Select Medical Corporation Announces Results for Fourth Quarter and Year Ended Decembe... ( MECHANICSBURG Pa. March 23 /- Select ...)

Select Medical Corporation Announces Results for Fourth Quarter and Year Ended December 31, 2008

Date:3/23/2009

MECHANICSBURG, Pa., March 23 /PRNewswire/ -- Select Medical Corporation ("Select") today announced results for its fourth quarter and year ended December 31, 2008.

For the fourth quarter ended December 31, 2008, net operating revenues increased 5.6% to $547.1 million compared to $518.0 million for the same quarter, prior year. Income from operations increased 37.9% to $57.5 million compared to $41.7 million for the same quarter, prior year. Net income increased 20.5% to $13.5 million compared to $11.2 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, gain on early retirement of debt, stock compensation expense, other expense and minority interest ("Adjusted EBITDA") for the fourth quarter increased 32.1% to $76.5 million compared to $57.9 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, 2008, net operating revenues increased 8.1% to $2,153.4 million compared to $1,991.7 million for the prior year. Income from operations increased 1.3% to $196.4 million compared to $193.9 million for the prior year. Net income decreased 21.3% to $43.4 million compared to $55.1 million for the prior year. Additionally, Adjusted EBITDA for the year ended December 31, 2008 increased 6.0% to $270.3 million compared to $254.9 million for the prior year.

Specialty Hospitals

At December 31, 2008, Select operated 88 long term acute care hospitals and five acute medical rehabilitation hospitals. This compares to 83 long term acute care hospitals and four acute medical rehabilitation hospitals operated at December 31, 2007. For the fourth quarter of 2008, net operating revenues for all of Select's hospitals increased 8.7% to $383.7 million compared to $352.9 million for the same quarter, prior year. Total patient days for t
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