorporated by reference to the corresponding exhibit to the
Registrant's Registration Statement on Form S-1 (No. 33-44672)
<PAGE> 13
++ Incorporated by reference to Exhibit A to the Registrant's Form 8-K
dated October 14, 1992.
+++ Incorporated by reference to the corresponding exhibit to the
Registrant's Registration Statement on Form S-1 (No. 33-55260).
++++ Incorporated by reference to the Registrant's Form 8-K dated April 28,
1993.
+++++ Incorporated by reference to the Registrant's Form 10-K dated March
22, 1994.
* Incorporated by reference to the Registrant's Form 10-K dated
March 22, 1995.
** Incorporated by reference to the Registrant's Form 8-K dated May 24,
1995.
*** Incorporated by reference to the Registrant's Form 10-K dated March 27,
1996.
**** Incorporated by reference to the Registrant's Form 10-K dated March 25,
1997.
***** Incorporate by reference to the Registrant's Form 10-Q dated August 12,
1998.
/ Incorporate by reference to the Registrant's Form 10-K dated March 26,
1998.
// Incorporate by reference to the Registrant's Form 10-Q dated
November 12, 1999.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF LINCARE HOLDINGS INC. FOR THE YEAR ENDED DECEMBER 31,
2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 405
<SECURITIES> 0
<RECEIVABLES> 116,302
<ALLOWANCES> 6,003
<INVENTORY> 3,584
<CURRENT-ASSETS> 115,190
<PP&E> 322,676
<DEPRECIATION> 143,865
<TOTAL-ASSETS> 737,740
<CURRENT-LIABILITIES> 47,583
<BONDS> 0
0
0
<COMMON> 585
<OTHER-SE> 492,248
<TOTAL-LIABILITY-AND-EQUITY> 737,740
<SALES> 159,497
<TOTAL-REVENUES> 159,497
<CGS> 24,395
<TOTAL-COSTS> 24,395
<OTHER-EXPENSES> 87,989
<LOSS-PROVISION> 2,392
<INTEREST-EXPENSE> 3,305
<INCOME-PRETAX> 43,839
<INCOME-TAX> 16,703
<INCOME-CONTINUING> 27,136
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,136
<EPS-BASIC> 0.51
<EPS-DILUTED> 0.50
</TABLE>
