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

an Brothers Holdings, Inc. bankruptcy filing on September 15, 2008, at this time it is not certain if this portion of the revolving credit facility is available to the Company. During the 2008 fiscal year, the Company made scheduled term debt payments of $4.3 million. Additionally, in December 2008, the Company retired $12.0 million of its 11.25% Senior Subordinated Notes, which were repurchased in the open market for $10.0 million plus accrued interest. The total gain on the transaction, net of the write-off of deferred financing costs, was $1.6 million, and is reflected in the results of operations.

As of December 31, 2008, the Company's total outstanding debt was $615.3 million, reflecting a $16.2 million reduction in outstanding indebtedness during fiscal year 2008. Cash flow provided by operations (after interest, taxes and changes in working capital) for 2008 was $62.0 million compared to $70.1 million in 2007. The decrease in operating cash flow was primarily due to an increase in cash taxes paid in 2008 and a modest increase in working capital between periods in 2008 compared to a decrease in working capital between periods in 2007, offset by a reduction in cash interest payments in 2008.

Greg Roth, President and Chief Executive Officer of TeamHealth, commented, "Within the context of a challenging 2008, we are pleased with our solid full year financial performance. Our team remained focused throughout the year and delivered growth in both revenue and earnings, while strengthening our balance sheet by reducing outstanding debt and increasing liquidity. These financial results were achieved despite a challenging operating environment that reflected not only reductions in Medicare and other revenue items, but also a difficult economic environment. Our solid 2008 financial results were a direct result of the continued execution of our operating strategies in both our core emergency staffing operations and mil
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SOURCE Team Health Inc.
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