PLANO, Texas, Aug. 14, 2012 /PRNewswire/ --LifeCare Holdings, Inc. (the "Company") today announced its operating results for the second quarter ended June 30, 2012.
Three Months Ended June 30, 2012
Net Revenues
Our net patient service revenue of $121.0 million for the three months ended June30, 2012, increased by $25.0 million, or 26.0%, from the comparable period in 2011. Patient days increased by 21,282, or 35.6%, while admissions increased by 911, or 44.9%, for the three months ended June30, 2012, as compared to the same period in 2011. On a same store basis, which excludes the hospitals acquired from HealthSouth and the new transitional care unit, patient days increased by 1,601, or 2.7%, and admissions increased by 124, or 6.1%, for the three months ended June30, 2012, as compared to the same period in 2011.
The increase of $25.0 million in net patient service revenue was attributable to an increase of $26.1 million from the recently acquired hospitals and the new transitional care unit and a decrease of $1.1 million on a same store basis. The net decrease on a same store basis was comprised of a favorable variance of $2.6 million attributable to an increase in patient days and a net increase of $0.3 million attributable to a decrease in adjustments related to changes in estimates and settlements on cost reports filed with the Medicare program, offset by an unfavorable variance of $4.0 million as the result of the decrease in net patient service revenue on a per patient day basis.
Our net patient service revenue per patient day during the three months ended June30, 2012 and 2011, was $1,491 and $1,604, respectively. However, exclusive of the cost report reimbursement adjustments and results of the new hospitals and the new transitional care unit, net patient service revenue per patient day for the three months ended June30, 2012 and 2011, was $1,543 and $1,609, respectively. The decrease in our net patient service revenue per patient day was primarily attributable to an increase in the volume of Medicare patients as a percentage of our total patient volume. On a per patient day basis, average reimbursement for Medicare patients is generally lower than reimbursement for non-Medicare patients.
Expenses
Total expenses increased by $25.7 million to $126.4 million for the three months ended June30, 2012, as compared to the same period in 2011. A portion of this increase was attributable to the addition of the recently acquired hospitals and new transitional care unit. On a same store basis, total expenses increased $1.4 million for the three months ended June30, 2012, as compared to the same period in 2011.
The same store increase of $1.4 million in expenses was primarily attributable to an increase of $3.6 million in net interest expense, offset by a $1.0 million decrease in provision for doubtful accounts. The $3.6 million increase in net interest expense was the result of the interest on the additional borrowing related to the purchase of the new hospitals. The principal amount outstanding under our term loan facility at June31, 2012 and 2011, was $320.5 million and $260.8 million, respectively. The $1.0 million decrease in the provision for doubtful accounts was due principally to the decrease in our days of net patient service revenue outstanding as a result of improved collections on current and previously reserved accounts.
Net Earnings
We reported a net loss of $5.3 million for the three months ended June 30, 2012 as compared to a net loss of $4.6 million during the three months ended June 30, 2011.
Credit Agreement EBITDA
For the quarter ended June 30, 2012, adjusted EBITDA as defined in our senior credit facility, which we refer to as Credit Agreement EBITDA, was $14.9 million. 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 June 30, 2012, we were in compliance with all covenants contained in our senior secured credit facility.
Six Months Ended June 30, 2012
Net Revenues
Our net patient service revenue of $247.4 million for the six months ended June30, 2012, increased by $56.5 million, or 29.6%, from the comparable period in 2011. Patient days increased by 43,808, or 36.5%, while admissions increased by 1,873, or 45.3%, for the six months ended June30, 2012, as compared to the same period in 2011. On a same store basis, which excludes the hospitals acquired from HealthSouth and the new transitional care unit, patient days increased by 3,380, or 2.8%, and admissions increased by 280, or 6.8%, for the six months ended June30, 2012, as compared to the same period in 2011.
