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LifeCare Holdings, Inc. Announces Year-end Results
Date:3/28/2008

spread as the result of the amendments to our senior secured credit facility, as discussed further in the Liquidity and Capital Resources section below. The remaining unfavorable variance of $1.4 million was related mainly to the increases in salaries, wages and benefits, supplies incurred as the result of inflationary increases and the increases in bed capacity.

Credit Agreement EBITDA

For the quarter ended December 31, 2007, adjusted EBITDA as defined in the credit agreement for our senior secured credit facility, which we refer to as Credit Agreement EBITDA, was $13.1 million, which is an increase of $0.8 million, or 6.5% 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.

Year Ended December 31, 2007

Net Revenues

Our net patient service revenue decreased by $3.7 million, or 1.1%, for the year-ended December 31, 2007, to $322.2 million from $325.9 million for the comparable period in 2006.

The decrease in net patient service revenue included an unfavorable $9.5 million variance as the result of decreased revenue per patient day, offset by a $2.7 million favorable benefit from an increase in patient days and a net increase of $3.1 million attributable to a decrease in unfavorable adjustments related to previously filed cost reports. Patient days in 2007 were 2,616 greater, or 1.2% greater, than the same period in 2006. The increase in patient days was partially attributable to the expansion of our operations during 2007.

During the years ended December 31, 2007 and 2006, we recorded reductions in net patient service revenue of $1.2 million and $4.3 million, respectively, related to changes in estimates and settlements on cost reports filed with the Medicare program. The adjustment recognized during the year ended December 31, 2006 related primarily to t
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SOURCE LifeCare Holdings, Inc.
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