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

ne 30, 2008 increased 6.6% to $572.7 million from $537.3 million in the corresponding period of 2007. New sales, net of contracts that terminated in the period and acquisitions contributed $23.6 million and $2.6 million of growth between periods, respectively. Net earnings were $27.1 million, including the non-recurring transaction costs, for the six months ended June 30, 2008 compared to $26.6 million in the corresponding period of 2007. Included in net earnings for the six months ended June 30, 2007 was a loss from discontinued operations (net of tax benefit) of $0.3 million.

Financial results for the six months ended June 30, 2008 and 2007 reflect reductions of professional liability reserves related to prior years of $13.8 million and $19.6 million respectively. These professional liability reserve adjustments result from the Company's receipt of revised actuarial loss estimates for these periods during the first quarter of each year.

As of June 30, 2008, the Company had cash and cash equivalents of approximately $37.1 million and revolving credit facility borrowing availability of $125.0 million (without giving effect to $7.2 million of undrawn letters of credit). During the six months ended June 2008, the Company made scheduled debt payments of $2.1 million. As a result, the Company's total outstanding debt as of June 30, 2008 was $629.4 million and there were no amounts outstanding under the revolving credit facility. Cash flow provided by operations (after interest, taxes and changes in working capital) for the six months ended June 30, 2008 was $32.2 million compared to $29.2 million in 2007.

Greg Roth, President and Chief Executive Officer of TeamHealth said, "We believe our continued growth in both revenue and earnings in the current quarter and the first six months of 2008 is due to our successful execution of the Company's business strategy. During the second quarter, all of our significant operating areas contributed to our positiv
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SOURCE TeamHealth Inc.
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