The increase of $56.5 million in net patient service revenue was attributable to an increase of $54.6 million from the recently acquired hospitals and the new transitional care unit and an increase of $1.9 million on a same store basis. The net increase on a same store basis was comprised of a favorable variance of $5.4 million attributable to an increase in patient days and a net increase of $1.0 million attributable to a decrease in adjustments related to changes in estimates and settlements on cost reports filed with the Medicare program, offset by an unfavorable variance of $4.5 million as the result of the decrease in net patient service revenue on a per patient day basis. During the six months ended June30, 2012 and 2011, we recorded reductions in net patient service revenue of $0.1 million and $1.1 million, respectively, related to changes in estimates and settlements on cost reports filed with the Medicare program.
Our net patient service revenue per patient day during the six months ended June30, 2012 and 2011, was $1,511 and $1,592, respectively. However, exclusive of the cost report reimbursement adjustments and results of the new hospitals and the new transitional care unit, net patient service revenue per patient day for the six months ended June30, 2012 and 2011, was $1,565 and $1,602, respectively. The decrease in our net patient service revenue per patient day was primarily attributable to an increase in the volume of Medicare patients as a percentage of our total patient volume. On a per patient day basis, average reimbursement for Medicare patients is generally lower than reimbursement for non-Medicare patients.
Expenses
Total expenses increased by $57.4 million to $256.6 million for the six months ended June30, 2012, as compared to the same period in 2011. A portion of this increase was attributable to the addition of the recently acquired hospitals and new transitional care unit. On a same store basis, total expenses increased $7.4 million for the six months ended June30, 2012, as compared to the same period in 2011.
The same store increase of $7.4 million in expenses was primarily attributable to an increase of $9.7 million in net interest expense, offset by a $2.8 million loss related to the write-off of deferred financing cost as a result of the refinancing of the senior secured credit facility during 2011. The $9.7 million increase in net interest expense was the result of the higher margin rate associated with the new senior secured credit agreement and interest on the additional borrowing related to the purchase of the new hospitals. The principal amount outstanding under our term loan facility at June31, 2012 and 2011, was $320.5 million and $260.8 million, respectively, and had an average interest rate of 13.77% and 11.99% for the six months ended June30, 2012 and 2011, respectively.
Net Earnings
We reported a net loss of $9.9 million for the six months ended June 30, 2012, as compared to a net loss of $8.2 million during the six months ended June 30, 2011.
Credit Agreement EBITDA
For the six months ended June 30, 2012, adjusted EBITDA as defined in our senior credit facility, which we refer to as Credit Agreement EBITDA, was $31.3 million. 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 June 30, 2012, we were in compliance with all covenants contained in our senior secured credit facility.
Liquidity and Capital Resources
As of June30, 2012, we had $456.4 million of debt outstanding (not including outstanding letters of credit) consisting of our senior secured term loan credit facility in an outstanding principal amount of $320.5 million, which matures on February1, 2016, our senior subordinated notes in an outstanding principal amount of $119.3 million, which mature on August11, 2013, and our note payable to Vibra Specialty Hospital of Dallas LLC ("Vibra") in an outstanding principal amount of $3.1 million, which matures on June1, 2013. Additionally we have a $30.0 million senior secured revolving credit facility, which matures on February1, 2015. As of June 30, 2012, $19.9 million of the revolving credit facility was utilized by outstanding loans of $13.5 million and issued and outstanding letters of credit of $6.4 million. As of the date hereof, we have $16.0 million of outstanding loans under the revolving credit facility and $9.0 million of issued and outstanding letters of credit. The scheduled maturity dates of the senior secured term loan and revolving credit facility will accelerate to May15, 2013, if the senior subordinated notes are not refinanced, purchased or defeased in full by May15, 2013.
Given our current capital structure and operating cash flows, it is unlikely that we will be able to refinance, purchase or defease the senior subordinated notes by May 15, 2013. As a result, our senior secured credit facility and revolving credit facility are reflected as current liabilities as of June 30, 2012. Additionally, an event of default will occur under the indenture governing the senior subordinated notes in the event the senior secured term loan credit facility maturity is accelerated. Accordingly, we have also classified the senior subordinated notes as a current liability as of June 30, 2012. In light of these circumstances, on May 8, 2012, we engaged Rothschild, Inc. as a financial advisor to assist us in evaluating strategic alternatives for our capital structure as it relates to the pending maturity of our senior subordinated notes and the potential accelerated maturity of our senior secured term loan.
