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Spheris Reports Fourth Quarter and Year-End 2007 Results
Date:3/26/2008

FRANKLIN, Tenn., March 26 /PRNewswire/ -- Spheris, a leading global outsource provider of clinical documentation technology and services, today announced results for the three and twelve months ended December 31, 2007.

Financial Highlights-Fourth Quarter of 2007

Net revenues for the fourth quarter of 2007 were $48.6 million compared with $51.4 million in the fourth quarter of 2006. The $2.8 million decrease in net revenues during the fourth quarter of 2007 from the prior-year period was primarily caused by delayed implementations during the first half of 2007 of signed new business, industry pricing pressures affecting both our existing and new customer relationships and less signed new business driven, in part, by the timing of the Company's new technology development initiatives. Operating income was $1.2 million, or 2.5% of net revenues, during the fourth quarter of 2007 compared with $1.3 million, or 2.4% of net revenues, during the prior-year period. The slight improvement in operating income margin during the fourth quarter of 2007 compared with the prior-year period was primarily due to operational cost savings from increased utilization of the Company's global production capabilities, lower medical language specialist, or MLS, direct costs and other operating expense reductions, as well as decreased depreciation expense. These savings were partially offset by the impact of unfavorable foreign currency exchange rates associated with production costs of the Company's Indian operations.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $7.3 million, or 15.0% of net revenues, in the fourth quarter of 2007 compared with $8.1 million, or 15.8% of net revenues, in the prior-year period. The decrease in EBITDA in the fourth quarter of 2007 as compared with the prior-year period was primarily due to the impacts of lower net revenues and the unfavorable foreign currency exchange rates described above.

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