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US Oncology Reports Second Quarter Operating Results
Date:8/6/2009

ter of 2008. The increase from the second quarter of 2008 reflects our strategy to expand the existing research network, launch a contract research organization, and create aligned incentives with participating physicians that encourage long-term value creation. Because the new incentives focus on long-term growth, the related expense in the second quarter of 2009 is lower than in the prior year.

Research and other services revenue in the second quarter of 2009 decreased $0.9 million, or 4.7 percent, and EBITDA decreased by $1.0 million from the first quarter of 2009 primarily due to reductions in incentive compensation accruals in the first quarter of 2009.

Corporate Costs

Corporate costs, which represent general and administrative expenses excluding stock-based compensation, were $15.9 million in the second quarter of 2009 versus $20.7 million in the second quarter of 2008. The decrease from prior year is due to the continued focus on managing costs, primarily in areas such as personnel, travel and professional fees. Compared to the first quarter of 2009, corporate costs decreased $1.7 million due to recently implemented cost reductions.

Senior Secured Note Offering

In June 2009, we completed an offering of $775 million senior secured notes due 2017. Proceeds from the offering were used to repay our existing $436.7 million senior secured term loan facility maturing in 2010 and 2011 and our $300 million 9.0% senior notes due 2012, which effectively extended these maturities through August 2017. As a result of this refinancing, the Company does not have any material debt maturities until the indebtedness of US Oncology Holdings, Inc. matures in March, 2012.

In connection with refinancing the existing notes, we recognized a $22.4 million extinguishment loss primarily related to payment of a call premium and interest expense during the
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SOURCE US Oncology, Inc.
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