<PAGE>   1

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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K


     (MARK ONE)
         [X]           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL
                       YEAR ENDED DECEMBER 31, 1999
                                     OR
         [ ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)


                         COMMISSION FILE NUMBER 0-19946

                             LINCARE HOLDINGS INC.
             (Exact name of registrant as specified in its charter)


                    DELAWARE                          51-0331330
        (State or other jurisdiction of             (I.R.S. Employer
         incorporation or organization)           Identification Number)

          19337 US 19 NORTH, SUITE 500                    33764
              CLEARWATER, FLORIDA                       (Zip Code)
    (Address of principal executive office)


       Registrant's telephone number, including area code: (727) 530-7700

        SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None

          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                     Common Stock, $.01 par value per share

     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.  [X] Yes   [ ] No

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

     The aggregate market value of the registrant's common stock, $.01 par
value, held by non-affiliates of the registrant, based on the closing sale price
of the common stock on March 3, 2000, as reported in the NASDAQ National Market
System, was approximately $1,245,207,125.

     As of March 3, 2000, there were 53,271,202 outstanding shares of the
registrant's common stock, par value $.01, which is the only class of capital
stock of the registrant outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

     The information called for by Part III of this Form 10-K is incorporated by
reference to the definitive Proxy Statement for the 2000 Annual Meeting of
Stockholders of Lincare Holdings Inc. which will be filed with the Securities
and Exchange Commission not later than 120 days after December 31, 1999.
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<PAGE>   2

                                     PART I

ITEM 1.  BUSINESS

GENERAL

     Lincare Holdings Inc. and subsidiaries ("Lincare" or the "Company") is one
of the nation's largest providers of oxygen and other respiratory therapy
services to patients in the home. The Company's customers typically suffer from
chronic obstructive pulmonary disease ("COPD"), such as emphysema, chronic
bronchitis or asthma, and require supplemental oxygen or other respiratory
therapy services in order to alleviate the symptoms and discomfort of
respiratory dysfunction. Lincare currently serves over 225,000 customers in 42
states through 429 operating centers.

THE HOME RESPIRATORY MARKET

     The Company estimates that the home respiratory therapy market (including
home oxygen equipment and respiratory therapy services) represents approximately
$4.0 billion in annual sales, with growth in services estimated at approximately
7% per year over the last five years. This growth reflects the significant
increase in the number of persons afflicted with COPD, which is largely
attributable to the increasing proportion of the population over the age of 65
years. Growth in the home respiratory market is further driven by the continued
trend towards treatment of patients in the home as a lower cost alternative to
the acute care setting.

BUSINESS STRATEGY

     The Company's strategy is to increase its market share through internal
growth and acquisitions. Lincare focuses primarily on growth within its existing
geographic markets, which the Company believes is generally more profitable than
adding additional operating centers in new markets. In addition, the Company
expands into new geographic markets on a selective basis, either through
acquisitions or by opening new operating centers, when it believes such
expansion will enhance its business. In 1999, Lincare acquired 22 local and
regional competitors with combined annual revenues of approximately $61.0
million. These acquisitions expanded the Company's presence in states where the
Company had existing locations.

     Revenue growth will be dependent upon the overall growth rate of the home
respiratory care market, as well as on opportunities to increase market share
through effective marketing efforts and selective acquisitions of local or
regional competitors. The Company believes that the growing cost containment
efforts of government and private insurance reimbursement programs have created
an increasingly competitive environment, accelerating consolidation trends
within the home health care industry.

     The Company will continue to concentrate on providing oxygen and other
respiratory therapy services to patients in the home and to provide home medical
equipment and other services where it believes such services will enhance the
Company's primary business. In 1999, oxygen and other respiratory therapy
services accounted for approximately 90% of the Company's revenues.

PRODUCTS AND SERVICES OF LINCARE

     Lincare primarily provides oxygen and other respiratory therapy services to
patients in the home. Lincare also provides a variety of infusion therapies in
certain geographic markets. When a patient is referred to one of the Company's
operating centers by a physician, hospital discharge planner or other source,
the Company's customer representative obtains the necessary medical and
insurance coverage information and coordinates the delivery of patient care. The
prescribed therapy is administered by one of the Company's representatives in
the customer's home, where instructions and training are given to the customer
and the customer's family regarding appropriate equipment use and maintenance
and the therapy to be administered. Following the initial setup, Company
representatives make periodic visits to the customer's home, the frequency of
which is dictated by the type of therapy. The Company's services are coordinated
with the customer's physician. During the period that the Company performs
services for a customer, the customer remains under the physician's care and
medical supervision. The Company employs respiratory therapists and nurses to
perform

                                        1
<PAGE>   3

certain training and other functions in connection with the Company's services.
The respiratory therapists and nurses are licensed where required by applicable
law.

     HOME OXYGEN EQUIPMENT.  The major types of oxygen delivery equipment are
liquid oxygen systems and oxygen concentrators. Each method of delivery has
different characteristics that make it more or less suitable to specific patient
applications.

          Oxygen concentrators are stationary units that provide a continuous
     flow of oxygen by filtering ordinary room air. Concentrators are most
     commonly used by patients as their primary source of stationary oxygen.
     These systems are often supplemented with portable gaseous oxygen
     cylinders, to meet the ambulatory needs of the patient.

          Liquid oxygen systems are thermally insulated containers of liquid
     oxygen, consisting of a stationary unit and a portable unit, which are most
     commonly used by patients with significant ambulatory requirements.

     OTHER RESPIRATORY THERAPY SERVICES.  Other respiratory therapy services
offered by the Company include the following:

          Nebulizers and associated respiratory medications provide aerosol
     therapy for patients suffering from COPD and asthma;

          Non-invasive ventilation provides nocturnal ventilatory support for
     neuromuscular and COPD patients. This therapy improves daytime function and
     decreases incidents of acute illness;

          Apnea monitors provide respiratory alarm systems for infants at risk
     for sudden infant death syndrome;

          Ventilators support respiratory function in severe cases of
     respiratory failure where the patient can no longer sustain the mechanics
     of breathing without the assistance of a machine; and

          Continuous positive airway pressure devices maintain open airways in
     patients suffering from obstructive sleep apnea by providing airflow at
     prescribed pressures during sleep;

     INFUSION THERAPY.  Lincare provides a variety of infusion therapies
including the following:

          Parenteral nutrition involves the intravenous feeding of
     life-sustaining nutrients to patients with impaired or altered digestive
     tracts or conditions that prohibit adequate oral nutritional support;

          Intravenous antibiotic therapy is the infusion of anti-infective
     medications into the patient's bloodstream for the treatment of a variety
     of infectious diseases;

          Enteral nutrition is administered to patients who cannot eat as a
     result of an obstruction to the upper gastrointestinal tract or other
     medical condition;

          Chemotherapy is the administration of cytotoxic drugs to patients
     suffering from various types of cancer;

          Dobutamine infusions are provided to patients to treat chronic
     end-stage congestive heart failure that has not responded to standard drug
     therapy. These patients require a long-term venous access device and
     frequent blood chemistry monitoring;

          Immune globulin (IVIG) therapy is utilized for a variety of immune
     disorders such as B-cell and T-cell immune deficiency, acute infections,
     post transplant immunodeficiency and burns;

          Continuous pain management is the administration of analgesic drugs to
     patients suffering from acute or chronic pain; and

          Central catheter management provides monitoring and supplies to
     patients requiring access via a peripherally inserted line into the
     superior vena cava.

                                        2
<PAGE>   4

     Lincare also supplies home medical equipment, such as hospital beds,
wheelchairs and other supplies that may be required by patients.

COMPANY OPERATIONS

     Management.  The Company is managed at the executive level as a portfolio
of local businesses. Decentralization of managerial decision-making enables the
Company's operating centers to respond promptly and effectively to local market
demands and opportunities. The Company believes that the personalized nature of
customer requirements and referral relationships characteristic of the home
health care business mandate the Company's localized operating structure.

     Each of the Company's 429 operating centers is managed by a center manager
who has responsibility and accountability for the operating and financial
performance of the center. Service and marketing functions are performed at the
local operating level, while strategic development, financial control and
operating policies are administered at the executive level. Reporting mechanisms
are in place at the operating center level to monitor performance and ensure
field accountability.

     A team of area managers directly supervises individual operating center
managers, serving as an additional mechanism for assessing and improving
performance of the Company's operations. The Company's operating centers are
served by 22 billing centers which control all of the Company's billing and
reimbursement functions.

     MIS Systems.  The Company believes that the proprietary management
information systems developed by the Company are one of its key competitive
advantages. These systems provide management with a critical asset in measuring
and evaluating performance levels throughout the Company. Management reviews
monthly reports containing information critical to the evaluation process,
including revenues and profitability by individual center, accounts receivable
and cash collection management, equipment controls and utilization, customer
activity, and manpower trends. The Company has a staff of 23 full-time computer
programmers which permits the Company to continually enhance its computer
systems in order to provide timely financial and operational information and to
respond promptly to changes in reimbursement regulations and policies.

     Accounts Receivable Management.  The Company derives a majority of its
revenues from reimbursement by third party payors. The Company accepts
assignment of insurance benefits from customers and, in most instances, invoices
and collects payments directly from Medicare, Medicaid and private insurance
carriers, as well as directly from customers under co-insurance provisions. The
following table sets forth, for the periods indicated, the Company's payor mix.

<TABLE>
<CAPTION>
                                                               YEAR ENDED DECEMBER 31,
                                                              -------------------------
                                                              1999      1998      1997
                           PAYORS                             -----     -----     -----
<S>                                                           <C>       <C>       <C>
Medicare and Medicaid programs..............................    62%       62%       63%
Private insurance...........................................    29        29        25
Direct payment..............................................     9         9        12
                                                               ---       ---       ---
                                                               100%      100%      100%
                                                               ===       ===       ===
</TABLE>

     Reimbursement is a complicated process which involves submission of claims
to multiple payors, each having its own claims requirements. To operate
effectively in this environment, the Company has designed and implemented
proprietary computer systems to decrease the time required for the submission
and processing of third party payor claims. The Company's systems are capable of
tailoring the submission of claims to the specifications of the individual
payors. The Company's in-house MIS capability also enables it to adjust quickly
to any regulatory or reimbursement changes. These features serve to decrease the
processing time of claims by payors, resulting in a more rapid turnover of
accounts receivable. In addition, the Company is capable of submitting claims
electronically to any Medicare carrier or other third party payor that can
receive electronic claims submissions.

                                        3
<PAGE>   5

SALES AND MARKETING

     Favorable trends affecting the U.S. population and home health care have
created an environment which should produce increasing demand for the services
provided by Lincare. The average age of the American population is increasing
and, as a person ages, more health care services are generally required.
Further, well-documented changes occurring in the health care industry show a
trend toward home care rather than institutional care as a matter of patient
preference and cost containment.

