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Select Medical Corporation Announces Results for First Quarter Ended March 31, 2008
Date:5/15/2008

MECHANICSBURG, Pa., May 15 /PRNewswire/ -- Select Medical Corporation ("Select") today announced results for its first quarter ended March 31, 2008.

For the first quarter ended March 31, 2008, net operating revenues increased 17.4% to $548.3 million compared to $466.8 million for the same quarter, prior year. Income from operations decreased 9.9% to $54.3 million compared to $60.3 million for the same quarter, prior year. Net income decreased 47.9% to $11.6 million compared to $22.2 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, stock compensation expense, other expense and minority interest ("Adjusted EBITDA") for the first quarter decreased 0.6% to $72.5 million compared to $73.0 million for the same quarter, prior year. A reconciliation of net income to Adjusted EBITDA is attached to this release.

Specialty Hospitals

At March 31, 2008, Select operated 88 long-term acute care hospitals and four acute medical rehabilitation hospitals. This compares to 89 long-term acute care hospitals and three acute medical rehabilitation hospitals operated at March 31, 2007. For the first quarter of 2008, net operating revenues for all of Select's hospitals increased 6.9% to $378.6 million compared to $354.2 million for the same quarter, prior year. Total patient days for the first quarter of 2008 were 259,559, admissions were 10,736 and net revenue per patient day was $1,432. This compares to 252,476 days, 10,416 admissions and net revenue per patient day of $1,378 for the same quarter, prior year. For the hospitals opened or acquired as of January 1, 2007 and operated by Select throughout both periods, patient days in the first quarter of 2008 were 252,807 and admissions were 10,388, compared to 239,211 days and 9,892 admissions in the same quarter, prior year. Adjusted EBITDA for the segment decreased 4.2% to $63.2 million compared to $66.0 million for the same quarter
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SOURCE Select Medical Corporation
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