As a result of these ongoing activities and pending finalization of a strategy to deal with our debt structure, we have determined that it will be in the Company's best interest not to pay the next interest payment due on August 15, 2012 under our senior subordinated notes in the amount of $5.5 million. The failure to make this payment will not constitute an event of default under the indenture governing the senior subordinated notes until the expiration of the 30-day payment grace period on September 14, 2012. The failure to make the senior subordinated notes interest payment prior to the end of such grace period would result in an event of default under our senior secured credit facility. The occurrence of an event of default under these agreements could permit the holders to accelerate such indebtedness.
As a consequence of our decision to take advantage of the grace period under the senior subordinated notes indenture, we currently do not meet the conditions to drawing under our revolving credit facility should we have any availability thereunder. Nonetheless, we have a cash balance in excess of $25.0 million as of the date hereof. This amount, together with cash from operating activities, is sufficient to meet our obligations arising in the ordinary course of business, absent an acceleration of our indebtedness due to an event of default as discussed herein.
We are required to comply on a quarterly basis with certain financial and other covenants under our senior secured credit facility, including a minimum consolidated cash interest expense coverage ratio test and a maximum senior secured leverage ratio test. We were required to meet a leverage ratio of 5.75x (or less) at June30, 2012, which reduces to 5.50x at March31, 2013. Our leverage ratio at June30, 2012 was 5.64x. We were required to meet an interest coverage ratio of not less than 1.25x at June 30, 2012 and throughout 2012, which increases to 1.30x on March31, 2013. Our interest coverage ratio was 1.52x at June 30, 2012. As a result of changes in reimbursement rates, other healthcare regulations, and market factors impacting our business along with increasingly more restrictive covenant requirements, our projection of future earning indicates, we expect we will be unable to meet our debt covenant requirements during the next twelve month period.
In the event we are unable to comply with the covenants under our senior secured credit facility, an event of default will occur. If we are unable to obtain waivers or amendments to cure such event of default, the lenders would be entitled to take various actions, including the acceleration of amounts due under our senior secured credit facility, terminating our access to our revolving credit facility and all actions permitted to be taken by a secured creditor. Acceleration under our senior secured credit facility would create a cross-default under our senior subordinated notes indenture. Any such acceleration could have a material adverse effect on our financial position, results of operations and cash flow.
We have prepared our financial statements for the period ending June 30, 2012 on a going-concern basis. Our ability to continue to operate on this basis will be dependent on successfully addressing our capital structure. We are continuing to work with our financial advisor and lenders under our senior secured credit facility and senior subordinated notes to develop a comprehensive strategy that will allow us to refinance or restructure our existing capital structure prior to the acceleration of any indebtedness. There can be no assurance, however, that any of these efforts will prove successful or be on economically reasonable terms. In the event of a failure to obtain necessary waivers or forbearance agreements or otherwise achieve a restructuring of our financial obligations, we may be forced to seek reorganization under Chapter 11 of the United States Bankruptcy Code. However, we expect that our capital structure matters will be resolved in a manner that will result in our ability to successfully continue as a going concern and that our resulting capital structure will be delevered from its current position.
Forward-Looking Statements
This press release includes forward-looking statements regarding, among other items, operations, proposed regulations and their possible effect on the Company's results. Such statements are subject to a number of uncertainties and risks that could significantly affect current plans. Furthermore, actual results may differ materially from those experienced or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, risks relating to operating in a regulated environment, implementing our business plan, maintaining relationships with physicians in our markets, availability of sufficient nurses and therapists, competition, retaining key management, ability to service our debt requirements, litigation matters and availability of insurance. Further information about factors that could affect the Company's financial and other results is included in our Form 10-K as filed on March 30, 2012, which can be viewed on the SEC's website. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. As a result, you should not place undue reliance on forward-looking statements, which reflect management's views only as the date hereof. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
Credit Agreement EBITDA is used in the calculations of the minimum cumulative consolidated EBITDA requirements that are included in the covenants contained in our existing senior secured credit agreement. Credit Agreement EBITDA is not a measure of financial performance computed in accordance with GAAP and should not be considered in isolation or as a substitute for operating income, net income, cash flows from operations or other statement of operations or cash flow data prepared in conformity with GAAP, or as measures of profitability or liquidity. In addition the calculation of Credit Agreement EBITDA is susceptible to varying interpretations and calculation, and the amounts presented may not be comparable to similarly titled measures of other companies. Credit Agreement EBITDA may not be indicative of historical operating results, and we do not mean for it to be predictive of future results of operations or cash flows. For the trailing-twelve month period ended June 30, 2012, Credit Agreement EBITDA was $55.4 million.