     Sales activities are generally carried out by the Company's full-time sales
representatives located at the Company's operating centers with assistance from
the center managers. In addition to promoting the high quality of the Company's
services, the sales representatives are trained to provide information
concerning the advantages of home respiratory care. Sales representatives are
often licensed respiratory therapists who are highly knowledgeable in the
provision of supplemental oxygen and other respiratory therapies.

     The Company primarily acquires new customers through referrals. The
Company's principal sources of referrals are physicians, hospital discharge
planners, prepaid health plans, clinical case managers and nursing agencies. The
Company's sales representatives maintain continual contact with these medical
professionals in order to strengthen these relationships.

     The Company's current base of referral sources recognizes the Company's
reputation for providing high-quality service to patients and provides a steady
flow of customers. While the Company views its referral sources as fundamental
to its business, no single referral source accounts for more than 1.0% of the
Company's revenues. The Company has more than 225,000 active customers, and the
loss of any single customer or group of customers would not materially impact
the Company's business.

     Joint Commission on Accreditation of Healthcare Organizations,
("JCAHO").  The Company has received accreditation from the JCAHO, a private
not-for-profit organization that has established voluntary standards for the
provision of home health care services, for all of its operating centers.

     Accreditation by the JCAHO represents a marketing benefit to the Company's
operating centers and provides for a recognized quality assurance program
throughout the Company. Several proposals have been made to require health care
providers to be accredited or licensed by independent agencies in order to
participate in government reimbursement programs. Many private payors already
require such accreditation.

ACQUISITIONS

     In 1999, the Company acquired, in unrelated acquisitions, certain operating
assets of 18 local and regional competitors and the common stock of 4 other
local and regional competitors. The operations acquired in 1999 had aggregate
annualized revenues of approximately $61.0 million at the time of acquisition.
These acquisitions resulted in the addition of 21 new operating centers.

     In 1998, the Company acquired, in unrelated acquisitions, certain operating
assets of 12 local and regional competitors and the common stock of 12
companies. The operations acquired in 1998 had aggregate annualized revenues of
approximately $58.0 million at the time of acquisition. These acquisitions
resulted in the addition of 31 new operating centers.

QUALITY CONTROL

     The Company is committed to providing consistently high quality products
and services. The Company's quality control procedures and training programs are
designed to promote greater responsiveness and sensitivity to individual
customer needs and to provide the highest level of quality assurance and
convenience to the customer and the referring physician. Licensed respiratory
therapists and registered nurses provide professional health care support and
assist in the Company's sales and marketing efforts.

                                        4
<PAGE>   6

SUPPLIERS

     The Company purchases its oxygen and equipment from a variety of suppliers.
The Company is not dependent upon any single supplier and believes that its
oxygen and equipment needs can be provided by several manufacturers.

COMPETITION

     The home respiratory care market is a fragmented and highly competitive
industry that is served by the Company, other national providers and, by Company
estimates, over 2,000 regional and local providers.

     Quality of service is the single most important competitive factor within
the home respiratory care market. The relationships between a home respiratory
care company and its customers and referral sources are highly personal. There
is no incentive for either the physician or the patient to alter this
relationship so long as the home respiratory care company is providing
responsive, professional and high-quality service. Other key competitive factors
are strength of local ties to the referral community and efficiency of
reimbursement and accounts receivable management systems.

     Home respiratory care companies compete based on service since
reimbursement levels are established by the fee schedules promulgated by
Medicare, Medicaid or by the individual determinations of private insurance
companies. Furthermore, marketing efforts by home respiratory care companies are
directed toward referral sources which generally do not share financial
responsibility for the payment of services provided to customers.

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 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.

     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 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.
                                        5
<PAGE>   7

     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.

GOVERNMENT REGULATION

     The federal government and all states in which the Company currently
operates regulate various aspects of its business. In particular, the Company's
operating centers are subject to federal laws covering the repackaging of drugs
(including oxygen) and regulating interstate motor-carrier transportation. The
Company's locations also are subject to state laws governing, among other
things, pharmacies, nursing services, distribution of medical equipment and
certain types of home health activities. Certain of the Company's employees are
subject to state laws and regulations governing the ethics and professional
practice of respiratory therapy, pharmacy and nursing.

     As a supplier of services under the Medicare and Medicaid programs, the
Company is subject to the Medicare and Medicaid fraud and abuse laws. These
laws, among other things, prohibit any payment, kickback or rebate in return for
the referral of patients receiving benefits from Medicare, Medicaid or other
federally funded health care programs. Violations of these provisions may result
in civil and criminal penalties and exclusion from participation in such
programs.

     Health care is an area of rapid regulatory change. Changes in the law and
new interpretations of existing laws may affect permissible activities, the
relative costs associated with doing business, and reimbursement amounts paid by
federal, state and other third party payors. The Company cannot predict the
future of federal, state and local regulation or legislation, including Medicare
and Medicaid statutes and regulations, or possible changes in national health
care policies. Future legislative and regulatory changes could have an adverse
impact on the Company.

INSURANCE

     The Company currently has in force general liability and product liability
insurance, each with a coverage limit of $10.0 million. In addition, the Company
has professional liability insurance with a coverage limit of $1.0 million per
occurrence and $3.0 million in the aggregate. The Company's product liability
insurance provides coverage on a claims-made basis, while its general and
professional liability insurance are on an occurrence basis. All policies are
subject to annual renewal and the Company anticipates adequate amounts of
insurance coverage to be available at such renewal dates.

EMPLOYEES

     As of February 29, 2000, the Company had approximately 4,700 employees.
None of the Company's employees are covered by collective bargaining agreements.
The Company believes that the relations between the Company's management and its
employees are good.

ENVIRONMENTAL MATTERS

     Management believes that the Company is currently in compliance, in all
material respects, with applicable federal, state and local statutes and
ordinances regulating the discharge of hazardous materials into the environment.
Management does not believe it will be required to expend any material amounts
in order to remain in compliance with these laws and regulations or that such
compliance will materially affect its capital expenditures, earnings or
competitive position.

ITEM 2.  PROPERTIES

     All but one of the Company's 429 operating center locations are leased from
unrelated third parties. Each operating center is a combination warehouse and
office, with warehouse space generally comprising approximately 50% of the
facility. Warehouse space is used for storage of adequate supplies of equipment
necessary to conduct the Company's business. The Company also currently leases
its headquarters facility and 22 separate billing centers from unrelated third
parties.

                                        6
<PAGE>   8

ITEM 3.  LEGAL PROCEEDINGS

     As a health care provider, the Company is subject to extensive government
regulation, including numerous laws directed at preventing fraud and abuse and
laws regulating reimbursement under various government programs. To ensure
compliance with Medicare and other regulations, government agencies and regional
carriers often open investigations and request patient records and other
documents to support claims submitted by the Company for payment of services
rendered to its patients. The marketing, billing, documentation and other
practices of health care companies are also the subject of government scrutiny,
from time to time. In actions known as qui tam suits, private litigants may also
make claims against the Company for violations of health care laws and the
government may intervene in, and take control of such actions. Violations of
federal and state regulations can result in severe criminal, civil and
administrative penalties and sanctions, including disqualification from Medicare
and other reimbursement programs.

     In this regard, the Company has received inquiries from various government
agencies requesting patient records and other documents. The Company is
cooperating with the government's requests for information. The government has
not served the Company with any complaints nor has it disclosed the basis for
its inquiries. The Company is also a defendant in a qui tam proceeding pending
in the U.S. District Court in the Northern District of Georgia. The government
has declined to intervene in this action. The Company intends to vigorously
defend this suit. The duration or outcome of these matters cannot be predicted
with any degree of certainty.

     The Company is also involved in certain other claims and legal actions
arising in the ordinary course of its business. The ultimate disposition of all
such matters is not expected to have a material adverse impact on the Company's
financial position, results of operations or liquidity.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to a vote of the Company's stockholders during
the fourth quarter of 1999.

                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     The Company's Common Stock is traded on the NASDAQ National Market System
under the symbol LNCR. The following table sets forth the high and low closing
sale prices as reported by NASDAQ for the periods indicated.

<TABLE>
<CAPTION>
                                                               HIGH      LOW
                                                              ------    ------
<S>                                                           <C>       <C>
1999
First quarter...............................................  $39.94    $19.38
Second quarter..............................................   31.44     23.25
Third quarter...............................................   32.94     23.50
Fourth quarter..............................................   34.69     24.44
1998
First quarter...............................................  $35.41    $26.88
Second quarter..............................................   44.00     35.25
Third quarter...............................................   44.38     32.50
Fourth quarter..............................................   41.13     31.63
</TABLE>

     There were approximately 219 holders of record of the common stock as of
February 29, 2000.

     The Company has not paid any cash dividends on its capital stock and does
not anticipate paying cash dividends in the foreseeable future. It is the
present intention of the Company's Board of Directors to retain all earnings in
the Company in order to support the future growth of the Company's business.

                                        7
<PAGE>   9

ITEM 6.  SELECTED FINANCIAL DATA

     The selected consolidated financial data presented below under the caption
"Statements of Operations Data" for the years ended December 31, 1999, 1998,
1997, 1996 and 1995, are derived from the consolidated financial statements of
the Company audited by KPMG LLP, independent certified public accountants.

     The data set forth below is qualified by reference to, and should be read
in conjunction with, the consolidated financial statements, accompanying notes
and Management's Discussion and Analysis of Financial Condition and Results of
Operations included in this report.

