Team Finance LLC Announces Fiscal 2008 Financi...(rment lossof $9.1 million in the fourth ...),Health

Date:2/9/2009

rment loss of $9.1 million in the fourth quarter of 2008 related to $8.8 million of goodwill for its After Hours Pediatric business and $0.3 million of goodwill for its Radiology business. The goodwill impairment charge is based upon current market valuations and the Company's assessment of the projected operating performance of these operations. Following the impairment charge, there is no remaining recorded goodwill associated with these operations. Also included in 2008 net income was a gain on the extinguishment of indebtedness of $1.6 million associated with the repurchase of $12.0 million of the 11.25% Senior Subordinated Notes, $2.4 million of transaction costs associated with terminated transactions in 2008 and costs associated with ongoing potential transactions. Costs associated with potential transactions are now required to be expensed as incurred under the new accounting provisions for business combinations which will be effective in 2009. Included in net earnings for 2007 was a loss from discontinued operations (net of tax benefit) of $576,000. Net interest expense in fiscal year 2008 declined to $45.8 million from $55.2 million in fiscal year 2007.

Net revenue less provision in the fourth quarter of 2008 increased 5.7% to $331.5 million from $313.6 million in the fourth quarter of 2007. Same contract revenue less provision for the quarter increased by 4.7% to $300.8 million from $287.2 million in the same quarter a year ago. In the fourth quarter of 2008, same contract revenue less provision growth benefited 2.8% from increases in contract and other revenue while increases in billed patient volume contributed 1.1% of the growth. Increases in estimated collections per visit, net of valuation adjustments, contributed the remainder of same contract revenue growth. New sales, net of contracts that terminated in the period, and acquisitions contributed $2.8 million and $1.6 million of growth between quarters, respect
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SOURCE Team Health Inc. Copyright©2009 PR Newswire. All rights reserved

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