LifeCare, based in Plano, Texas, currently operates 27 long-term acute care hospitals located in ten states. Long-term acute care hospitals specialize in the treatment of medically complex patients who typically require extended hospitalization. For more information on LifeCare, visit our website at www.lifecare-hospitals.com.
Schedule 1 | ||||||
Condensed Consolidated Statements of Operations | ||||||
For the Three Months Ended June 30, 2011 and 2012 | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
% | ||||||
2011 | 2012 | Change | ||||
Net patient service revenue | $ 95,992 | $ 120,984 | 26.0% | |||
Expenses: | ||||||
Salaries, wages and benefits | 45,014 | 57,655 | 28.1% | |||
Supplies | 9,524 | 11,556 | 21.3% | |||
Rent | 6,720 | 10,551 | 57.0% | |||
Other operating expense | 22,184 | 26,002 | 17.2% | |||
Provision for doubtful accounts | 1,241 | 648 | -47.8% | |||
Depreciation and amortization | 2,058 | 2,419 | 17.5% | |||
Interest expense, net | 13,939 | 17,558 | 26.0% | |||
Total expenses | 100,680 | 126,389 | 25.5% | |||
Operating loss | (4,688) | (5,405) | -15.3% | |||
Equity in income of joint venture | 283 | 428 | 51.2% | |||
Loss before income taxes | (4,405) | (4,977) | -13.0% | |||
Provision for income taxes | 225 | 334 | 48.4% | |||
Net loss | $ (4,630) | $ (5,311) | -14.7% | |||
Reconciliation to Credit Agreement EBITDA: | ||||||
Operating loss - per above | $ (4,688) | $ (5,405) | ||||
Adjusted for: | ||||||
Depreciation and amortization | 2,058 | 2,419 | ||||
Interest expense, net | 13,939 | 17,558 | ||||
Income attributable to unrestricted subsidiary | (971) | (51) | ||||
Dividend from unrestricted subsidiary | 242 | - | ||||
Hospital closure/relocation/start-up losses | 112 | 133 | ||||
Non-cash charges | 3 | 3 | ||||
New Orleans operations | 8 | - | ||||
Non-recurring charges for permitted acquisitions | 655 | 103 | ||||
Other credit agreement add-back items | 48 | 155 | ||||
Credit Agreement EBITDA | 11,406 | 14,915 | ||||
Pro forma permitted acquisition EBITDA prior | ||||||
to acquisition date | 3,590 | - | ||||
Pro forma Credit Agreement EBITDA | $ 14,996 | $ 14,915 | ||||
Schedule 2 | ||||||
Condensed Consolidated Statements of Operations | ||||||
For the Six Months Ended June 30, 2011 and 2012 | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
% | ||||||
2011 | 2012 | Change | ||||
Net patient service revenue | $ 190,911 | $ 247,393 | 29.6% | |||
Expenses: | ||||||
Salaries, wages and benefits | 89,414 | 116,199 | 30.0% | |||
Supplies | 18,814 | 23,861 | 26.8% | |||
Rent | 13,193 | 21,125 | 60.1% | |||
Other operating expense | 42,941 | 53,307 | 24.1% | |||
Provision for doubtful accounts | 2,586 | 2,246 | -13.1% | |||
Gain on early extinguishment of debt | 2,772 | - | NM | |||
Depreciation and amortization | 4,174 | 4,852 | 16.2% | |||
Interest expense, net | 25,275 | 34,976 | 38.4% | |||
Total expenses | 199,169 | 256,566 | 28.8% | |||
Operating loss | (8,258) | (9,173) | -11.1% | |||
Equity in income of joint venture | 476 | 327 | -31.3% | |||
Loss before income taxes | (7,782) | (8,846) | -13.7% | |||
Provision for income taxes | 450 | 1,061 | 135.8% | |||
Net loss | $ (8,232) | $ (9,907) | -20.3% | |||
Reconciliation to Credit Agreement EBITDA: | ||||||
Operating loss - per above | $ (8,258) | $ (9,173) | ||||
Adjusted for: | ||||||
Depreciation and amortization | 4,174 | 4,852 | ||||
Interest expense, net | 25,275 | 34,976 | ||||
Gain on early extinguishment of debt | 2,772 | - | ||||