<TABLE>
<CAPTION>
                                                            YEAR ENDED DECEMBER 31,
                                              ----------------------------------------------------
                                                1999       1998       1997       1996       1995
                                              --------   --------   --------   --------   --------
                                                     (IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                           <C>        <C>        <C>        <C>        <C>
STATEMENTS OF OPERATIONS DATA:
Net revenues................................  $581,786   $487,407   $443,181   $348,870   $274,800
Cost of goods and services..................    89,592     76,367     65,932     53,711     41,329
Operating expenses..........................   131,240    111,222     93,830     75,158     60,272
Selling, general and administrative
  expenses..................................   128,345    107,691     90,225     71,259     57,275
Bad debt expense............................     6,981      5,849      4,432      3,472      2,190
Depreciation expense........................    41,178     34,430     27,603     20,790     16,511
Amortization expense........................    15,954     12,745     14,229     13,128     11,099
Non-recurring expense(1)....................        --         --     15,557      3,932      1,921
                                              --------   --------   --------   --------   --------
Operating income............................   168,496    139,103    131,373    107,420     84,203
Interest income.............................       468        447        202        153        294
Interest expense............................     5,940      1,177      1,161        497        892
Gain (loss) on disposal of property and
  equipment.................................      (277)      (113)       (93)       (80)        68
                                              --------   --------   --------   --------   --------
Income before income taxes..................   162,747    138,260    130,321    106,996     83,673
Income tax expense..........................    62,007     52,954     50,173     40,422     32,634
                                              --------   --------   --------   --------   --------
Net income..................................  $100,740   $ 85,306   $ 80,148   $ 66,574   $ 51,039
                                              ========   ========   ========   ========   ========
Income per common share:
  Basic.....................................  $   1.77   $   1.47   $   1.41   $   1.19   $    .93
                                              ========   ========   ========   ========   ========
  Diluted...................................  $   1.74   $   1.44   $   1.37   $   1.15   $    .90
                                              ========   ========   ========   ========   ========
Weighted average number of common shares
  outstanding...............................    56,942     57,992     56,837     55,999     55,021
                                              ========   ========   ========   ========   ========
Weighted average number of common shares and
  common share equivalents outstanding......    57,989     59,435     58,655     57,726     56,744
                                              ========   ========   ========   ========   ========
</TABLE>

---------------

(1) In 1997, the Company recorded a non-recurring expense of $15,557,000, of
     which $11,849,000 was related to the write down of impaired capital
     equipment and $3,708,000 was related to the write down of impaired
     intangible assets (see Note 11 to the consolidated financial statements).
     In 1996, the Company recorded a non-recurring expense of $3,932,000, of
     which $2,682,000 was related to the restructuring of certain senior
     management employment agreements and $1,250,000 was related to the
     resolution of an investigation and associated legal expenses. In 1995, the
     Company recorded a non-recurring expense of $1,921,000 related to the
     abandoned merger between the Company and Coram Healthcare Corporation. Such
     non-recurring expense was comprised of (a) $1,448,000 of professional fees,
     (b) $199,000 of printing and mailing expenses, (c) $153,000 of filing fees,
     and (d) $121,000 of other direct costs.

                                        8
<PAGE>   10

<TABLE>
<CAPTION>
                                                                AT DECEMBER 31,
                                              ----------------------------------------------------
                                                1999       1998       1997       1996       1995
                                              --------   --------   --------   --------   --------
                                                                 (IN THOUSANDS)
<S>                                           <C>        <C>        <C>        <C>        <C>
BALANCE SHEET DATA:
Working capital.............................  $ 70,179   $ 49,078   $ 42,106   $ 23,633   $ 16,510
Total assets................................   716,824    582,639    440,388    347,408    260,206
Long-term obligations, excluding current
  installments..............................   159,000     22,258      4,602      8,234      7,383
Stockholders' equity........................   486,111    495,656    393,067    299,248    221,383
</TABLE>

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

GENERAL

     The Company continues to pursue its strategy of increasing market share
within its existing geographical markets through internal growth and selective
acquisitions of local and regional competitors. In addition, the Company will
continue to expand into new geographical markets on a selective basis, either
through acquisitions or by opening new operating centers, when the Company
believes it will enhance its business. The Company's focus remains primarily on
oxygen and other respiratory therapy services, which represent approximately 90%
of the Company's revenues.

NET REVENUES

     The following table sets forth for the periods indicated a summary of the
Company's net revenues by source:

<TABLE>
<CAPTION>
                                                         YEAR ENDED DECEMBER 31,
                                                     --------------------------------
                                                       1999        1998        1997
                                                     --------    --------    --------
                                                              (IN THOUSANDS)
<S>                                                  <C>         <C>         <C>
Oxygen and other respiratory therapy...............  $521,870    $433,594    $397,390
Home medical equipment and other...................    59,916      53,813      45,791
                                                     --------    --------    --------
          Total....................................  $581,786    $487,407    $443,181
                                                     ========    ========    ========
</TABLE>

     Net revenues for the year ended December 31, 1999 increased by $94,379,000
(or 19.4%) over 1998. The Company's revenues were impacted in 1999 and 1998 by
provisions contained in the Balanced Budget Act of 1997 (the "BBA") which
reduced Medicare payment amounts for certain equipment and supplies provided by
the Company. The BBA provisions resulted in a reduction of the Company's
revenues by approximately $19,343,000 (or 3.9%) and $73,221,000 (or 16.5%) for
the years ended December 31, 1999 and 1998, respectively. (See table below)

<TABLE>
<CAPTION>
                                                         YEAR ENDED DECEMBER 31,
                                                     --------------------------------
                                                       1999        1998        1997
                                                     --------    --------    --------
                                                              (IN THOUSANDS)
<S>                                                  <C>         <C>         <C>
Revenues -- before reimbursement reductions........  $601,129    $560,628    $443,181
Effect of reimbursement reductions.................   (19,343)    (73,221)         --
                                                     --------    --------    --------
Actual revenues....................................  $581,786    $487,407    $443,181
                                                     ========    ========    ========
</TABLE>

     Excluding the effect on the Company's 1999 revenues from the Medicare
reimbursement reductions, internally generated growth increased revenues by
approximately $57,813,000 (or 11.8%) for the year ended December 31, 1999.
Growth due to acquisitions increased revenues by approximately $55,909,000 (or
11.5%) for the year ended December 31, 1999. In addition, revenues for the year
ended December 31, 1999 were negatively impacted by changes in Medicare coverage
guidelines for respiratory assist devices. The net effect of these changes was a
$2,100,000 reduction in revenues from these devices in the fourth quarter of
1999.

                                        9
<PAGE>   11

     The Company experienced a price increase in 1997 as a result of Medicare
consumer price index updates for durable medical equipment of 2.8%. The company
estimates that price increases from Medicare and other third party payors
increased revenue by $6,800,000 in 1997.

     The Balanced Budget Act of 1997 was signed into law on August 5, 1997. The
BBA was expected to reduce Medicare payment amounts for oxygen and oxygen
equipment furnished after January 1, 1998, to 75 percent of the fee schedule
amounts in effect during 1997. Payment amounts for oxygen and oxygen equipment
furnished after January 1, 1999 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. On November 29, 1999, the
Balanced Budget Refinement Act of 1999 ("BBA Refinement Act") was signed into
law. 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.

     The revenue reductions attributed to the BBA impacted the relationship of
costs and expenses expressed as a percentage of net revenues for the years 1999
and 1998 as compared to prior years. (See table below)

<TABLE>
<CAPTION>
                                                 EXPRESSED AS A PERCENTAGE OF NET REVENUES
                                ----------------------------------------------------------------------------
                                                             FOR THE YEAR ENDED
                                ----------------------------------------------------------------------------
                                                   RESULTS                       RESULTS
                                                  EXCLUDING                     EXCLUDING
                                                  IMPACT OF                     IMPACT OF
                                    ACTUAL           BBA           ACTUAL          BBA            ACTUAL
                                   RESULTS        PRICE CUTS      RESULTS       PRICE CUTS       RESULTS
                                 DECEMBER 31,    DECEMBER 31,   DECEMBER 31,   DECEMBER 31,    DECEMBER 31,
                                     1999            1999           1998           1998            1997
                                --------------   ------------   ------------   ------------   --------------
<S>                             <C>              <C>            <C>            <C>            <C>
Costs of goods and services...      15.4%           14.9%          15.7%          13.6%           14.9%
Operating expenses............      22.6%           21.8%          22.8%          19.8%           21.2%
Selling, general and
  administrative expenses.....      22.1%           21.4%          22.1%          19.2%           20.4%
</TABLE>

COST OF GOODS AND SERVICES

     Cost of goods and services as a percentage of net revenues was 15.4% for
the year ended December 31, 1999 and was 15.7% and 14.9% for the years ended
December 31, 1998 and 1997, respectively. Eliminating the effect of the BBA
reimbursement reductions in 1999, cost of goods and services as a percentage of
net revenues would have been 14.9%, a decrease of 80 basis points when compared
with the actual results of the prior year period. Excluding the reimbursement
reduction effect of the BBA in 1998, cost of goods sold and services as a
percentage of net revenues would have been 13.6%, a decrease of 130 basis points
when compared with the actual results of the prior year period.

OPERATING AND OTHER EXPENSES

     Operating expenses, expressed as a percentage of net revenues, were 22.6%
for the year ended December 31, 1999 and were 22.8% and 21.2% for the years
ended December 31, 1998 and 1997, respectively. Adjusted to remove the effect of
the BBA reimbursement reductions in 1999, operating expenses as a percentage of
net revenues would have been 21.8%, a decrease of 100 basis points when compared
with the actual results of the prior year period. Excluding the reimbursement
reduction effect of the BBA in 1998, operating expenses as a percentage of net
revenues would have been 19.8%, a decrease of 140 basis points over the prior
year period. Selling, general and administrative expenses, expressed as a
percentage of net revenues, for the years ended December 31, 1999, 1998, and
1997, were 22.1%, 22.1% and 20.4%, respectively. Expressed as a percentage of
net revenues before the reimbursement reductions attributed to the BBA in 1999,
selling, general and administrative expenses would have been 21.4%, a decrease
of 70 basis points when compared with the actual results of the prior year
period. Excluding the reimbursement reduction effect of the BBA in 1998,
selling, general and administrative expenses as a percentage of net revenues
would have been 19.2%, a decrease of 120 basis points over the prior year
period. The Company has been able to maintain a cost

                                       10
<PAGE>   12

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.

     Bad debt expense as a percentage of net revenues was 1.2% for the year
ended December 31, 1999 and 1.2% and 1.0% for the years ended December 31, 1998
and 1997, respectively. The anticipated increase in bad debt expense is due to
the continued growth in the pace of the Company's acquisition program. The
integration of these acquired companies into the Company's regional billing and
collections offices can adversely impact the accounts receivable written off as
uncollectable.

     Depreciation expense as a percentage of net revenues was 7.1% for the year
ended December 31, 1999 compared with 7.1% and 6.2% for the years ended December
31, 1998 and 1997, respectively. The increase in depreciation expense as a
percentage of net revenues in 1999 and 1998 is attributable to the effects of
the BBA reimbursement reductions on the Company's revenues in those years.

AMORTIZATION EXPENSE

     The Company's net intangible assets were $423,384,000 as of December 31,
1999. Of this total, $8,577,000 (consisting of the value assigned to customer
lists) is being amortized over a period of three years, $951,000 (consisting of
various covenants not to compete) over a period of one to five years and
$413,856,000 (consisting of goodwill) over a period of 40 years.

     During 1999, the Company amortized $15,954,000 of its intangible assets
compared to $12,745,000 in 1998 and $14,229,000 in 1997. The increase in
amortization expense in 1999 is attributed to the amortization of intangible
assets associated with business combinations in 1999.

