Lincare profit drops on 'dramatic reductions' in Medicare reimbursements

Lincare Holdings Inc., the Clearwater based provider of respiratory and oxygen services to people in their homes, reported lower earnings and revenue for the latest quarter and for the nine months that ended Sept. 30. The company attributed most of the declines to "dramatic reductions" in Medicare reimbursements. Net income and revenue for the quarter fell to $36 million and $392.6 million, respectively, from $53.3 million and $405.7 million a year earlier. Lincare also extended to the end of 2012 the terms of its employment agreements with CEO John Byrnes. His base salary remains $896,816. He was paid $6.5 million in 2008, which includes incentives and stock and option awards.