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

tinguishment of debt for the nine months ended September 30, 2006 was the result of our repurchasing $3 million in face of our senior subordinated notes for an amount approximating $1.5 million. Partially offsetting the gain was the write-off of capitalized financing cost of $0.1 million recorded in connection with the retirement of these senior subordinated notes.

Excluding the impairment charge and the compensation and benefits accrual for 2007, and the impairment charge, gain on early extinguishment of debt, and the insurance recovery for 2006, expenses increased by $13.7 million from the same period in prior year. Rent expenses increased by $2.1 million during the 2007 period in connection with the increases in bed capacity. Net interest expense increased by $1.9 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 $9.7 million increase in expenses was primarily attributable to an increase in salaries, wages and benefits of $6.5 million, and an increase in outside services, contract labor and other operating expenses of $3.2 million. These increases were due to the result of inflationary increases and the increases in bed capacity and patient days.

Credit Agreement EBITDA

For the nine months ended September 30, 2007, Credit Agreement EBITDA, was $26.5 million, a decrease of $18.9 million, or 41.7% from the prior year period. The decrease in Credit Agreement EBITDA, on a dollar and percentage of net patient service revenue basis, was primarily due to the reduction in revenues associated with the CMS regulatory changes and 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 the nine months ended Sep
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SOURCE LifeCare Holdings, Inc.
Copyright©2007 PR Newswire.
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