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Team Finance LLC Announces Fiscal 2008 Financial Results
Date:2/9/2009

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The Company realized a net loss of $5.4 million in the fourth quarter of 2008, compared to net earnings of $1.2 million in the same quarter of 2007. During the fourth quarter, the Company recorded an unfavorable adjustment to prior year professional liability reserves of $5.4 million. The adjustment reversed a portion of the favorable adjustments previously recorded during 2008 in the amount of $40.4 million that were based upon revised actuarial loss estimates for such prior loss periods. The unfavorable adjustment recorded in the fourth quarter of 2008 was not based upon a revised actuarial view of estimated losses for such prior periods, but was solely in response to a revaluation of the discounted carrying value of the prior year professional liability reserves due to the decline in the interest rate environment during the fourth quarter of 2008. After considering the fourth quarter 2008 adjustment, the net favorable adjustment in prior year professional liability reserves for fiscal 2008 was $34.9 million. In addition to the professional liability reserve adjustment, fourth quarter 2008 results were impacted by a $9.1 million goodwill impairment charge, $0.6 million in transaction costs and a $1.6 million gain on the extinguishment of debt. Included in net earnings for the fourth quarter of 2007 was a loss from discontinued operations (net of tax benefit) of $77,000. Net interest expense in the fourth quarter of 2008 declined to $11.8 million from $13.8 million in the fourth quarter of 2007.

As of December 31, 2008, the Company had cash and cash equivalents of approximately $46.4 million and a revolving credit facility borrowing availability of $110.0 million (without giving effect to $8.7 million of undrawn letters of credit). The $110.0 million revolving credit facility excludes $15.0 million held by Lehman Brothers Commercial Paper, Inc., a subsidiary of Lehman Brothers Holdings, Inc. Due to the Lehm
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SOURCE Team Health Inc.
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