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LifeCare Holdings, Inc. Announces First Quarter Results
Date:5/15/2008

and an increase of $1.4 million in interest expense, in addition to net increases in other expense categories. The increase in rent expense was the result of a 9.3% increase in the number of licensed beds operated by the Company during the current period. The increase in interest expense was the result of a higher margin spread on our senior secured credit facility during the 2008 period as compared to the 2007 period as the result of the amendments to our senior secured credit facility during 2007.

Credit Agreement EBITDA

For the quarter ended March 31, 2008, adjusted EBITDA as defined in our senior credit facility, which we refer to as Credit Agreement EBITDA, was $13.3 million, an increase of $2.6 million, or 23.9% from the prior year period. Credit Agreement EBITDA reflects the elimination of start-up costs and certain other non-recurring/operational expenditures as defined in our credit agreement.

Liquidity and Capital Resources

At March 31, 2008, our outstanding indebtedness consisted of $147.0 million aggregate principal amount of senior subordinated notes due 2013 and a $248.6 million term loan facility that matures in 2012.

The senior secured credit facility requires us to comply on a quarterly basis with certain financial covenants, including an interest coverage ratio test and a maximum leverage ratio test, which will become more restrictive over time. In addition, the senior secured credit facility includes various negative covenants, including limitations on indebtedness, liens, investments, permitted businesses, restricted payments, transactions with affiliates and other matters, as well as certain customary representations and warranties, affirmative covenants and events of default including payment defaults. As of March 31, 2008, we were in compliance with all covenants contained in our senior secured credit facility, as amended.

We may not be able to continue to satisfy the covenant requirements in subsequen
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SOURCE LifeCare Holdings, Inc.
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