OPERATING INCOME

     As shown in the table below, operating income before non-recurring expense
for the year ended December 31, 1999 increased by $29,393,000 from 1998. The
reduction in operating income before non-recurring expense as a percentage of
net revenues in 1999 and 1998 is attributed to the BBA reimbursement reductions,
which reduced net revenues and operating income by $19,343,000 and $73,221,000
each year, respectively, during the periods. In 1997, the Company recorded a
non-recurring expense of $15,557,000, of which $11,849,000 was related to the
write down of impaired oxygen rental equipment and $3,708,000 was related to an
impairment write down of certain customer list intangible assets. The charges
adjusted the carrying value of certain assets affected by provisions of the BBA.
This legislation reduced Medicare reimbursement for home oxygen equipment and
services by 30 percent over the two year period commencing January 1, 1998. The
fair values of the oxygen rental equipment and customer lists were determined
based on discounted cash flows taking into account the reduced reimbursement
rates.

<TABLE>
<CAPTION>
                                                                 YEAR ENDED DECEMBER 31,
                                                             --------------------------------
                                                               1999        1998        1997
                                                             --------    --------    --------
                                                                      (IN THOUSANDS)
<S>                                                          <C>         <C>         <C>
Operating income before non-recurring expense..............  $168,496    $139,103    $146,930
Percentage of net revenues.................................      29.0%       28.5%       33.2%
</TABLE>

INTEREST EXPENSE

     Interest expense for the year ended December 31, 1999 was $5,940,000,
compared to $1,177,000 and $1,161,000 for the years ended December 31, 1998 and
1997, respectively. The increase in interest expense in 1999 is primarily
attributable to additional borrowings utilized for the Company's open market
repurchase of $118,260,000 of its outstanding common stock.

INCOME TAXES

     The Company's effective income tax rate was 38.1% for the year ended
December 31, 1999, 38.3% for 1998 and 38.5% for 1997.

                                       11
<PAGE>   13

ACQUISITIONS

     In 1999, the Company acquired, in unrelated acquisitions, certain operating
assets of 18 local and regional competitors and the common stock of 4 other
companies. The operations acquired in 1999 had aggregate annualized revenues of
approximately $61,000,000 at the time of acquisition. The cost of these
acquisitions was $103,356,000 and was allocated to acquired assets as follows:
$2,969,000 to current assets, $6,097,000 to property and equipment, $7,132,000
to intangible assets and $87,158,000 to goodwill. These acquisitions resulted in
the addition of 21 new operating centers.

     In 1998, the Company acquired, in unrelated acquisitions, certain operating
assets of 12 local and regional competitors and the common stock of 12 other
companies. The operations acquired in 1998 had aggregate annualized revenues of
approximately $58,000,000 at the time of acquisition. The cost of these
acquisitions was $113,979,000 and was allocated to acquired assets as follows:
$6,708,000 to current assets, $4,459,000 to property and equipment, $4,753,000
to intangible assets, and $98,059,000 to goodwill. These acquisitions resulted
in the addition of 31 new operating centers.

LIQUIDITY AND CAPITAL RESOURCES

     At December 31, 1999, the Company's working capital was $70,179,000, as
compared to $49,078,000 at December 31, 1998, and $42,106,000 at December 31,
1997.

     Net cash provided by operating activities was $149,155,000 for the year
ended December 31, 1999, compared with $145,442,000 for the year ended December
31, 1998, and $126,550,000 for the year ended December 31, 1997. A significant
portion of the Company's assets consists of accounts receivables from third
party payors that are responsible for payment for the services provided by the
Company. The Company's net accounts receivable in terms of days sales
outstanding was 62 days as of December 31, 1999 and 59 days as of December 31,
1998. The increase in DSO is attributable primarily to the integration of
acquired companies and the continued volume growth in the Company's business.
Because of the Company's ability to collect its accounts receivable on a timely
basis, the Company has not been required to obtain interim financing of its
accounts receivable to satisfy operating needs.

     Net cash used in investing and financing activities was $150,556,000,
$144,420,000 and $124,013,000 for the years ended December 31, 1999, 1998 and
1997, respectively. Activity in the year ended December 31, 1999 included the
Company's investment of $73,426,000 in business acquisitions, investment in
capital equipment of $66,882,000, proceeds of $273,000,000 from its revolving
credit loan and other long-term obligations, and payments of $170,879,000
related to long-term obligations. The Company anticipates that capital
expenditures for 2000 will be approximately $70,000,000 to $80,000,000 which
includes construction costs of a headquarters building on the land purchased in
1999.

     As of December 31, 1999, the Company's principal sources of liquidity
consisted of $70,179,000 of working capital and $103,000,000 available under its
bank credit facilities. During 1999, the Company increased its bank credit
facility borrowing capacity from $100,000,000 to $265,000,000. 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 and financial obligations 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 December 31, 1999, $118,260,000 of
common stock had been repurchased under this program. The total common stock
held in treasury was $118,039,000 as of December 31, 1999.

     The Company's future liquidity will continue to be dependent upon its
operating cash flow and management of accounts receivable. The Company does not
expect any impact on liquidity due to pending litigation.

                                       12
<PAGE>   14

YEAR 2000 REMEDIATION

     Certain risks may exist with respect to potential malfunctions of computer
hardware and software and embedded microprocessors due to the change in the
century (the "Year 2000 problem"). Malfunctions may arise due to the design of
microchips and microprocessors and computer systems that are programmed to use
two rather than four digits to define the applicable year. The Company has
completed an extensive program to identify and remediate issues arising from the
Year 2000 problem.

     The Company uses a proprietary and internally developed management
information system (MIS) which serves as the platform for the operating and
financial activities of the Company. The MIS system processes billings to, and
collections from, third party payors for services provided by the Company and
supports all of the Company's accounting, finance and general ledger functions.
The system provides management with information used to measure and evaluate
performance levels throughout the Company, including revenues and profitability,
accounts receivable and collections, equipment controls and utilization,
customer activity and manpower trends. The Company completed, in all material
respects, the conversion of its mission-critical MIS software thereby mitigating
the risk of Year 2000 problems. To date, the Company has not experienced any
material MIS issues as a result of the change in century. The costs associated
with the conversion were immaterial and fully expensed in the current and prior
fiscal years.

     The Company has assessed its use of ancillary, third party computer
software used to electronically submit medical claims to certain payors. None of
this software was materially impacted by the Year 2000 problem. As such, the
Company has not been required to implement its contingency plan with respect to
this software.

     Certain medical devices and equipment provided by the Company to its
customers contain embedded technology such as microprocessors. The Company
identified those categories of devices and equipment that were sensitive to the
change in century. The devices and equipment were removed from service and
replaced with therapeutically comparable, Year 2000 compliant equipment prior to
the change in the century. The scope and cost of exchanging non-compliant
devices and equipment did not have a material impact on the Company's financial
position.

     The Company is highly dependent upon certain government and private payors
for payment of claims for services and equipment provided by the Company. The
Company has not experienced a significant interruption in payment of claims by
its primary payor sources due to the Year 2000 problem. The Company continues to
monitor claims payments by individual third party payors to determine whether
any Year 2000 problems have developed.

NEW ACCOUNTING STANDARDS

     In June 1999, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 137, "Accounting for Derivative
Instruments and Hedging Activities -- Deferral of the Effective Date of SFAS No.
133," which deferred, for one year, the effective date for the implementation of
SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities".
SFAS No. 133 establishes accounting and reporting standards for derivative
instruments and for hedging activities and requires that an entity recognize all
derivative instruments as either assets or liabilities on the balance sheet and
measure those instruments at fair values. The Company will be required to adopt
this standard for financial statements issued beginning the first quarter of
fiscal year 2001. The Company is currently evaluating the effect this standard
will have on its financial statements.

INFLATION

     The Company has not experienced large increases in either the cost of
supplies or operating expenses due to inflation. Because of reductions in
reimbursement by government and private medical insurance programs and pressure
to contain the costs of such programs, the Company bears the risk that
reimbursement rates set by such programs will not keep pace with inflation.

                                       13
<PAGE>   15

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 have 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. 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 would
be required to either purchase 1,000,000 shares of its common stock for
$28,282,000 or 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. As
of December 31, 1999, the market price of the Company's common stock was $34.69
and the average strike price of the Puts was $28.28. 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 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-K 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.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The financial statements required by this item are listed in Item 14(a)(1)
and are submitted at the end of this Annual Report on Form 10-K. The
supplementary data required by this Item is included on page S-1. The financial
statements and supplementary data are herein incorporated by reference.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     None.

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The response to this item will be included in the definitive proxy
statement for the Annual Meeting of Stockholders to be held May 8, 2000, under
"Information Regarding the Board of Directors and Executive Officers" and is
herein incorporated by reference.

ITEM 11.  EXECUTIVE COMPENSATION

     The response to this item will be included in the definitive proxy
statement for the Annual Meeting of Stockholders to be held May 8, 2000, under
"Executive Compensation" and is herein incorporated by reference.

                                       14
<PAGE>   16

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The response to this item will be included in the definitive proxy
statement for the Annual Meeting of Stockholders to be held May 8, 2000, under
"Security Ownership of Principal Stockholders and Management" and is herein
incorporated by reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     None.

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE, AND REPORTS ON FORM 8-K

     (a) (1) The following consolidated financial statements of Lincare Holdings
Inc. and subsidiaries are filed as part of this Form 10-K starting at page F-1:

        Independent Auditors' Report

        Consolidated Balance Sheets -- December 31, 1999 and 1998

        Consolidated Statements of Operations -- Years ended December 31, 1999,
        1998 and 1997.

        Consolidated Statements of Stockholders' Equity -- Years ended December
        31, 1999, 1998 and 1997

        Consolidated Statements of Cash Flows -- Years ended December 31, 1999,
        1998 and 1997

        Notes to Consolidated Financial Statements

         (2) The following consolidated financial statement schedule of Lincare
Holdings Inc. and subsidiaries is included in this Form 10-K at page S-1:

        Schedule VIII -- Valuation and Qualifying Accounts

        All other schedules for which provision is made in the applicable
        accounting regulation of the Securities and Exchange Commission are not
        required under the related instructions or are inapplicable, and
        therefore have been omitted.

         (3) Exhibits included or incorporated herein:

        See Exhibit Index.

     (b) The Company did not file a Current Report on Form 8-K during the three
months ended December 31, 1999.

                                       15
<PAGE>   17

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) 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.