Income attributable to unrestricted subsidiary | (2,239) | (56) | ||||
Dividend from unrestricted subsidiary | 792 | - | ||||
Non-cash charges | 6 | 6 | ||||
Hospital closure/relocation/start-up losses | 132 | 293 | ||||
New Orleans operations | 21 | - | ||||
Non-recurring charges for permitted acquisitions | 738 | 119 | ||||
Other credit agreement add-back items | 349 | 285 | ||||
Credit Agreement EBITDA | 23,762 | 31,302 | ||||
Pro forma permitted acquisition EBITDA prior | ||||||
to acquisition date | 8,060 | - | ||||
Pro forma Credit Agreement EBITDA | $ 31,822 | $ 31,302 | ||||
Schedule 3 | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
December 31, 2011 and June 30, 2012 | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
December 31, | June 30, | |||||||||
Assets | 2011 | 2012 | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 11,569 | $ 27,072 | ||||||||
Accounts receivable, net | 91,364 | 80,797 | ||||||||
Other current assets | 10,244 | 10,430 | ||||||||
Total current assets | 113,177 | 118,299 | ||||||||
Property and equipment, net | 73,767 | 71,169 | ||||||||
Goodwill and other identifiable intangibles, net | 302,835 | 302,705 | ||||||||
Other assets | 22,706 | 17,864 | ||||||||
$ 512,485 | $ 510,037 | |||||||||
Liabilities and Stockholder's Equity Deficit | ||||||||||
Current liabilities: | ||||||||||
Current portion of long-term debt | $ 5,912 | $ 456,377 | ||||||||
Current installments of obligations under capital leases | 414 | 216 | ||||||||
Current installment of lease financing obligation | 519 | 540 | ||||||||
Payables and accruals | 71,526 | 64,047 | ||||||||
Estimated third-party payor settlements | 9,287 | 1,905 | ||||||||
Total current liabilities | 87,658 | 523,085 | ||||||||
Long-term debt, excluding current portion | 431,073 | - | ||||||||
Obligations under capital leases, excluding current installments | 89 | 152 | ||||||||
Lease financing obligation | 19,038 | 18,763 | ||||||||
Accrued insurance | 4,102 | 5,397 | ||||||||
Other noncurrent liabilities | 16,841 | 18,863 | ||||||||
Total liabilities | 558,801 | 566,260 | ||||||||
Stockholder's deficit | (46,316) | (56,223) | ||||||||
$ 512,485 | $ 510,037 | |||||||||
Schedule 4 | |||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
For the six months ended June 30, 2011 and 2012 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
2011 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||
Net loss | $ (8,232) | $ (9,907) | |||||||
Adjustments to reconcile net loss to net cash | |||||||||
provided by operating activities: | |||||||||
Depreciation and amortization | 7,348 | 10,125 | |||||||
Provision for doubtful accounts | 2,586 | 2,246 | |||||||
Paid in kind interest | 3,980 | 8,817 | |||||||
Gain on early extinguishment of debt | 2,772 | - | |||||||
Equity in income of joint venture | (476) | (327) | |||||||
Deferred income taxes | - | 753 | |||||||
Amortization of debt discount | - | 265 | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | (5,320) | 8,321 | |||||||
Income taxes | 101 | (357) | |||||||
Other current assets | (624) | (186) | |||||||
Other assets | 85 | (103) | |||||||
Estimated third-party payor settlements | (1,245) | (7,382) | |||||||
Accounts payable and accrued expenses | 2,869 | (7,122) | |||||||
Other liabilities | 1,925 | 2,564 | |||||||
Net cash provided by operating activities | 5,769 | 7,707 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of property and equipment | (1,928) | (2,006) | |||||||
