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LifeCare Holdings, Inc. Announces Third Quarter Results
Date:11/13/2009

lion in net interest expense and the recognition of a gain of $0.6 million on the early extinguishment of debt, offset by an increase in the provision for doubtful accounts of $1.0 million.

The decrease in salaries, wages and benefits was primarily attributable to the decrease in patient volumes as previously discussed offset by increases attributable to the treatment of higher acuity patients during the 2009 period and annual inflationary increases. The decrease in interest expense was due to lower interest rates on our term debt offset by increased borrowings against our revolving credit facility. The increase in the provision for doubtful accounts was due to a benefit recognized during the 2008 period from collections during the period in excess of amounts previously reserved on certain accounts.

Credit Agreement EBITDA

For the quarter ended September 30, 2009, adjusted EBITDA as defined in our senior credit facility, which we refer to as Credit Agreement EBITDA, was $9.2 million, which is in-line with the prior year period. Credit Agreement EBITDA reflects the elimination of start-up costs and certain other non-recurring/operational expenditures as defined in our credit agreement. As of September 30, 2009, we believe we were in compliance with all covenants contained in our senior secured credit facility, as amended.

Nine Months Ended September 30, 2009

Net Revenues

Our net patient service revenue increased by $13.1 million, or 5.1%, for the nine months ended September 30, 2009, to $270.9 million from $257.8 million for the comparable period in 2008. Patient days and admissions decreased by 4.1% and 4.4%, respectively, for the nine months ended September 30, 2009 as compared to the same period in 2008.

The $13.1 million increase in net patient service revenue was comprised of a $2.9 million increase in adjustments related to changes in esti
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SOURCE LifeCare Holdings, Inc.
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