                                                  /s/  PAUL G. GABOS
                                          --------------------------------------
                                                       Paul G. Gabos
                                              Secretary, Chief Financial and
                                               Principal Accounting Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
                   SIGNATURE                                    POSITION                     DATE
                   ---------                                    --------                     ----
<C>                                               <S>                                   <C>

               /s/ JOHN P. BYRNES                 Director, President, Chief Executive  March 28, 2000
------------------------------------------------    Officer and Principal Executive
                   John P. Byrnes                   Officer

               /s/ PAUL G. GABOS                  Secretary, Chief Financial and        March 28, 2000
------------------------------------------------    Principal Accounting Officer
                   Paul G. Gabos

                       *                          Director                              March 28, 2000
------------------------------------------------
                Chester B. Black

                       *                          Director                              March 28, 2000
------------------------------------------------
                 Frank T. Cary

                       *                          Director                              March 28, 2000
------------------------------------------------
             William F. Miller, III

                       *                          Director                              March 28, 2000
------------------------------------------------
                 Thomas O. Pyle
</TABLE>

                         *By:  /s/ JOHN P. BYRNES
                             --------------------------
                                  Attorney in fact

                                       16
<PAGE>   18

                          INDEPENDENT AUDITORS' REPORT

The Board of Directors and Stockholders
Lincare Holdings Inc.:

     We have audited the consolidated financial statements of Lincare Holdings
Inc. and subsidiaries as listed in the index on page 15. In connection with our
audits of the consolidated financial statements, we also have audited the
consolidated financial statement schedule listed in the index on page 15. These
consolidated financial statements and financial statement schedule are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statements and financial statement
schedule based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used, and significant estimates made, by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Lincare
Holdings Inc. and subsidiaries as of December 31, 1999 and 1998, and the results
of their operations and their cash flows for each of the years in the three-year
period ended December 31, 1999, in conformity with generally accepted accounting
principles. Also, in our opinion, the related consolidated financial statement
schedule, when considered in relation to the basic consolidated financial
statements taken as a whole, presents fairly, in all material respects, the
information set forth therein.

                                          KPMG LLP

St. Petersburg, Florida
February 4, 2000

                                       F-1
<PAGE>   19

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                          CONSOLIDATED BALANCE SHEETS
                           DECEMBER 31, 1999 AND 1998

<TABLE>
<CAPTION>
                                                                 1999         1998
                                                              ----------   ----------
                                                              (DOLLARS IN THOUSANDS)
<S>                                                           <C>          <C>
                                       ASSETS
Current assets:
  Cash and cash equivalents.................................   $  3,699     $  5,100
  Accounts and notes receivable (note 2)....................    104,762       85,187
  Income taxes receivable...................................      5,837        3,553
  Inventories...............................................      3,612        2,908
  Prepaid expenses..........................................      1,700          478
                                                               --------     --------
          Total current assets..............................    119,610       97,226
                                                               --------     --------
Property and equipment (notes 3 and 4)......................    305,168      246,033
Less accumulated depreciation...............................    134,041      105,799
                                                               --------     --------
          Net property and equipment........................    171,127      140,234
                                                               --------     --------
Other assets:
  Goodwill, less accumulated amortization of $35,166 in 1999
     and $24,690 in 1998....................................    413,856      336,485
  Intangible assets, less accumulated amortization of
     $44,491 in 1999
     and $40,035 in 1998....................................      8,577        6,102
  Covenants not to compete, less accumulated amortization of
     $11,984 in 1999
     and $10,963 in 1998....................................        951        1,772
  Other.....................................................      2,703          820
                                                               --------     --------
          Total other assets................................    426,087      345,179
                                                               --------     --------
                                                               $716,824     $582,639
                                                               ========     ========
                        LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current installments of long-term obligations (note 5)....   $ 12,436     $ 12,923
  Accounts payable..........................................     20,598       19,169
  Accrued expenses:
     Compensation and benefits..............................     10,859       10,679
     Other..................................................      5,538        5,377
                                                               --------     --------
          Total current liabilities.........................     49,431       48,148
                                                               --------     --------
Long-term obligations, excluding current installments (note
  5)........................................................    159,000       22,258
Deferred income taxes (note 6)..............................     21,493       15,651
Minority interest...........................................        789          926
Stockholders' equity (notes 6, 7, and 8):
  Common stock, $.01 par value. Authorized 200,000,000
     shares; issued and outstanding: 58,397,702 and
     54,069,202 in 1999, 58,379,054 and 58,354,266 in
     1998...................................................        584          583
  Additional paid-in capital................................    135,741      128,828
  Retained earnings.........................................    467,825      367,085
  Less treasury stock, at cost: 4,328,500 shares in 1999 and
     24,788 shares in 1998..................................    118,039          840
                                                               --------     --------
          Total stockholders' equity........................    486,111      495,656
Commitments and contingencies (notes 4 and 14)..............
                                                               --------     --------
                                                               $716,824     $582,639
                                                               ========     ========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       F-2
<PAGE>   20

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                 YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997

<TABLE>
<CAPTION>
                                                          1999           1998          1997
                                                        ---------      --------      --------
                                                        (IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                     <C>            <C>           <C>
Net revenues (note 9).................................  $ 581,786      $487,407      $443,181
                                                        ---------      --------      --------
Costs and expenses:
  Cost of goods and services..........................     89,592        76,367        65,932
  Operating expenses..................................    131,240       111,222        93,830
  Selling, general and administrative expenses........    128,345       107,691        90,225
  Bad debt expense....................................      6,981         5,849         4,432
  Depreciation expense................................     41,178        34,430        27,603
  Amortization expense................................     15,954        12,745        14,229
  Non-recurring expense (note 11).....................         --            --        15,557
                                                        ---------      --------      --------
                                                          413,290       348,304       311,808
                                                        ---------      --------      --------
          Operating income............................    168,496       139,103       131,373
                                                        ---------      --------      --------
Other income (expenses):
  Interest income.....................................        468           447           202
  Interest expense....................................     (5,940)       (1,177)       (1,161)
  Net loss on disposal of property and equipment......       (277)         (113)          (93)
                                                        ---------      --------      --------
                                                           (5,749)         (843)       (1,052)
                                                        ---------      --------      --------
          Income before income taxes..................    162,747       138,260       130,321
Income tax expense (note 6)...........................     62,007        52,954        50,173
                                                        ---------      --------      --------
          Net income..................................  $ 100,740      $ 85,306      $ 80,148
                                                        =========      ========      ========
Income per common share (note 10):
  Basic...............................................  $    1.77      $   1.47      $   1.41
                                                        =========      ========      ========
  Diluted.............................................  $    1.74      $   1.44      $   1.37
                                                        =========      ========      ========
Weighted average number of common shares
  outstanding.........................................     56,942        57,992        56,837
                                                        =========      ========      ========
Weighted average number of common shares and common
  share equivalents outstanding.......................     57,989        59,435        58,655
                                                        =========      ========      ========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       F-3
<PAGE>   21

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                 YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997

<TABLE>
<CAPTION>
                                                       ADDITIONAL                             TOTAL
                                              COMMON    PAID-IN     RETAINED   TREASURY   STOCKHOLDERS'
                                              STOCK     CAPITAL     EARNINGS    STOCK        EQUITY
                                              ------   ----------   --------   --------   -------------
                                                               (DOLLARS IN THOUSANDS)
<S>                                           <C>      <C>          <C>        <C>        <C>
Balances at December 31, 1996...............   $564     $ 97,053    $201,631         --     $299,248
Exercise of stock options (note 8)..........     10        7,108          --         --        7,118
Tax benefit related to exercise of employee
  stock options (notes 6 and 8).............     --        6,553          --         --        6,553
Net income..................................     --           --      80,148         --       80,148
                                               ----     --------    --------   --------     --------
Balances at December 31, 1997...............    574      110,714     281,779         --      393,067
Exercise of stock options (note 8)..........      9        9,412          --         --        9,421
Tax benefit related to exercise of employee
  stock options (notes 6 and 8).............     --        8,702          --         --        8,702
Net income..................................     --           --      85,306         --       85,306
Treasury stock issued.......................     --           --          --        891          891
Treasury stock acquired.....................     --           --          --      1,731        1,731
                                               ----     --------    --------   --------     --------
Balances at December 31, 1998...............    583      128,828     367,085        840      495,656
Exercise of stock options (note 8)..........      1        1,847          --         --        1,848
Proceeds from sale of put options (note
  7)........................................     --        4,454          --         --        4,454
Tax benefit related to exercise of employee
  stock options (notes 6 and 8).............     --          612          --         --          612
Net income..................................     --           --     100,740         --      100,740
Treasury stock issued                            --           --          --      1,061        1,061
Treasury stock acquired.....................     --           --          --    118,260      118,260
                                               ----     --------    --------   --------     --------
Balances at December 31, 1999...............   $584     $135,741    $467,825   $118,039     $486,111
                                               ====     ========    ========   ========     ========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       F-4
<PAGE>   22

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                 YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997

<TABLE>
<CAPTION>
                                                                1999        1998        1997
                                                              ---------   ---------   ---------
                                                                   (DOLLARS IN THOUSANDS)
<S>                                                           <C>         <C>         <C>
Cash flows from operating activities:
  Net income................................................  $ 100,740   $  85,306   $  80,148
  Adjustments to reconcile net income to net cash provided
     by operating activities:
     Increase in provision for losses on accounts and notes
       receivable...........................................     (6,260)     (2,080)       (750)
     Depreciation expense...................................     41,178      34,430      27,603
     Loss on disposal of property and equipment.............        277         113          93
     Amortization expense...................................     15,954      12,745      14,229
     Amortization of imputed interest.......................         15          67          22
     Deferred income taxes..................................      8,539       8,790      (1,549)
     Minority interest in net earnings of subsidiary........         83         264         254
     Non-recurring expense (note 11)........................         --          --      15,557
     Change in operating assets and liabilities:
       Increase in accounts and notes receivable............     (9,302)     (8,377)    (13,698)
       (Increase) decrease in inventories...................       (225)     (1,103)        441
       Increase in prepaid expenses.........................     (1,435)       (113)       (118)
       Increase (decrease) in accounts payable..............      1,430       4,779      (2,568)
       Increase (decrease) in accrued expenses..............       (167)      2,942       2,676
       (Increase) decrease in income taxes..................     (1,672)      7,679       4,210
                                                              ---------   ---------   ---------
          Net cash provided by operating activities.........    149,155     145,442     126,550
                                                              ---------   ---------   ---------
Cash flows from investing activities:
  Proceeds from sale of property and equipment..............        632         158         127
  Capital expenditures......................................    (66,882)    (62,188)    (50,676)
  (Increase) decrease in other assets.......................     (1,884)        498        (575)
  Business acquisitions, net of cash acquired (note 13).....    (73,426)    (95,704)    (66,249)
                                                              ---------   ---------   ---------
          Net cash used by investing activities.............   (141,560)   (157,236)   (117,373)
                                                              ---------   ---------   ---------
Cash flows from financing activities:
  Proceeds from long-term obligations.......................    273,000      64,000     101,559
  Payment of long-term obligations..........................   (170,879)    (59,512)   (115,073)
  Decrease in minority interest.............................       (220)       (253)       (244)
  Proceeds from issuance of common stock....................      1,848       9,421       7,118
  Proceeds from put options                                       4,454          --          --
  Proceeds from issuance of treasury stock                        1,061         891          --
  Payment to acquire treasury stock.........................   (118,260)     (1,731)         --
                                                              ---------   ---------   ---------
          Net cash provided (used) by financing
            activities......................................     (8,996)     12,816      (6,640)
                                                              ---------   ---------   ---------
          Net increase (decrease) in cash and cash
            equivalents.....................................     (1,401)      1,022       2,537
Cash and cash equivalents, beginning of year................      5,100       4,078       1,541
                                                              ---------   ---------   ---------
Cash and cash equivalents, end of year......................  $   3,699   $   5,100   $   4,078
                                                              =========   =========   =========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       F-5
<PAGE>   23

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       DECEMBER 31, 1999, 1998, AND 1997
(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  (a) Description of Business

     Lincare Holdings Inc. and subsidiaries (the "Company") provides oxygen,
respiratory therapy services, and infusion therapy services to the home health
care market and also supplies home medical equipment, such as hospital beds,
wheelchairs and other medical supplies. The Company's customers are located in
42 states. The Company's supplies are readily available and the Company is not
dependent on a single supplier or even a few suppliers.

