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Select Medical Corporation Announces Results for Fourth Quarter and Year Ended December 31, 2007
Date:3/24/2008

MECHANICSBURG, Pa., March 24 /PRNewswire/ -- Select Medical Corporation ("Select") today announced results for its fourth quarter and year ended December 31, 2007.

For the fourth quarter ended December 31, 2007, net operating revenues increased 16.2% to $518.0 million compared to $445.7 million for the same quarter, prior year. Income from operations decreased 29.5% to $41.7 million compared to $59.1 million for the same quarter, prior year. Net income decreased 65.8% to $11.2 million compared to $32.8 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, income from discontinued operations, stock compensation expense, other income/expense and minority interest ("Adjusted EBITDA") for the fourth quarter decreased 19.4% to $57.9 million compared to $71.8 million for the same quarter, prior year. A reconciliation of net income to Adjusted EBITDA is attached to this release.

For the year ended December 31, 2007, net operating revenues increased 7.6% to $1,991.7 million compared to $1,851.5 million for the prior year. Income from operations decreased 24.8% to $193.9 million compared to $257.9 million for the prior year. Net income decreased 53.4% to $55.1 million compared to $118.2 million for the prior year. Additionally, Adjusted EBITDA for the year ended December 31, 2007 decreased 17.3% to $254.9 million compared to $308.3 million for the prior year.

Specialty Hospitals

At December 31, 2007, Select operated 83 long-term acute care hospitals and four acute medical rehabilitation hospitals. This compares to 92 long-term acute care hospitals and four acute medical rehabilitation hospitals operated at December 31, 2006. For the fourth quarter of 2007, net operating revenues for all of Select's hospitals increased 7.3% to $352.9 million compared to $328.8 million for the same quarter, prior year. Total patient days for the fourth quarter of 2007 were 245,665, adm
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SOURCE Select Medical Corporation
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