8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2011

Lincare Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-19946	51-0331330
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

19387 U.S. 19 North, Clearwater, FL 33764

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: 727-530-7700

(Former name or address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 17, 2011, Lincare Holdings Inc. issued a press release announcing its results of operations for the quarter ended September 30, 2011. A copy of the Company’s press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this current report on Form 8-K is being furnished to the Commission and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release of Lincare Holdings Inc., dated October 17, 2011

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Lincare Holdings Inc.
By:	/s/ Paul G. Gabos
	Paul G. Gabos
	Chief Financial Officer, Treasurer and Secretary

October 18, 2011

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release of Lincare Holdings Inc., dated October 17, 2011

EX-99.1

Exhibit 99.1

Lincare Holdings Inc. Announces Third Quarter and First Nine Months 2011 Financial Results

Press Release Source: Lincare Holdings Inc. On Monday October 17, 2011, 4:30 pm

CLEARWATER, Fla., Oct. 17, 2011 (GLOBE NEWSWIRE) — Lincare Holdings Inc. (Nasdaq:LNCR - News) today announced financial results for the three and nine months ended September 30, 2011.

For the quarter ended September 30, 2011, net revenues were $474.8 million, a 13.4% increase over net revenues of $418.7 million for the third quarter of 2010. The Company estimates that the 13.4% increase in net revenues in the third quarter of 2011 was comprised of approximately 15.7% internal and acquisition growth offset by approximately 2.3% negative impact from $9.7 million of Medicare payment changes during the third quarter of 2011. Net income for the quarter ended September 30, 2011, was $43.6 million, a 4.0% decrease over net income of $45.5 million for the third quarter of 2010. Diluted earnings per share were $0.48 for the quarter ended September 30, 2011, a 2.5% increase over diluted earnings per share of $0.47 for the comparable prior year period.

Revenues for the nine months ended September 30, 2011, were $1.355 billion, an 8.7% increase over net revenues of $1.247 billion for the comparable period in 2010. The Company estimates that the 8.7% increase in net revenues in the first nine months of 2011 was comprised of approximately 12.5% internal and acquisition growth offset by approximately 3.8% negative impact from $47.5 million of Medicare payment changes during the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2011, was $132.8 million, a 2.0% decrease over net income of $135.5 million for the first nine months of 2010. Diluted earnings per share were $1.42 for the nine months ended September 30, 2011, a 2.1% increase over diluted earnings per share of $1.39 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 first nine months of 2011. We continue to focus on those activities that we believe will drive the long-term success of our Company — an emphasis on organic revenue growth driven by our market leading positions in our core respiratory service lines and expansion of our product offerings across our national network of local distribution and sales centers, accompanied by disciplined cost containment and operating efficiencies that maximize our operating cash flows.”

Lincare generated $217.2 million of cash from operating activities during the first nine months of 2011 and invested $95.7 million in net capital expenditures and $95.6 million in business acquisitions. The Company repurchased 8,023,497 shares of its common stock during the first nine months of 2011 for $200.0 million. As of September 30, 2011, total long term obligations, including current installments, were $622.5 million and cash and investments were $56.8 million. Common shares outstanding at September 30, 2011 were 88,895,381.

Lincare, headquartered in Clearwater, Florida, is one of the nation’s largest providers of respiratory therapy and other services to patients in the home. The Company provides services and equipment to more than 790,000 customers in 48 U.S. states and Canada through 1,108 local centers.

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 any estimates contained in this release include potential reductions in reimbursement rates by government and other 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 operation 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.

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. AND SUBSIDIARIES

Financial Summary

(In thousands, except share and per share data)

(Unaudited)

	For the three months ended
	September 30, 2011		September 30, 2010
Net revenues	$	474,758	$	418,673
Cost and expenses:
Costs of goods and services		151,336		115,215
Operating expenses		112,092		100,464
Selling, general and administrative expenses		88,783		79,405
Bad debt expense		9,495		10,980
Depreciation and amortization expense		32,672		28,924
Operating income		80,380		83,685
Interest expense, net		9,566		8,965
Income before income taxes		70,814		74,720
Income taxes		27,200		29,268
Net income	$	43,614	$	45,452
Basic earnings per common share	$	0.49	$	0.48
Diluted earnings per common share	$	0.48	$	0.47
Dividends declared per common share	$	0.20	$	0.00
Weighted average number of common shares outstanding		88,563,113		95,213,542
Weighted average number of common shares and common share equivalents outstanding		90,543,296		96,705,024

	For the nine months ended
	September 30, 2011		September 30, 2010
Net revenues	$	1,355,358	$	1,247,079
Cost and expenses:
Costs of goods and services		417,845		339,730
Operating expenses		316,188		298,664
Selling, general and administrative expenses		257,157		247,736
Bad debt expense		27,107		23,406
Depreciation and amortization expense		91,976		87,847
Operating income		245,085		249,696
Interest expense, net		27,769		26,680
Income before income taxes		217,316		223,016
Income taxes		84,560		87,513
Net income	$	132,756	$	135,503
Basic earnings per common share	$	1.46	$	1.42
Diluted earnings per common share	$	1.42	$	1.39
Dividends declared per common share	$	0.60	$	0.20
Weighted average number of common shares outstanding		91,196,200		95,666,188
Weighted average number of common shares and common share equivalents outstanding		93,506,608		97,488,912

LINCARE HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	September 30, 2011		December 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	$	36,804	$	164,203
Short-term investments		20,000		40,000
Restricted cash		0		345
Accounts receivable, net		238,050		186,001
Income tax receivable		928		9,443
Inventories		15,310		13,276
Prepaid and other current assets		6,738		3,542
Deferred income taxes		30,077		26,488
Total current assets		347,907		443,298
Property and equipment, net		347,465		338,778
Goodwill		1,368,085		1,258,065
Other		36,016		7,690
Total assets	$	2,099,473	$	2,047,831
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term obligations	$	104,710	$	619
Accounts payable		48,839		64,078
Accrued expenses:
Compensation and benefits		24,939		39,500
Liability insurance		17,219		19,052
Other current liabilities		60,137		51,501
Total current liabilities		255,844		174,750
Long-term obligations, excluding current installments		517,742		494,271
Deferred income taxes and other taxes		422,193		381,061
Total liabilities		1,195,779		1,050,082
Commitments and contingencies
Stockholders’ equity:
Common stock		889		963
Additional paid-in capital		703,873		681,988
Retained earnings		198,932		314,798
Total stockholders’ equity		903,694		997,749
Total liabilities and stockholders’ equity	$	2,099,473	$	2,047,831

Contact:

Paul G. Gabos

(727) 530-7700