LifeCare Holdings, Inc. Announces Year-E...(rease of $0.4 million or 2.7% from the p...),Health

Date:3/31/2009

rease of $0.4 million, or 2.7% from the prior year period. Credit Agreement EBITDA reflects the elimination of goodwill impairment charges, gain on early extinguishment of debt, start-up costs and certain other non-recurring/operational expenditures as defined in our credit agreement. As previously discussed, during the three months ended December 31, 2008, we recorded a $2.5 million favorable adjustment in net patient service revenues associated with changes in estimates on previously filed Medicare cost reports. Of this adjustment, $2.3 million is related to hospitals which have incurred start-up losses during the three and twelve month periods ended December 31, 2008. The hospital closure/relocation/start-up losses adjustment in the reconciliation of Credit Agreement EBITDA of $(1.6) million and $0.8 million for the three and twelve month periods ended December 31, 2008, respectively, are inclusive of this adjustment.

Year Ended December 31, 2008

Net Revenues

Our net patient service revenue increased by $29.8 million, or 9.2%, for the year ended December 31, 2008, to $352.0 million from $322.2 million in 2007. Patient days in 2008 were 4,888 greater, or 2.1% greater, than in 2007. Admissions grew by 293, or 3.7%, during the 2008 period to 8,292 from 7,999 for the 2007 period. The increase in patient days and admissions was partially attributable to the expansion of our operations, as discussed previously.

This increase in net patient service revenue was comprised of a favorable $22.9 million variance as the result of increased revenue per patient day and a $6.9 million favorable benefit from an increase in patient days.

Our net patient service revenue per patient day during the years ended December 31, 2008 and 2007 was $1,502 and $1,404, respectively, or an increase of 6.9%. The increase in net patient service revenue on a per patient day basis
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SOURCE LifeCare Holdings, Inc. Copyright©2009 PR Newswire. All rights reserved

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