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PainCare Holdings Reports on Fiscal Year 2007 Results

ORLANDO, Fla., April 16 /PRNewswire-FirstCall/ -- PainCare Holdings, Inc. (Amex: PRZ), a provider of pain-focused medical and surgical solutions and services, today reported its financial results for the 2007 fiscal year, ended December 31, 2007.

PainCare anticipates filing the related Form 10K with the SEC within the next several weeks. PainCare could not complete the Form 10-K within the prescribed time because the Company effected numerous dispositions of physician practices during the 2007 fiscal year resulting in the need for additional time to complete the associated accounting and financial reporting for both continued and discontinued operations. The 2007 financial results reflected below are not necessarily indicative of future results, in that they include the financial results from these discontinued operations. Although PainCare believes that the financial data included within this press release is accurate, it may be subject to change upon the filing of the actual Form 10K.


For the years ended December 31,

2007 2006


Net Revenues $46,393,224 $84,139,488

Cost of revenues 18,674,010 25,151,448

Gross profit 27,719,214 58,988,040

General and administrative expense 40,798,586 46,133,579

Depreciation and amortization 44,528,812 41,230,995

Operating income (loss) (57,608,184) (28,376,534)

Interest income (expense) (9,251,997) (8,276,635)

Derivative benefit (expense) 9,997,201

Other income (expense) (33,636,109) (2,547,181)

Income (loss) before income taxes (100,496,290) (29,203,149)

Provision (benefit) for income taxes (1,176,065) (3,291,432)

Income (loss) before minority interests (99,320,225) (25,911,717)

Minority interests in net earnings of

consolidated subsidiaries 510,335 2,223,996

Cumulative effect of a change in

accounting principle 1,653,208

Net income (loss) $(99,830,560) $(26,482,505)


For the years ended December 31,

2007 2006



Current Assets

Cash $422,635 $3,987,619

Accounts receivable, net 4,253,427 19,052,738

Note receivable 758,608 500,000

Deposits, prepaids and other 754,963 1,426,031

Deferred tax asset 14,052,953 2,018,060

Income tax receivable 1,447,932 4,135,376

Total current assets 21,690,518 31,119,825

Property and equipment, net 6,153,024 11,151,708

Goodwill, net 20,984,313 115,406,181

Deferred tax asset 852,341

Other assets 1,134,260 4,847,679

Total assets 49,962,114 163,377,733

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and accrued expenses 7,426,106 6,257,250

Interest payable 3,853,366 781,971

Acquisition consideration payable 141,139 4,026,209

Current portion of notes payable 8,048,971 13,112,000

Current portion of capital lease

obligations 834,245 1,402,157

Total current liabilities 20,303,827 25,579,587

Notes payable 21,003,377

Derivative liabilities 600,000 600,000

Convertible debentures 13,132,178 12,415,480

Capital lease obligations 609,846 1,763,997

Deferred tax liability 14,052,953 2,472,513

Total Liabilities 48,698,804 63,834,954

Minority Interests 2,191,797

Shareholders' equity

Common stock, $.0001 par value 7,869 6,629

Additional paid in capital 146,381,546 142,763,156

Retained earnings (45,465,595) (18,983,089)

Current period income (loss) (99,830,559) (26,482,506)

Cumulative translation adjustment 170,049 46,792

Total stockholders equity 1,263,310 97,350,982

Total liabilities and stockholders'

equity 49,962,114 163,377,733

About PainCare Holdings, Inc.

Headquartered in Orlando, Florida, PainCare Holdings, Inc. is a provider of pain-focused medical and surgical solutions and services. Through its proprietary network of acquired or managed physician practices, and in partnership with independent physician practices and medical institutions throughout the United States and Canada, PainCare is committed to utilizing the most advanced science and technologies to diagnose and treat pain stemming from neurological and musculoskeletal conditions and disorders. Through its subsidiary Integrated Pain Solutions (IPS), the Company is engaged in pioneering the nation's first managed services organization that offers a multi-disciplinary healthcare network focused on the treatment of pain. For more information on PainCare Holdings, please visit

This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance, are subject to the following risks: the acquisition of businesses or the launch of new lines of business, which could increase operating expenses and dilute operating margins; the inability to attract new patients by our owned practices, the managed practices and the limited management practice; increased competition, which could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with physician practices, whether due to competition or other factors; the inability to comply with regulatory requirements governing our owned practices, the managed practices and the limited management practices; that projected operating efficiencies will not be achieved due to implementation difficulties or contractual spending commitments that cannot be reduced; and to the general risks associated with our businesses.

In addition to the risks and uncertainties discussed above you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.


Investor/Shareholder Relations

Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist

Elite Financial Communications Group, LLC

at 407-585-1080 or via email at

SOURCE PainCare Holdings, Inc.
Copyright©2008 PR Newswire.
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