Team Finance LLC Announces First Quarter 20... (pAs of March 31 2009 the Company had cas...)

Team Finance LLC Announces First Quarter 2009 Results

Date:5/6/2009

p>As of March 31, 2009, the Company had cash and cash equivalents of approximately $66.3 million and a revolving credit facility of $110.0 million (without giving effect to $8.4 million of undrawn letters of credit). During the first quarter of 2009, the Company made scheduled debt payments of $1.1 million. As a result, the Company's total outstanding debt as of March 31, 2009 was $614.2 million and there were no amounts outstanding under the revolving credit facility. Cash flow provided by operations for the first quarter of 2009 increased to $30.3 million compared to $12.0 million for the same period in 2008. Contributing to the increase in operating cash flow between years were an improvement in profitability, a lower level of accounts receivable funding, and a reduction in interest payments during the first quarter of 2009 compared to the same period in 2008.

Greg Roth, President and Chief Executive Officer of TeamHealth said, "We are very pleased with our first quarter 2009 financial results, especially the continued growth in net revenue, earnings, and operating cash flows, despite the difficult macro economic environment. Unfortunately, we experienced some modest declines in billed patient volumes during the quarter that we believe were caused by the current economic conditions as well as one less calendar day in the first quarter. However, we effectively managed our operating overhead and administrative costs which helped offset the financial impact. Our investment in patient safety and risk management resources and initiatives continued to deliver tangible benefits as we again realized a decrease in our professional liability loss estimates. We are also pleased with our working capital management that contributed to strong operating cash flows and our ongoing improvement in our overall liquidity position.

During these challenging times, we are committed to putting the right level of resources into our business a
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SOURCE TeamHealth
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