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

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The increase in salaries, wages and benefits was primarily attributable to the treatment of higher acuity patients during the 2009 period and annual inflationary increases. The increase in other operating expenses was primarily attributable to an increase in clinical purchased services as a result of the treatment of higher acuity patients, and an increase in insurance expenses during the three months ended June 30, 2009, as a result of the agreement with the insurance carriers in the amount of $1.0 million related to the Hurricane Katrina matters. 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. The decrease in interest expense was due to lower interest rates on our term debt offset by increased borrowings against our revolving credit facility.

Credit Agreement EBITDA

For the nine months ended September 30, 2009, Credit Agreement EBITDA, was $38.1 million, an increase of $4.0 million, or 11.9% from the prior year period. This increase in Credit Agreement EBITDA is principally the result of the increase in net patient service revenue per patient day as previously discussed.

Liquidity and Capital Resources

At September 30, 2009, our outstanding indebtedness consisted of $129.3 million aggregate principal amount of senior subordinated notes due 2013, a $244.8 million term loan facility that matures in 2012, and $35.0 million outstanding on our revolving credit facility which matures in 2011. At September 30, 2009, the interest rate applicable to the $244.8 million under our term loan facility was 4.74%, and the weighted average rate on the $35.0 million outstanding balance of the revolving credit facility was 4.44%.

The senior secured credit facility requires us to comply on a quarterly basis with certain financial covenan
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SOURCE LifeCare Holdings, Inc.
Copyright©2009 PR Newswire.
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