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Team Finance LLC Announces Second Quarter 2009 Results
Date:8/10/2009

KNOXVILLE, Tenn. Aug. 10 /PRNewswire/ -- TeamHealth Inc.'s parent company, Team Finance LLC (the "Company"), today announced results for the second quarter of 2009.

Net revenue less provision for uncollectibles ("revenue less provision") in the second quarter of 2009 increased 7.9% to $362.1 million from $335.5 million in the second quarter of 2008. Same contract revenue less provision for the quarter increased 5.0% to $326.5 million from $310.8 million in the same period a year ago. During the second quarter of 2009, growth in same contract revenue less provision was positively impacted by increases in billed patient volume, which contributed approximately 4.4% of growth between quarters, as well as increases in both estimated collections per visit and contract and other revenue. New sales, net of contracts that terminated in the period, and acquisitions contributed $7.5 million and $3.4 million of growth between periods, respectively. Net earnings increased 64.2% to $15.8 million in the second quarter of 2009, compared to $9.6 million in the same quarter of 2008. Improvements in gross profit percentage and a decrease in net interest expense contributed to the increase in net earnings during the( )second quarter of 2009. Second quarter 2008 results were also impacted by $1.8 million of transaction costs associated with fees incurred in connection with a terminated acquisition effort.

Net revenue less provision for the six months ended June 30, 2009 increased 6.9% to $711.7 million from $665.5 million in the same period of 2008. Same contract revenue less provision for the six months ended June 30, 2009 increased 5.0% to $636.2 million from $606.0 million in the corresponding period of 2008. Same contract revenue growth during the six month period benefited from increases in patient volume and estimated collections per visit. New sales, net of contracts that terminated in the period and a
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