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

made over the past two years will position Spheris to drive future top line growth. Operational efficiencies provided by our global resources and speech recognition capabilities have allowed us to successfully manage through a year marked by significant transformation as we continue our evolution to become the leading clinical documentation technology and services company."

Simpson added, "Our blended technology and services approach is gaining momentum in the marketplace and comes at a time when we are focusing our efforts more intensely on a true end-to-end clinical documentation solution. Our immediate priorities for 2008 will be to further accelerate our speech recognition and global utilization initiatives and the development of our Spheris Clarity(R) technology enhancements. By doing so, we expect to continue our positive EBITDA trend in 2008 and to position Spheris for substantial new business opportunities."

Balance Sheet Highlights

As of December 31, 2007, the outstanding indebtedness under the Company's senior secured credit facility was $70.0 million and the outstanding indebtedness under the Company's senior subordinated notes was $125.0 million. During the third quarter of 2007, the Company entered into a new financing agreement to replace the Company's previous senior secured credit facility. Concurrent with the closing of the new senior secured credit facility, the Company utilized operating cash flows to reduce its senior debt by $3.0 million.

Liquidity Highlights

As of December 31, 2007, Spheris held $7.2 million in unrestricted cash and cash equivalents. During 2007, the Company generated cash from operating activities of $13.6 million compared with $7.8 million of cash generated from operating activities during 2006. The $5.8 million increase in cash generated by operating activities over the prior year resulted primarily from the operating income improvements described above.

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