Net cash used in investing activities | (1,928) | (2,006) | |||||||
Cash flows from financing activities: | |||||||||
Deferred financing cost | (17,885) | - | |||||||
Borrowings on revolving credit facility | - | 32,000 | |||||||
Payments on revolving credit facility | (35,000) | (18,500) | |||||||
Proceeds from long-term debt | 257,500 | - | |||||||
Payments of long-term debt | (242,256) | (3,190) | |||||||
Payments on obligations under capital leases | (612) | (253) | |||||||
Payments on lease financing obligation | (236) | (255) | |||||||
Net cash provided by (used in) financing activities | (38,489) | 9,802 | |||||||
Net increase (decrease) in cash and cash equivalents | (34,648) | 15,503 | |||||||
Cash and cash equivalents, beginning of period | 54,570 | 11,569 | |||||||
Cash and cash equivalents, end of period | $ 19,922 | $ 27,072 | |||||||
Schedule 5 | |||
Selected Operating Statistics | |||
Three months | Three months | ||
ended June 30, | ended June 30, | ||
2011 | 2012 | ||
Number of hospitals within hospitals (end of period) | 8 | 8 | |
Number of freestanding hospitals (end of period) | 12 | 19 | |
Number of total hospitals (end of period) | 20 | 27 | |
Licensed long-term acute care beds (end of period) | 1,057 | 1,390 | |
Licensed transitional care unit beds (end of period) | - | 40 | |
Total licensed beds (end of period) | 1,057 | 1,430 | |
Average licensed beds (1) | 1,057 | 1,430 | |
Long-term acute care admissions | 2,028 | 2,785 | |
Transitional care unit admissions | - | 154 | |
Long-term acute care patient days | 59,859 | 78,902 | |
Transitional care unit patient days | - | 2,339 | |
Long-term acute care occupancy rate | 62.2% | 62.4% | |
Transitional care unit occupancy rate | - | 61.5% | |
Percent net patient service revenue from Medicare | 59.7% | 64.7% | |
Percent net patient service revenue from commercial payors | 40.3% | 35.3% | |
and Medicaid (2) | |||
Net patient service revenue per patient day | $ 1,604 | $ 1,491 | |
Six months | Six months | ||
ended June 30, | ended June 30, | ||
2011 | 2012 | ||
Number of hospitals within hospitals (end of period) | 8 | 8 | |
Number of freestanding hospitals (end of period) | 12 | 19 | |
Number of total hospitals (end of period) | 20 | 27 | |
Licensed long-term acute care beds (end of period) | 1,057 | 1,390 | |
Licensed transitional care unit beds (end of period) | - | 40 | |
Total licensed beds (end of period) | 1,057 | 1,430 | |
Average licensed beds (1) | 1,057 | 1,430 | |
Long-term acute care admissions | 4,136 | 5,780 | |
Transitional care unit admissions | - | 229 | |
Long-term acute care patient days | 119,894 | 158,998 | |
Transitional care unit patient days | - | 4,704 | |
Long-term acute care occupancy rate | 62.7% | 62.9% | |
Transitional care unit occupancy rate | - | 64.6% | |
Percent net patient service revenue from Medicare | 59.8% | 64.7% | |
Percent net patient service revenue from commercial payors | 40.2% | 35.3% | |
and Medicaid (2) | |||
Net patient service revenue per patient day | $ 1,592 | $ 1,511 | |
(1) The licensed beds are only calculated on the beds at locations that were open for operations during the applicable periods. | |||
(2) The percentage of net patient service revenue from Medicaid is less than three percent | |||
for each of the periods presented. | |||
Media Contact: Rosemary Plorin | Investor Contact: Stuart Walker |
rosemary@lovell.com | stuart.walker@lifecare-hospitals.com |
615-297-7766 | 469-241-2104 |
SOURCE LifeCare Holdings, Inc.