  (b) Use of Estimates

     Management of the Company has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure of
contingent assets and liabilities to prepare these financial statements in
conformity with generally accepted accounting principles. Actual results could
differ from those estimates.

  (c) Principles of Consolidation

     The consolidated financial statements include the accounts of Lincare
Holdings Inc. and its subsidiaries. All significant intercompany balances and
transactions have been eliminated in consolidation.

  (d) Revenue Recognition

     Revenues are recognized on an accrual basis in the period in which services
and related products are provided to patients and are recorded at net realizable
amounts estimated to be received from patients and third party payors.

  (e) Financial Instruments

     The Company believes the book value of its cash equivalents, accounts and
notes receivable, income taxes receivable, accounts payable and accrued expenses
approximate fair value due to their short-term nature. The book value of the
Company's bank credit facilities and long-term obligations approximate their
fair value as the current interest rates approximate rates at which similar
types of borrowing arrangements could be currently obtained by the Company.
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 have 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. 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 would be required to either
purchase 1,000,000 shares of its common stock for $28,282,000 or 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. As of December 31, 1999, the market
price of the Company's common stock was $34.69 and the average strike price of
the Puts was $28.28. The Company had no derivative financial instruments at
December 31, 1998.

  (f) Inventories

     Inventories, consisting of equipment, supplies and replacement parts, are
stated at the lower of cost or market. Cost is determined using the first-in,
first-out (FIFO) method.

                                       F-6
<PAGE>   24
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

  (g) Property and Equipment

     Property and equipment is stated at cost. Depreciation on property and
equipment is calculated on the straight-line method over the estimated useful
lives of the assets as set forth in the table below.

<TABLE>
<S>                                                           <C>
Land improvements...........................................  15 years
Building and improvements...................................  5 to 40 years
Equipment and furniture.....................................  3 to 25 years
</TABLE>

     Leasehold improvements are amortized on the straight-line method over the
lesser of the lease term or estimated useful life of the asset. Amortization is
included with depreciation expense.

  (h) Other Assets

     Goodwill results from the excess of cost over net assets of acquired
businesses and is amortized on a straight-line basis over 40 years.

     Intangible assets (customer base) are amortized on a straight-line basis
over the estimated life of three years.

     Covenants not to compete are amortized on a straight-line basis over the
life of the respective covenants, one to five years.

     The Company periodically evaluates the ability to recover goodwill and
other intangible assets by utilizing a cash flow from operating income test. In
addition, the Company considers the effects of external changes to the Company's
business environment, including competitive pressures, market changes and
technological and regulatory changes.

  (i) Income Taxes

     Deferred income taxes are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates expected to be
recovered or settled. The effect on deferred taxes of a change in tax rate is
recognized in income in the period that includes the enactment date.

  (j) Pension Plan

     The Company has a defined contribution pension plan covering substantially
all employees. The Company makes monthly contributions to the plan equal to the
amount accrued for pension expense. Employer contributions (net of applied
forfeitures) were approximately $3,537,000 in 1999, $2,248,000 in 1998, and
$1,895,000 in 1997.

  (k) Statements of Cash Flows

     For purposes of the statements of cash flows, the Company considers all
short-term investments with a purchased maturity of three months or less to be
cash equivalents.

  (l) Stock Options

     The Company applies the intrinsic value-based method of accounting
prescribed by Accounting Principles Board Opinion No. 25, "Accounting for Stock
Issued to Employees," and related interpretations, in accounting for its fixed
plan stock options. As such, compensation expense would be recorded on the date
of grant only if the current market price of the underlying stock exceeded the
exercise

                                       F-7
<PAGE>   25
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

price. Statement of Financial Accounting Standards ("SFAS") No. 123 "Accounting
for Stock-Based Compensation", established accounting and disclosure
requirements using a fair value-based method of accounting for stock-based
employee compensation plans. As allowed by SFAS No. 123, the Company has elected
to continue to apply the intrinsic value-based method of accounting described
above, and has adopted the disclosure requirements of SFAS No. 123.

  (m) Segment Information

     The Company follows Financial Accounting Standards Board Statement of
Financial Accounting Standards ("SFAS") No. 131, "Disclosures about Segments of
an Enterprise and Related Information". SFAS No. 131 utilizes the "management"
approach for determining reportable segments. The management approach designates
the internal organization that is used by management for making operating
decisions and assessing performance as the source of the Company's reportable
segments. The Company is managed at the executive level as a portfolio of local
businesses. As a result, the Company has one reportable segment.

 (n) New Accounting Standards

     In June 1999, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 137, "Accounting for Derivative
Instruments and Hedging Activities -- Deferral of the Effective Date of SFAS No.
133," which deferred, for one year, the effective date for the implementation of
SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities".
SFAS No. 133 establishes accounting and reporting standards for derivative
instruments and for hedging activities and requires that an entity recognize all
derivative instruments as either assets or liabilities on the balance sheet and
measure those instruments at fair values. The Company will be required to adopt
this standard for financial statements issued beginning the first quarter of
fiscal year 2001. The Company is currently evaluating the effect this standard
will have on its financial statements.

(2) ACCOUNTS AND NOTES RECEIVABLE

     Accounts and notes receivable at December 31, 1999 and 1998 consist of:

<TABLE>
<CAPTION>
                                                                1999      1998
                                                              --------   -------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Trade.......................................................  $109,519   $94,284
Other.......................................................       140       256
                                                              --------   -------
                                                               109,659    94,540
Less allowance for uncollectible accounts...................     4,897     9,353
                                                              --------   -------
                                                              $104,762   $85,187
                                                              ========   =======
</TABLE>

(3) PROPERTY AND EQUIPMENT

     Property and equipment at December 31, 1999 and 1998 consist of:

<TABLE>
<CAPTION>
                                                                1999       1998
                                                              --------   --------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Land and improvements.......................................  $  3,182   $     85
Building and improvements...................................     1,889      1,393
Equipment and furniture.....................................   300,097    244,555
                                                              --------   --------
                                                              $305,168   $246,033
                                                              ========   ========
</TABLE>

     Rental equipment of approximately $227,928,000 in 1999 and $187,806,000 in
1998 are included with equipment and furniture.

                                       F-8
<PAGE>   26
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

(4) LEASES

     The Company has several noncancelable operating leases, primarily for
buildings, office equipment and vehicles, that expire over the next five years
and provide for purchase or renewal options. Operating lease expense was
approximately $24,118,000 in 1999, $18,739,000 in 1998, and $16,012,000 in 1997.

     Future minimum lease payments under noncancelable operating leases as of
December 31, 1999 are as follows:

<TABLE>
<CAPTION>
                                                              (IN THOUSANDS)
<S>                                                           <C>
2000........................................................     $20,529
2001........................................................      14,799
2002........................................................       5,404
2003........................................................       1,641
2004........................................................         509
                                                                 -------
          Total minimum lease payments......................     $42,882
                                                                 =======
</TABLE>

(5) LONG-TERM OBLIGATIONS

     Long-term obligations at December 31, 1999 and 1998 consist of:

<TABLE>
<CAPTION>
                                                                1999      1998
                                                              --------   -------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Borrowings under revolving credit portion of bank credit
  agreement bearing interest (6.49% at December 31, 1999) at
  the Interbank Offered Rate, adjusted for changes in
  reserve requirements, plus an applicable margin based upon
  the Company's consolidated leverage ratio (consolidated
  funded indebtedness to consolidated earnings before
  interest, taxes, depreciation and amortization) payable in
  2002......................................................  $159,000   $22,000
Unsecured, deferred acquisition obligations net of imputed
  interest, payable in various installments through 2000....    12,201    12,566
Computer equipment purchases financed through installment
  loans; interest (4.17% to 4.52%) and principal are payable
  monthly through 2000......................................       235       615
                                                              --------   -------
          Total long-term obligations.......................   171,436    35,181
          Less: current installments........................    12,436    12,923
                                                              --------   -------
          Long-term debt, excluding current installments....  $159,000   $22,258
                                                              ========   =======
</TABLE>

     The bank credit facilities with several lenders and Bank of America N.A. as
agent dated August 23, 1999 permits the Company to borrow amounts up to
$215,000,000 on a three year revolving credit facility and $50,000,000 on a 364
day revolving credit facility. The three year revolving credit facility contains
a $20,000,000 letter of credit sub facility which reduces the principal amount
available under the three year credit facility by the amount of outstanding
letters of credit. As of December 31, 1999, $3,000,000 was outstanding under the
letter of credit sub facility. The three year revolving credit facility has a
termination date of August 22, 2002 and the 364 day revolving credit facility
has a termination date of August 22, 2000. Outstanding borrowings under the 364
day revolving credit facility at the termination date of the facility may be
converted to a term loan at the option of the Company and shall mature on the
three year revolving credit facility termination date. At December 31, 1999,
there were $159,000,000 borrowings outstanding on the three year revolving
credit facility. Upon entering into the credit agreement, an origination fee of
$1,840,000 was paid and is being amortized over three years. Commitment fees on
the unused portion of the facilities (.35% on the three year revolving credit
facility and .30% on the 364 day revolving credit facility at December 31,

                                       F-9
<PAGE>   27
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

1999) are based upon the Company's consolidated leverage ratio for the most
recent four fiscal quarters. Interest accrued on the outstanding principal
balance that is not termed for repayment is payable monthly. The credit
agreement contains several financial and other covenants and is secured by a
pledge of the stock of the wholly-owned subsidiaries of Lincare Holdings Inc.

     Unamortized imputed interest on the deferred acquisition obligations and
installment loans at 4.17% to 6.0% was $35,000 in 1999 and $38,000 in 1998.

