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Team Finance LLC Announces Second Quarter 2008 Results
Date:8/11/2008

KNOXVILLE, Tenn., Aug. 11 /PRNewswire/ -- TeamHealth Inc.'s parent company, Team Finance LLC (the "Company") today announced results for the second quarter ended June 30, 2008.

The Company previously announced the decision to exit the anesthesia management services business line and substantially completed the disposal of this business line during the third quarter of 2007. In accordance with relevant accounting guidance, the results of the anesthesia management business are reported as discontinued operations in the statements of operations for the periods in 2007 presented in this release.

Net revenue less provision for uncollectibles ("revenue less provision") in the second quarter of 2008 increased 10.8% to $335.5 million from $302.8 million in the corresponding period of 2007. Same contract revenue less provision for the quarter increased by 6.3% to $297.2 million from $279.6 million in the same period a year ago. During the second quarter of 2008, growth in same contract revenue less provision was positively impacted by quarter over quarter increases in contract revenue, estimated collections per visit, and billed patient volume. New sales, net of contracts that terminated in the period, and acquisitions contributed $13.6 million and $1.5 million of growth between periods, respectively. Net earnings increased 27.0% to $9.6 million in the second quarter of 2008, compared to $7.6 million in the second quarter of 2007. Second quarter 2008 results were impacted by $1.8 million of non-recurring transaction costs associated with fees incurred in connection with a terminated acquisition effort. Included in the net earnings for the second quarter of 2007 was a loss from discontinued operations (net of tax benefits) of $0.1 million.

Net revenue less provision for the six months ended June 30, 2008 increased 10.2% to $665.5 million from $603.9 million in the same period of 2007. Same contract revenue less provision for the six months ended Ju
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SOURCE TeamHealth Inc.
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