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LifeCare Holdings, Inc. Announces Third Quarter Results
Date:11/14/2007

ended September 30, 2007, adjusted EBITDA as defined in the credit agreement to our senior secured credit facility, which we refer to as Credit Agreement EBITDA, was $4.7 million, which is a decrease of $5.8 million, or 55.3% from the prior year period. Credit Agreement EBITDA reflects the elimination of goodwill impairment charges, start-up costs and certain other non-recurring/operational expenditures as defined in our credit agreement. The decrease in Credit Agreement EBITDA, on a dollar and percentage of net patient service revenue basis from the same period in the prior year, was primarily due to the increase in expenses discussed previously. However, for the quarter ended September 30, 2007, we exercised a cure right as provided in the credit agreement whereby pro forma adjusted EBITDA for financial covenant tests as of September 30, 2007 was increased by $6.0 million to $10.7 million on a pro forma basis. See additional discussion regarding this cure right in the Liquidity and Capital Resources section contained herein.

Nine Months Ended September 30, 2007

Net Revenues

Our net patient service revenue decreased by $3.5 million, or 1.4%, for the nine months ended September 30, 2007, to $242.5 million from $246.0 million for the comparable period in 2006. This decrease in net patient service revenue was comprised of a $2.3 million favorable benefit from a 0.9% increase in patient days and an unfavorable $8.6 million variance as the result of decreased revenue per patient day, offset by a net increase of $2.8 million attributable to a decrease in unfavorable adjustments related to previously filed cost reports.

During the nine months ended September 30, 2007 and 2006, we recorded reductions in net patient service revenue of $0.7 million and $3.6 million, respectively, related to changes in estimates and settlements on cost reports filed with the Medicare program. The adjustment recognized during the nine months ended September 30, 2006 re
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SOURCE LifeCare Holdings, Inc.
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