     The aggregate maturities of long-term obligations for each of the five
years subsequent to December 31, 1999 are as follows:

<TABLE>
<CAPTION>
                                                              (IN THOUSANDS)
<S>                                                           <C>
2000........................................................     $ 12,436
2001........................................................           --
2002........................................................      159,000
2003........................................................           --
2004........................................................           --
                                                                 --------
                                                                 $171,436
                                                                 ========
</TABLE>

(6) INCOME TAXES

     The tax effects of temporary differences that account for significant
portions of the deferred tax assets and deferred tax liabilities at December 31,
1999 and 1998 are presented below:

<TABLE>
<CAPTION>
                                                                1999       1998
                                                              --------   --------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Deferred tax assets:
  Accrued expenses, principally due to deferral for income
     tax reporting purposes.................................  $ (4,516)  $ (4,113)
  Intangible assets and covenants not to compete,
     principally due to differences in amortization.........    (7,587)    (7,575)
  Net operating loss carryforward...........................      (145)      (113)
                                                              --------   --------
          Total gross deferred tax assets...................   (12,248)   (11,801)
                                                              --------   --------
Deferred tax liabilities:
  Accounts receivable, principally due to valuation
     adjustment.............................................         4      1,688
  Property and equipment, principally due to differences in
     depreciation...........................................    18,308     14,473
  Goodwill, principally due to differences in
     amortization...........................................    12,615      8,350
  Other.....................................................     2,814      2,941
                                                              --------   --------
          Total gross deferred tax liabilities..............    33,741     27,452
                                                              --------   --------
          Net deferred tax liability........................  $ 21,493   $ 15,651
                                                              ========   ========
</TABLE>

     There is no valuation allowance for deferred tax assets. The Company
expects that the results of future operations will generate sufficient taxable
income to allow for the utilization of deferred tax assets.

                                      F-10
<PAGE>   28
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

     Income tax expense attributable to operations consists of:

<TABLE>
<CAPTION>
                                                              YEAR ENDED DECEMBER 31,
                                                            ---------------------------
                                                             1999      1998      1997
                                                            -------   -------   -------
                                                                  (IN THOUSANDS)
<S>                                                         <C>       <C>       <C>
Current:
  Federal.................................................  $47,574   $36,423   $44,641
  State...................................................    4,215     3,850     7,081
                                                            -------   -------   -------
          Total current...................................   51,789    40,273    51,722
                                                            -------   -------   -------
Deferred:
  Federal.................................................    9,387    11,535    (1,347)
  State...................................................      831     1,146      (202)
                                                            -------   -------   -------
          Total deferred..................................   10,218    12,681    (1,549)
                                                            -------   -------   -------
          Total income tax expense........................  $62,007   $52,954   $50,173
                                                            =======   =======   =======
Total income tax expense was allocated:
  Income from operations..................................  $62,007   $52,954   $50,173
  Stockholders' equity for compensation expense for tax
     purposes.............................................     (612)   (8,702)   (6,553)
                                                            -------   -------   -------
                                                            $61,395   $44,252   $43,620
                                                            =======   =======   =======
</TABLE>

     Total income tax expense differs from the amounts computed by applying a
U.S. federal income tax rate of 35% to income before income taxes as a result of
the following:

<TABLE>
<CAPTION>
                                                              YEAR ENDED DECEMBER 31,
                                                            ---------------------------
                                                             1999      1998      1997
                                                            -------   -------   -------
                                                                  (IN THOUSANDS)
<S>                                                         <C>       <C>       <C>
Computed "expected" tax expense...........................  $56,961   $48,391   $45,612
State income taxes, net of federal income tax benefit.....    3,280     3,247     4,471
Other.....................................................    1,766     1,316        90
                                                            -------   -------   -------
          Total income tax expense........................  $62,007   $52,954   $50,173
                                                            =======   =======   =======
</TABLE>

(7) STOCKHOLDERS' EQUITY

     The Company has 5,000,000 authorized shares of preferred stock, all of
which are unissued. The Board of Directors has the authority to issue up to such
number of shares of preferred stock in one or more series and to fix the rights,
preferences, privileges, qualifications, limitations and restrictions thereof
without any further vote or action by the stockholders.

     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 have 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. 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 would
be required to either purchase 1,000,000 shares of its common stock for
$28,282,000 or 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. As
of December 31, 1999, the market price of the Company's common stock was $34.69
and the average strike price of the Puts was $28.28.

                                      F-11
<PAGE>   29
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

(8) STOCK OPTIONS

     The Company has five stock option plans that provide for the grant of
options to directors, officers and employees. To date, stock options have been
granted with an exercise price equal to the stock's fair value at the date of
grant. Stock options generally have ten-year terms and generally vest over four
years.

     The Company has reserved a total of 5,947,536 shares of common stock for
issuance under its Non-Qualified Stock Option Plan (the "Plan"). At December 31,
1999, there were options for 112,000 shares outstanding and no options available
for issuance under the Plan. The Company has reserved a total of 3,200,000
shares of common stock for issuance under its 1991 Stock Plan (the "1991 Plan").
At December 31, 1999, there were options for 592,500 shares outstanding and no
options available for issuance under the 1991 Plan. The Company has reserved a
total of 1,000,000 shares of common stock for issuance under its 1994 Stock Plan
(the "1994 Plan"). At December 31, 1999, there were options for 754,900 shares
outstanding and no options available for issuance under the 1994 Plan. The
Company has reserved a total of 2,000,000 shares of common stock for issuance
under its 1996 Stock Plan (the "1996 Plan"). At December 31, 1999, there were
options for 1,721,600 shares outstanding and options for 104,000 shares
available for issue under the 1996 Plan. The Company has reserved a total of
1,500,000 shares of common stock for issuance under its 1998 stock plan (the
"1998 Plan"). At December 31, 1999, there were options for 1,370,500 shares
outstanding and options for 129,500 shares available for issue under the 1998
Plan.

     The per share weighted average fair value of stock options granted during
1999, 1998, and 1997 was $17.61, $23.61 and $11.35 on the date of grant using
the Black Scholes option pricing model with the following weighted average
assumptions: 1999 -- expected dividend yield 0%, risk-free interest rate of
6.9%, expected life of 8 years, and volatility of 60.6%; 1998 -- expected
dividend yield 0%, risk-free interest rate of 5.3%, expected life of 9 years,
and volatility of 59.0%; 1997 -- expected dividend yield 0%, risk-free interest
rate of 5.7%, expected life of 9 years, and volatility of 39.9%.

     The Company applies Accounting Principles Board Opinion No. 25 in
accounting for its stock plans and, accordingly, no compensation cost has been
recognized for its stock options in the financial statements. Had the Company
determined compensation cost based on the fair value at the grant date for its
stock options under Statement of Financial Accounting Standards No. 123, the
Company's net income would have been reduced to the pro forma amounts indicated
below:

<TABLE>
<CAPTION>
                                                     1999      1998      1997
                                                   --------   -------   -------
                                                          (IN THOUSANDS,
                                                      EXCEPT PER SHARE DATA)
<S>                                                <C>        <C>       <C>
Net income:
  As reported....................................  $100,740   $85,306   $80,148
                                                   ========   =======   =======
  Pro forma......................................  $ 93,103   $78,689   $75,843
                                                   ========   =======   =======
Income per common share:
  Basic -- as reported...........................  $   1.77   $  1.47   $  1.41
                                                   ========   =======   =======
  Diluted -- as reported.........................  $   1.74   $  1.44   $  1.37
                                                   ========   =======   =======
  Basic -- pro forma.............................  $   1.64   $  1.36   $  1.33
                                                   ========   =======   =======
  Diluted -- pro forma...........................  $   1.61   $  1.32   $  1.29
                                                   ========   =======   =======
</TABLE>

     Pro forma net income reflects only options granted in 1999, 1998, and 1997.
Therefore, the full impact of calculating compensation cost for stock options
under Statement of Financial Accounting Standards No. 123 is not reflected in
the pro forma net income or per share amounts presented above because
compensation cost

                                      F-12
<PAGE>   30
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

is reflected over the options vesting period of four years and compensation cost
for options granted prior to January 1, 1995 is not considered.

     Information related to the plans is as follows:

<TABLE>
<CAPTION>
                                                                             WEIGHTED
                                                            NUMBER OF        AVERAGE
                                                             OPTIONS      EXERCISE PRICE
                                                            ----------   ----------------
<S>                                                         <C>          <C>
Outstanding at December 31, 1996..........................   3,950,840        $11.33
Exercised in 1997.........................................    (931,098)         7.57
Canceled in 1997..........................................     (32,000)        15.43
Options issued in 1997....................................     948,000         19.36
                                                            ----------
Outstanding at December 31, 1997..........................   3,935,742         14.22
Exercised in 1998.........................................    (903,942)        10.42
Canceled in 1998..........................................     (83,000)        21.34
Options issued in 1998....................................   1,090,000         33.83
                                                            ----------
Outstanding at December 31, 1998..........................   4,038,800         19.88
Exercised in 1999.........................................    (114,800)        16.40
Canceled in 1999..........................................     (53,500)        28.79
Options issued in 1999....................................     681,000         24.50
                                                            ----------
Outstanding at December 31, 1999..........................   4,551,500        $20.56
                                                            ==========
</TABLE>

     At December 31, 1999, the range of exercise prices and weighted average
remaining contractual life of outstanding options were as follows:

<TABLE>
<CAPTION>
                                                               OPTIONS          WEIGHTED
                                                             OUTSTANDING        AVERAGE
                                                                AS OF          REMAINING
                         RANGE OF                            DECEMBER 31,     CONTRACTUAL
                     EXERCISE PRICES                             1999             LIFE
                     ---------------                         ------------   ----------------
<S>                                                          <C>            <C>
$ 6.06 -$12.50 ...........................................    1,154,400        3.7 years
$12.63 -$18.91 ...........................................    1,354,600        4.9 years
$19.50 -$29.38 ...........................................    1,353,000        7.6 years
$35.63 -$35.63 ...........................................      689,500        7.4 years
                                                              ---------
$ 6.06 -$35.63 ...........................................    4,551,500        5.8 years
                                                              =========
</TABLE>

     At December 31, 1999, 1998 and 1997, the number of options exercisable was
2,074,000, 1,535,800 and 1,400,742, respectively, and the weighted average
exercise price of those options was $14.09, $12.61 and $9.86, respectively.

     In connection with the exercise of certain stock options, the Company
receives a tax deduction for the difference between the fair value of the common
stock at the date of exercise and the exercise price. The related income tax
benefit of approximately $612,000 in 1999, $8,702,000 in 1998 and $6,553,000 in
1997 has been recorded as a reduction of income taxes payable and an increase to
additional paid-in capital.

(9) NET REVENUES

     Included in the Company's net revenues is reimbursement from the federal
government under Medicare, Medicaid and other federally funded programs, which
aggregated approximately 62% in 1999, 62% in 1998, and 63% in 1997 of such net
revenues.

