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IPC The Hospitalist Company Reports Record First Quarter 2009 Results
Date:5/4/2009

ysician costs as a percentage of net revenue increased slightly as a result of the costs associated with one hospital contract being operated at breakeven, as it is being staffed with locum tenens and other part-time providers at the hospital's request while IPC recruits employed staff. Excluding this contract, physician costs as a percentage of net revenue for the current quarter were at the same level as the prior year quarter.

General and administrative expenses for the first quarter of 2009 were $12.4 million, compared to $10.7 million for the first quarter of 2008. General and administrative expenses as a percentage of net revenue declined to 16.4% for the first quarter of 2009, compared to 17.7% for the first quarter of 2008, as the Company continues to leverage these costs over a larger revenue base as it grows its existing practices and continues to acquire new practices.

Income from operations for the first quarter of 2009 increased 39.4% to $7.6 million, compared to $5.4 million for the first quarter of 2008. The Company's operating margin rose to 9.9% for the first quarter of 2009, compared to 9.0% for the first quarter of 2008. The increase in operating margin was primarily the result of the reduction in general and administrative expenses as a percentage of net revenue.

The effective tax rate for the three months ended March 31, 2009 was 40.0%, compared to 42.0% for the three months ended March 31, 2008. The decrease in the effective tax rate reflected a new enterprise zone tax credit recorded for the first time in the fourth quarter of 2008. The Company expects its effective tax rate to remain at 40% for the remainder of 2009.

First quarter 2009 net income increased by 50% to $4.5 million, or $0.28 per diluted share, compared to $3.0 million, or $0.21 per pro-forma diluted share, for the first quarter of 2008.

Cash flow from operations for the first quarter of 2009 w
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SOURCE IPC The Hospitalist Company, Inc.
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