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

d managed care settlements between periods also had an unfavorable impact on same contract revenue growth in the period. During the fourth quarter of 2007, same contract provider and other direct costs, associated with market driven compensation trends, increased at rates similar to those realized during prior periods of 2007. This increase in compensation costs during the fourth quarter outpaced the reduced growth in net revenue during the period and unfavorably impacted operating margin. Also contributing to the earnings decline between periods were restructuring charges associated with the reorganization of certain corporate functions and lease termination costs that were realized in the quarter in the aggregate amount of $1.6 million. The Company's management team will continue to monitor the adequacy of contract margins and manage staffing levels and other costs in light of any perceived long term changes in volume or reimbursement trends.

As of December 31, 2007, the Company had cash and cash equivalents of approximately $30.3 million and a revolving credit facility borrowing availability of $125.0 million (without giving effect to $7.2 million of undrawn letters of credit). During the 2007 fiscal year, the Company made scheduled term debt payments of $4.3 million and reduced amounts outstanding under the revolving credit facility in the amount of $6.8 million. As a result of the $11.1 million reduction in outstanding indebtedness during fiscal year 2007, as of December 31, 2007, the Company's total outstanding debt was $631.5 million, excluding $125.0 million of availability under the revolving credit facility. Cash flow provided by operations (after interest, taxes and changes in working capital) for 2007 was $70.1 million compared to $49.6 million in 2006. The increase in operating cash flow between periods was primarily due to increased earnings, a reduced level of cash funding of accounts payable and other working capital payables and a decrease in
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SOURCE Team Health Inc.
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