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  • 736931.3.01 11/1/2012 3:35 PM

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549 FORM 10-Q

    (Mark One)

    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    For the Quarterly Period Ended September 30, 2012

    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    For the Transition Period From _________ to __________.

    Commission File Numbers: 001 34465 and 001 31441

    SELECT MEDICAL HOLDINGS CORPORATION

    SELECT MEDICAL CORPORATION (Exact name of Registrants as specified in their charters)

    Delaware Delaware

    (State or other jurisdiction of incorporation or organization)

    20-1764048 23-2872718

    (I.R.S. employer identification number)

    4714 Gettysburg Road, P.O. Box 2034, Mechanicsburg, Pennsylvania 17055

    (Address of principal executive offices and zip code)

    (717) 972-1100 (Registrants telephone number, including area code)

    Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the Registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

    YES X NO Indicate by check mark whether the Registrants have submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files).

    YES X

    NO ___

    Indicate by check mark whether the Registrants are large accelerated filers, accelerated filers, non-accelerated filers, or smaller reporting companies. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.

  • - 2 -

    Large accelerated filer___ Accelerated filer_X__ Non-accelerated filer___ Smaller reporting company___

    Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

    YES___ NO

    X_

    As of October 31, 2012, Select Medical Holdings Corporation had outstanding 140,520,316 shares of common stock.

    This Form 10-Q is a combined quarterly report being filed separately by two Registrants: Select

    Medical Holdings Corporation and Select Medical Corporation. Unless the context indicates otherwise, any reference in this report to Holdings refers to Select Medical Holdings Corporation and any reference to Select refers to Select Medical Corporation, the wholly-owned operating subsidiary of Holdings. References to the Company, we, us, and our refer collectively to Select Medical Holdings Corporation and Select Medical Corporation.

  • 3

    PART I FINANCIAL INFORMATION .......................................................................................... 4

    TABLE OF CONTENTS

    ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

    Consolidated balance sheets ............................................................................................... 4

    Consolidated statements of operations ................................................................................ 5

    Consolidated statements of changes in stockholders equity and income .......................... 7

    Consolidated statements of cash flows ............................................................................... 8

    Notes to consolidated financial statements ......................................................................... 9

    ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ................................................................................ 29 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK . 55

    ITEM 4. CONTROLS AND PROCEDURES ................................................................................. 55

    PART II OTHER INFORMATION ................................................................................................ 56

    ITEM 1. LEGAL PROCEEDINGS ................................................................................................. 56

    ITEM 1A. RISK FACTORS .............................................................................................................. 57

    ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS .... 57

    ITEM 3. DEFAULTS UPON SENIOR SECURITIES ................................................................... 57

    ITEM 4. MINE SAFETY DISCLOSURES .................................................................................... 57

    ITEM 5. OTHER INFORMATION ................................................................................................ 57

    ITEM 6. EXHIBITS ........................................................................................................................ 58

    SIGNATURES

  • The accompanying notes are an integral part of these consolidated financial statements.

    4

    December 31, September 30, December 31, September 30,2011 2012 2011 2012

    ASSETSCurrent Assets:

    Cash and cash equivalents 12,043$ 49,676$ 12,043$ 49,676$ Accounts receivable, net of allowance for doubtful accounts

    of $47,469 and $45,719 in 2011 and 2012, respectively 413,743 392,647 413,743 392,647 Current deferred tax asset 18,305 17,978 18,305 17,978 Prepaid income taxes 9,497 1,410 9,497 1,410 Other current assets 29,822 31,620 29,822 31,620

    Total Current Assets 483,410 493,331 483,410 493,331

    Property and equipment, net 510,028 494,625 510,028 494,625 Goodwill 1,631,716 1,633,106 1,631,716 1,633,106 Other identifiable intangibles 72,123 71,783 72,123 71,783 Assets held for sale 2,742 2,742 2,742 2,742 Other assets 72,128 86,221 70,719 85,091

    Total Assets 2,772,147$ 2,781,808$ 2,770,738$ 2,780,678$

    LIABILITIES AND EQUITYCurrent Liabilities:

    Bank overdrafts 16,609$ 13,598$ 16,609$ 13,598$ Current portion of long-term debt and notes payable 10,848 11,084 10,848 11,084 Accounts payable 95,618 91,520 95,618 91,520 Accrued payroll 82,888 83,683 82,888 83,683 Accrued vacation 51,250 53,210 51,250 53,210 Accrued interest 15,096 13,921 11,980 13,413 Accrued restructuring 5,027 2,015 5,027 2,015 Accrued other 101,076 99,004 106,316 99,004 Due to third party payors 5,526 5,886 5,526 5,886

    Total Current Liabilities 383,938 373,921 386,062 373,413

    Long-term debt, net of current portion 1,385,950 1,330,549 1,218,650 1,163,249 Non-current deferred tax liability 82,028 84,118 82,028 84,118 Other non-current liabilities 64,905 70,502 64,905 70,502

    Total Liabilities 1,916,821 1,859,090 1,751,645 1,691,282

    Stockholders' Equity: Common stock of Holdings, $0.001 par value, 700,000,000

    shares authorized, 145,268,190 shares and 139,991,156 sharesissued and outstanding in 2011 and 2012, respectively 145 140 - -

    Common stock of Select, $0.01 par value, 100 shares issued and outstanding - - 0 0

    Capital in excess of par 493,828 471,358 848,844 856,446 Retained earnings 328,882 418,071 137,778 199,801 Total Select Medical Holdings Corporation and Select Medical

    Corporation Stockholders' Equity 822,855 889,569 986,622 1,056,247 Non-controlling interest 32,471 33,149 32,471 33,149 Total Equity 855,326 922,718 1,019,093 1,089,396

    Total Liabilities and Equity 2,772,147$ 2,781,808$

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