Team Finance LLC Announces First Quarter 20...(81 -- ...),Health

Date:5/6/2009

81 -- ------ ------ Earnings from continuing operations before income taxes 42,426 29,190 Provision for income taxes 16,529 11,702 ------- ------- Net earnings $25,897 $17,488 ======= =======

                                   Team Finance LLC
                                 Financial Highlights


    Under the indenture governing the senior subordinated notes, the Company's ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments, and paying certain dividends is tied to ratios based on Adjusted EBITDA (which is defined as "EBITDA" in the indenture). Adjusted EBITDA under the indenture is defined as net earnings before interest expense, taxes, depreciation and amortization, as further adjusted to exclude unusual items, non-cash items and the other adjustments shown in the table below. We believe that the disclosure of the calculation of Adjusted EBITDA provides information that is useful to an investor's understanding of the Company's liquidity and financial flexibility.  Adjusted EBITDA is not a measurement of financial performance or liquidity under generally accepted accounting principles. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. Adjusted EBITDA as calculated under the indenture for the senior subordinated notes is as follows (in thousands):

                        
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SOURCE  TeamHealth
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