FOR IMMEDIATE RELEASE

Contact:	Paul G. Gabos
	(727) 530-7700

LINCARE HOLDINGS INC. ANNOUNCES FOURTH QUARTER

AND YEAR ENDED 2003 FINANCIAL RESULTS

Clearwater, Florida (February 9, 2004)—Lincare Holdings Inc. (NASDAQ:LNCR), a leading provider of oxygen and other respiratory therapy services delivered to patients in the home, today announced financial results for the quarter and year ended December 31, 2003.

For the quarter ended December 31, 2003, revenues were $302.8 million, a 19% increase over revenues of $253.8 million for the fourth quarter of 2002. The 19% increase in quarterly revenues was comprised of 11% internal growth and 8% acquisition growth. Net income for the quarter ended December 31, 2003, was $62.0 million compared to net income of $50.3 million for the fourth quarter of 2002. Diluted earnings per share were $0.61 for the quarter ended December 31, 2003, an increase of 32% over the $0.46 diluted earnings per share for the comparable period last year.

Revenues for the year ended December 31, 2003, were $1.147 billion, a 19% increase over revenues of $960.9 million for the comparable period in 2002. The 19% increase in annual revenues was comprised of 10% internal growth and 9% acquisition growth. Net income for the year ended December 31, 2003, was $232.1 million compared to net income of $190.4 million for the prior year. Diluted earnings per share were $2.22 for the year ended December 31, 2003, an increase of 28% over the $1.73 diluted earnings per share for the comparable period last year.

John P. Byrnes, Lincare’s Chief Executive Officer, said, “We are pleased with Lincare’s operating and financial performance in the fourth quarter of 2003 and for the full year. This past year we continued to focus on our core respiratory business and maintained our balanced approach to growth from internal development and acquisitions of local and regional companies. We remain committed to our strategy to remain the market leader in the provision of home-based respiratory therapy services.”

Lincare added 85 new operating centers in 2003, bringing the total number of Lincare locations to 727. During 2003, the Company added 33 new operating centers through the acquisition of 13 companies with approximately $81 million in annual revenues. Lincare also continued its strategy of opening denovo locations in contiguous geographic markets, adding 52 locations through internal expansion in 2003.

Mr. Byrnes added, “Our financial position and operating cash flow remained strong during 2003.” Lincare generated $370.3 million of cash from operating activities during 2003, an increase of 29% over the prior year. Investments of cash included $121.6 million in net capital expenditures, $145.4 million in business acquisition expenditures and $264.0 million in repurchases of the Company’s common stock. Long-term

obligations including current maturities of bank debt were $370.8 million at December 31, 2003.

Lincare, headquartered in Clearwater, Florida, is one of the nation’s largest providers of oxygen and other respiratory therapy services to patients in the home. The Company provides services and equipment to over 480,000 customers in 47 states.

Statements in this release concerning future results, performance or expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All forward-looking statements included in this document are based upon information available to Lincare as of the date hereof and Lincare assumes no obligation to update any such forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Lincare’s actual results, levels of activity, performance or achievements to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statements. In some cases, forward-looking statements that involve risks and uncertainties contain terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or variations of these terms or other comparable terminology.

Key factors that have an impact on Lincare’s ability to attain these estimates include potential reductions in reimbursement rates by government and third party payors, changes in reimbursement policies, the demand for Lincare’s products and services, the availability of appropriate acquisition candidates and Lincare’s ability to successfully complete and integrate acquisitions, efficient operations of Lincare’s existing and future operating facilities, regulation and/or regulatory action affecting Lincare or its business, economic and competitive conditions, access to borrowed and/or equity capital on favorable terms and other risks described in the filings of Lincare with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2003.

In developing its forward-looking statements, Lincare has made certain assumptions relating to reimbursement rates and policies, internal growth and acquisitions and the outcome of various legal and regulatory proceedings. If the assumptions used by Lincare differ materially from what actually occurs, then actual results could vary significantly from the performance projected in the forward-looking statements. Lincare is under no duty to update any of the forward-looking statements after the date of this release.

LINCARE HOLDINGS INC.

Financial Summary

(In thousands, except share and per share data)

	For the three months ended
	December 31, 2003		December 31, 2002
Net revenues	$	302,783	$	253,754
Costs and expenses:
Costs of goods and services		45,995		37,866
Operating expenses		64,832		57,065
Selling, general and administrative expenses		62,290		53,629
Bad debt expense		4,541		3,807
Depreciation expense		20,348		16,754
Amortization expense		379		416
Operating income		104,398		84,217
Interest and other expense		4,947		3,493
Income before income taxes		99,451		80,724
Income taxes		37,495		30,433
Net income	$	61,956	$	50,291
Basic earnings per common share	$	0.63	$	0.47
Diluted earnings per common share	$	0.61	$	0.46
Weighted average number of common shares outstanding		98,524,102		105,901,953
Weighted average number of common shares and common share equivalents outstanding		101,594,281		108,970,060
	For the twelve months ended
	December 31, 2003		December 31, 2002
Net revenues	$	1,147,356	$	960,904
Costs and expenses:
Costs of goods and services		171,658		144,525
Operating expenses		253,341		215,724
Selling, general and administrative expenses		239,656		201,468
Bad debt expense		17,210		14,414
Depreciation expense		75,007		63,299
Amortization expense		1,587		1,664
Operating income		388,897		319,810
Interest and other expense		17,633		14,148
Income before income taxes		371,264		305,662
Income taxes		139,153		115,234
Net income	$	232,111	$	190,428
Basic earnings per common share	$	2.28	$	1.78
Diluted earnings per common share	$	2.22	$	1.73
Weighted average number of common shares outstanding		101,670,579		106,942,370
Weighted average number of common shares and common share equivalents outstanding		104,564,564		109,770,224

LINCARE HOLDINGS INC.

Selected Balance Sheet Data

(Unaudited)

(In thousands)

	December 31, 2003		December 31, 2002
Cash	$	9,815	$	1,581
Accounts Receivable, Net		151,194		142,740
Current Assets		187,090		153,651
Total Assets		1,431,660		1,198,601
Current Liabilities		147,157		110,665
Long Term Obligations, including Current Maturities of Bank Debt		370,817		185,525
Stockholder’s Equity		848,247		856,290