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Team Finance LLC Announces Fiscal 2007 Results
Date:2/11/2008

KNOXVILLE, Tenn., Feb. 11 /PRNewswire/ -- Team Health Inc.'s parent company, Team Finance LLC ("TeamHealth" or the "Company"), today announced results for the fiscal year and the fourth quarter ended December 31, 2007.

The Company previously announced the decision to exit the anesthesia management services business line. During 2007, the Company worked to transition its existing relationships within this operation and the final phase of this business line disposal was largely completed during the third quarter of 2007. As a result, in accordance with relevant accounting guidance, the operating results of the anesthesia management operations are reported as discontinued operations in the statement of operations for the years presented in this release.

Net revenue less provision for uncollectibles ("revenue less provision"), for the fiscal year ended December 31, 2007 increased 12.5% to $1,232.1 million from $1,095.4 million in the prior year. Same contract revenue less provision for the year increased by 5.9% to $948.2 million from $895.3 million in 2006. For the full year 2007, same contract revenue growth benefited 2.3% from increases in billed patient volume and 3.2% from increases in estimated collections per visit, while increases in contract and other revenue contributed an additional 0.7% of growth. Changes in prior year revenue estimates and managed care settlements between periods reduced same contract growth by 0.3%. New sales, net of contracts that terminated in the period, and acquisitions contributed $52.0 million and $31.7 million of growth between years, respectively. Net earnings for 2007 were $43.3 million compared to $16.5 million in 2006. Included in net earnings for 2007 was a loss from discontinued operations (net of tax benefit) of $576,000. In 2006, the loss from discontinued operations (net of tax benefit) was $7.0 million.

Also included in the financial results for the 2007 and 2006 fiscal years were reductions of
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SOURCE Team Health Inc.
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