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

wo of the Company's hospitals. In these cases, the actual cost to charge ratio, which is used to determine the reimbursement for short stay and high cost outliers, was outside the 10% limit of the cost to charge ratio amount used by CMS to process interim claims such that it resulted in a reconciliation of payments to the actual cost to charge ratio for these cost report periods.

Our net patient service revenue per patient day as reported during the years ended December 31, 2007 and 2006 was $1,404 and $1,436, respectively. However, exclusive of the cost report reimbursement adjustments discussed previously, net patient service revenue per patient day for the years ended December 31, 2007 and 2006 was $1,420 and $1,455, respectively, or a decrease of 2.4%. The decrease in net patient service revenue per patient day, excluding the impact of the cost report reimbursement adjustment, was primarily the result of the unfavorable reimbursement changes, including payment methodology changes and reductions in DRG weights, implemented by CMS during the latter half of 2006 and during 2007, partially offset by an increase in the percentage of our revenues generated from commercial payors.

Total Expenses

Total expenses increased by $19.2 million to $382.2 million for the year- ended December 31, 2007 as compared to $363.0 million for the comparable period in 2006. Included in the expenses for the year ending December 31, 2007, is a $38.8 million impairment charge related to goodwill and $2.5 million attributable to compensation and benefits accrued in connection with the departure of our former CEO. Included in the expenses for the 2006 period is an impairment charge of $43.6 million related to goodwill, a gain of $1.3 million related to the early extinguishment of debt, and $5.3 million in insurance recoveries related to Hurricane Katrina. Gain on early extinguishment of debt for the year-ended December 31, 2006 was the result of our repurchasing $3 millio
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SOURCE LifeCare Holdings, Inc.
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