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LifeCare Holdings, Inc. Announces First Quarter Results
Date:5/15/2009

butable to increases in operating capacity, the higher acuity of the patients during the 2009 period, and annual inflationary increases. The decrease in net interest expense was the result of lower interest rates on outstanding borrowings during the 2009 period and the decrease of $16.5 million in outstanding principal of our senior subordinated notes as a result of the repurchase of these notes during the quarter ended December 31, 2008.

Credit Agreement EBITDA

For the quarter ended March 31, 2009, adjusted EBITDA as defined in our senior credit facility, which we refer to as Credit Agreement EBITDA, was $16.5 million, an increase of $2.8 million, or 20.5% 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. This increase in Credit Agreement EBITDA is principally the result of the increase in net patient service revenue per patient day as previously discussed. As of March 31, 2009, we believe we were in compliance with all covenants contained in our senior secured credit facility, as amended.

Liquidity and Capital Resources

At March 31, 2009, our outstanding indebtedness consisted of $130.4 million aggregate principal amount of senior subordinated notes due 2013, a $246.7 million term loan facility that matures in 2012, and $35.0 million outstanding on our revolving credit facility which matures in 2011. At March 31, 2009, the interest rate applicable to the $246.7 million under our term loan facility was 5.43%, and the weighted average rate on the $35.0 million outstanding balance of the revolving credit facility was 5.95%.

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
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SOURCE LifeCare Holdings, Inc.
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