                                      F-13
<PAGE>   31
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

(10) INCOME PER COMMON SHARE

     Basic income per common share is computed by dividing earnings available to
common stockholders by the weighted average number of common shares outstanding
for the period. Diluted income per common share reflects the potential dilution
of securities that could share in earnings, including stock options. When the
exercise of stock options is antidilutive, they are excluded from the
calculation.

     A reconciliation of the numerators and the denominators of the basic and
diluted per common share computations is as follows:

<TABLE>
<CAPTION>
                                                     INCOME         SHARES       PER SHARE
                                                   (NUMERATOR)   (DENOMINATOR)    AMOUNT
                                                   -----------   -------------   ---------
                                                    (IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                <C>           <C>             <C>
YEAR ENDED DECEMBER 31, 1999
  Basic:
     Income available to common stockholders....    $100,740        56,942         $1.77
                                                                                   =====
  Effect of dilutive securities:
     Stock options..............................          --         1,047
                                                    --------        ------
  Diluted:
     Income available to common stockholders and
       holders of dilutive securities...........    $100,740        57,989         $1.74
                                                    ========        ======         =====
YEAR ENDED DECEMBER 31, 1998
  Basic:
     Income available to common stockholders....    $ 85,306        57,992         $1.47
                                                                                   =====
  Effect of dilutive securities:
     Stock options..............................          --         1,443
                                                    --------        ------
  Diluted:
     Income available to common stockholders and
       holders of dilutive securities...........    $ 85,306        59,435         $1.44
                                                    ========        ======         =====
YEAR ENDED DECEMBER 31, 1997
  Basic:
     Income available to common stockholders....    $ 80,148        56,837         $1.41
                                                                                   =====
  Effect of dilutive securities:
     Stock options..............................          --         1,818
                                                    --------        ------
  Diluted:
     Income available to common stockholders and
       holders of dilutive securities...........    $ 80,148        58,655         $1.37
                                                    ========        ======         =====
</TABLE>

(11) NON-RECURRING EXPENSE

     In 1997, the Company recorded a non-recurring expense of $15,557,000, of
which $11,849,000 was related to the write down of impaired oxygen rental
equipment and $3,708,000 was related to the write down of impaired intangible
assets (customer list). The charges adjusted the carrying value of certain
assets affected by provisions of the Balanced Budget Act of 1997. This
legislation reduced Medicare reimbursement for home oxygen equipment and
services by 30 percent over the two year period commencing January 1, 1998. The
fair values of the oxygen rental equipment and customer lists were determined
based on discounted cash flows taking into account the reduced reimbursement
rates.

                                      F-14
<PAGE>   32
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

(12) SUPPLEMENTAL STATEMENTS OF CASH FLOWS INFORMATION

<TABLE>
<CAPTION>
                                                                YEAR ENDED DECEMBER 31,
                                                              ---------------------------
                                                               1999      1998      1997
                                                              -------   -------   -------
                                                                    (IN THOUSANDS)
<S>                                                           <C>       <C>       <C>
Cash paid for:
  Interest..................................................  $ 5,823   $ 1,106   $ 1,139
                                                              =======   =======   =======
  Income taxes..............................................  $53,461   $37,699   $47,512
                                                              =======   =======   =======
</TABLE>

(13) BUSINESS COMBINATIONS

     During 1999, the Company acquired the outstanding stock or certain assets
of 22 businesses in 22 separate transactions. During 1998, the Company acquired
the outstanding stock or certain assets of 24 businesses in 24 separate
transactions. Consideration for the acquisitions generally included cash,
unsecured non-interest bearing obligations and the assumption of certain
liabilities.

     None of the businesses acquired were related to the Company prior to
acquisition. Each acquisition during 1999 and 1998 was accounted for as a
purchase. The results of operations of the acquired companies are included in
the accompanying consolidated statement of operations since the respective dates
of acquisition. Each of the acquired companies conducted operations similar to
that of the Company.

     The aggregate cost of the acquisitions described above was as follows:

<TABLE>
<CAPTION>
                                                                1999       1998
                                                              --------   --------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Cash........................................................  $ 73,426   $ 96,250
Deferred acquisition obligations............................    11,988     16,510
Assumption of liabilities...................................    17,942      1,219
                                                              --------   --------
                                                              $103,356   $113,979
                                                              ========   ========
</TABLE>

     The aggregate purchase price of the acquisitions described above was
allocated as follows:

<TABLE>
<CAPTION>
                                                                1999       1998
                                                              --------   --------
                                                                (IN THOUSANDS)
<S>                                                           <C>        <C>
Current assets (including cash acquired of $546 in 1998)....  $  2,969   $  6,708
Property and equipment......................................     6,097      4,459
Intangible assets...........................................     7,132      4,753
Goodwill....................................................    87,158     98,059
                                                              --------   --------
                                                              $103,356   $113,979
                                                              ========   ========
</TABLE>

     The following unaudited pro forma supplemental information on the results
of operations for the years ended December 31, 1999 and 1998 include the
acquisitions as if they had been combined at the beginning of the respective
years.

<TABLE>
<CAPTION>
                                                                 1999         1998
                                                              ----------   ----------
                                                                  (IN THOUSANDS,
                                                              EXCEPT PER SHARE DATA)
<S>                                                           <C>          <C>
Net revenues................................................   $607,195     $548,407
                                                               ========     ========
Net income..................................................   $104,230     $ 94,815
                                                               ========     ========
Basic -- income per common share............................   $   1.83     $   1.63
                                                               ========     ========
Diluted -- income per common share..........................   $   1.80     $   1.60
                                                               ========     ========
</TABLE>

                                      F-15
<PAGE>   33
                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

     This 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 years or of future
results of operations of the combined companies.

(14) CONTINGENCIES

     As a health care provider, the Company is subject to extensive government
regulation, including numerous laws directed at preventing fraud and abuse and
laws regulating reimbursement under various government programs. To ensure
compliance with Medicare and other regulations, government agencies and regional
carriers often open investigations and request patient records and other
documents to support claims submitted by the Company for payment of services
rendered to its patients. The marketing, billing, documentation and other
practices of health care companies are also the subject of government scrutiny,
from time to time. In actions known as qui tam suits, private litigants may also
make claims against the Company for violations of health care laws and the
government may intervene in, and take control of such actions. Violations of
federal and state regulations can result in severe criminal, civil and
administrative penalties and sanctions, including disqualification from Medicare
and other reimbursement programs.

     In this regard, the Company has received inquiries from various government
agencies requesting patient records and other documents. The Company is
cooperating with the government's requests for information. The government has
not served the Company with any complaints nor has it disclosed the basis for
its inquiries. The Company is also a defendant in a qui tam proceeding pending
in the U.S. District Court in the Northern District of Georgia. The government
has declined to intervene in this action. The Company intends to vigorously
defend this suit. The duration or outcome of these matters cannot be predicted
with any degree of certainty.

     The Company is also involved in certain other claims and legal actions
arising in the ordinary course of its business. The ultimate disposition of all
such matters is not expected to have a material adverse impact on the Company's
financial position, results of operations or liquidity.

(15) QUARTERLY FINANCIAL DATA (UNAUDITED)

     The following is a summary of quarterly financial results for the years
ended December 31, 1999 and 1998:

<TABLE>
<CAPTION>
                                                 FIRST      SECOND     THIRD      FOURTH
                                                QUARTER    QUARTER    QUARTER    QUARTER
                                                --------   --------   --------   --------
                                                  (IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                             <C>        <C>        <C>        <C>
1999:
  Net revenues................................  $136,081   $143,025   $150,247   $152,433
                                                ========   ========   ========   ========
  Operating income............................  $ 38,579   $ 40,806   $ 43,500   $ 45,611
                                                ========   ========   ========   ========
  Net income..................................  $ 23,503   $ 24,810   $ 26,021   $ 26,406
                                                ========   ========   ========   ========
  Income per common share:
  Basic.......................................  $    .40   $    .43   $    .46   $    .49
                                                ========   ========   ========   ========
  Diluted.....................................  $    .40   $    .42   $    .45   $    .47
                                                ========   ========   ========   ========
1998:
  Net revenues................................  $111,904   $119,518   $125,691   $130,294
                                                ========   ========   ========   ========
  Operating income............................  $ 29,435   $ 33,582   $ 37,284   $ 38,802
                                                ========   ========   ========   ========
  Net income..................................  $ 18,178   $ 20,724   $ 22,733   $ 23,671
                                                ========   ========   ========   ========
  Income per common share:
  Basic.......................................  $    .32   $    .36   $    .39   $    .41
                                                ========   ========   ========   ========
  Diluted.....................................  $    .31   $    .35   $    .38   $    .40
                                                ========   ========   ========   ========
</TABLE>

                                      F-16
<PAGE>   34

                                                                   SCHEDULE VIII

                             LINCARE HOLDINGS INC.
                                AND SUBSIDIARIES

                       VALUATION AND QUALIFYING ACCOUNTS

<TABLE>
<CAPTION>
                                        BALANCE AT   CHARGED TO   CHARGED TO                   BALANCE AT
                                        BEGINNING    COSTS AND      OTHER                        END OF
             DESCRIPTION                OF PERIOD     EXPENSES     ACCOUNTS     DEDUCTIONS       PERIOD
             -----------                ----------   ----------   ----------    ----------    -------------
                                                                  (IN THOUSANDS)
<S>                                     <C>          <C>          <C>           <C>           <C>
YEAR ENDED DECEMBER 31, 1999
Deducted from asset accounts
  Allowance for uncollectible
     accounts.........................    $9,353       $6,981       $1,891(1)    $13,328(2)      $4,897
                                          ======       ======       ======       =======         ======
YEAR ENDED DECEMBER 31, 1998
Deducted from asset accounts:
  Allowance for uncollectible
     accounts.........................    $7,951       $5,849       $2,632(1)    $ 7,079(2)      $9,353
                                          ======       ======       ======       =======         ======
YEAR ENDED DECEMBER 31, 1997
Deducted from asset accounts:
  Allowance for uncollectible
     accounts.........................    $5,917       $4,432       $3,724(1)    $ 6,122(2)      $7,951
                                          ======       ======       ======       =======         ======
</TABLE>

---------------

(1) To record allowance on business combinations
(2) To record write-offs

                                       S-1
<PAGE>   35

                               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>   36

<TABLE>
<CAPTION>

                                                                                                  Sequentially
Exhibit                                                                                              Numbered
Number                                             Exhibit                                               Page
------                                             -------                                               ----
 <S>           <C>                                                                                       <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-   Employee 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. . . . . . . . . . . . . . . . . . .

      23.1-    Consent of KPMG LLP   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      27.1-    Financial Data Schedule 12/31/99 (for SEC Use Only)   . . . . . . . . . . . . . .
      99.0     Powers of Attorney  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</TABLE>
---------------
+            Incorporated by reference to the corresponding exhibit to the
             Registrant's Registration Statement on Form S-1 (No. 33-44672)



<PAGE>   37

++      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.