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

(1,366) 4,494

Stock compensation expense

Included in general and

administrative 888 890 3,551 3,555

Included in cost of services 57 47 231 191

Depreciation and amortization 11,713 15,255 46,668 57,297

Adjusted EBITDA $71,775 $57,884 $308,324 $254,928

Specialty hospitals $65,067 $48,808 $283,270 $217,175

Outpatient rehabilitation 15,903 15,167 64,823 75,437

Other (1) (9,195) (6,091) (39,769) (37,684)

Adjusted EBITDA $71,775 $57,884 $308,324 $254,928

(1) Other primarily includes Select's general and administrative costs.

The following tables reconcile specialty hospital same store information.

Three Months Ended

December 31, 2006 December 31, 2007

Specialty hospitals net operating

revenue $328,775 $352,877

Less: Specialty hospitals in

development, opened or closed after

1/1/06 21,366 17,241

Specialty hospitals same store net

operating revenue $307,409 $335,636

Specialty hospitals Adjusted EBITDA $65,067 $48,808

Less: Specialty hospitals in

development, opened or closed after

1/1/06 (641) (5,303)

Specialty hospitals same store

Adjusted EBITDA $65,708 $54,111

All specialty hospitals Adjusted

EBITDA margin 19.8% 13.8%

Specialty hospitals same store

Adjusted EBITDA margin
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SOURCE Select Medical Corporation
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