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Team Health Holdings Inc. Announces Fourth Quarter and Fiscal 2011 Financial Results

Team Health News Release (02/07/12)

Team Health Holdings Inc., a supplier of outsourced health care professional staffing and administrative services to hospitals and other health care providers in the U.S., on Feb. 7 announced results for its fourth quarter and full fiscal year 2011. Net revenue less provision for uncollectibles increased 17.4% to $462.0 million from $393.4 million in the fourth quarter of 2010. Acquisitions contributed 7.8%, new contracts, net of terminations contributed 6.1%, and same contract revenue contributed 3.5% of the increase in quarter-over-quarter growth in net revenue less provision. Reported net earnings were $13.3 million in the fourth quarter of 2011, compared with a net loss of $36.0 million in the same period of 2010.

Revenue less provision in the year ended Dec. 31, 2011, increased 14.9% to $1.75 billion from $1.52 billion in fiscal 2010. Same contract revenue contributed 4.0%, acquisitions contributed 5.1%, and new contracts, net of terminations contributed 5.9% of the increase in year-over-year growth in net revenue less provision. Reported net earnings were $65.5 million, compared to $6.8 million in 2010.