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LifeCare Holdings, Inc. Announces Third Quarter Results
Date:11/14/2007
PLANO, Texas, Nov. 14 /PRNewswire/ -- LifeCare Holdings, Inc. (the "Company") today announced its operating results for the three- and nine-month periods ended September 30, 2007.
Three Months Ended September 30, 2007
Net Revenues
Our net patient service revenue of $77.6 million for the three months ended September 30, 2007, increased by $0.1 million as compared to the same period in 2006. Patient days increased by 289 during the 2007 period. During the three months ended September 30, 2007, our net patient service revenue per patient day was $1,394 as compared to $1,400 per patient day for the same period in 2006, which represents a decrease of 0.4%. This decrease on a per patient day basis was primarily the result of the recent unfavorable reimbursement changes implemented by CMS during 2006 and 2007.
Expenses
Total expenses increased by $11.6 million to $92.6 million for the three months ended September 30, 2007 as compared to $81.0 million for the comparable period in 2006.
Of this $11.6 million increase in total expenses, $3.8 million related to goodwill impairment charges and $2.5 million was attributable to compensation and benefits accrued in connection with the departure of the CEO during the three months ended September 30, 2007. Rent expense increased by $1.0 million during the 2007 period in connection with the increases in bed capacity. Net interest expense increased by $0.4 million during the 2007 period from an increase in LIBOR rates and the increased margin spread as the result of the amendment to our senior secured credit facility discussed further in the Liquidity and Capital Resources section contained herein. The remaining unfavorable variance of $3.9 million was related to increases in salaries, wages and benefits, supplies, outside services and contract labor expenses incurred as the result of inflationary increases and the increases in bed capacity.
Credit Agreement EBITDA
For the quarter
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