U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical and occupational therapy clinics that provide pre and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. The Company primarily operates through – more... subsidiary clinic partnerships, in which it generally owns a 1% general partnership interest and a 64% limited partnership interest and the managing therapist(s) of the clinics owns the remaining limited partnership interest in the majority of the clinics (hereinafter referred to Clinic Partnerships). To a lesser extent, U.S. Physical Therapy, Inc. operates some clinics, through wholly owned subsidiaries, under profit sharing arrangements with therapists (hereinafter referred to as Wholly Owned Facilities). During 2008, the Company opened 16 new clinics, acquired 14 clinics, closed 18 clinics and sold one clinic.
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