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HealthSouth Reports Results for Fourth Quarter Ended December 31, 2007
Date:2/25/2008

ations of $47.5 million, or $0.60 per share (basic and diluted), for the fourth quarter of 2006. Pre- tax loss from continuing operations for the fourth quarter of 2007 included a $23.6 million loss on our interest rate swap and an $8.3 million loss on early extinguishment of debt related to the bond redemptions discussed below.

Net loss available to common shareholders was $52.4 million, or $0.67 per share (basic and diluted), for the fourth quarter of 2007 compared to a net loss available to common shareholders of $77.9 million, or $0.98 per share (basic and diluted), for the fourth quarter of 2006. Net loss available to common shareholders in 2007 included a gain of approximately $11.1 million related to additional outpatient facilities that received regulatory approval during the fourth quarter of 2007 for the transfer to Select Medical Corporation, who purchased our outpatient division in May 2007.

"2007 was a transformational year for HealthSouth," said John Workman, Executive Vice President and Chief Financial Officer of HealthSouth. "With the net proceeds from our divestitures and our income tax recovery, we reduced our debt by $1.4 billion. We also satisfied our liabilities under our Medicare Program Settlement and the Securities and Exchange Commission Settlement. We are now able to focus on the operations of the Company in a more stable environment to generate strong cash flow. With reduced interest expense as a result of the debt pay-down and the elimination of the above settlement payments, we will have additional cash available for further deleveraging as well as opportunistic acquisitions, as they present themselves."

Cash Flow and Balance Sheet

Cash and cash equivalents were $19.8 million as of December 31, 2007. Capital expenditures were $14.2 million for the quarter and $39.4 million for the year-to-date period.

We made the final payment of $21.9 million for our Medicare Program Settlement in December 2007, and we
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