Letter from the CEO

Welcome to USPh.com. I'd like to offer a few thoughts on how the culture of U.S. Physical Therapy guides our direction, approach and purpose.

In all that we do, we emphasize our firm belief that people have significant value. We understand that we are in a service and care-focused business and our most important asset, our people, must be happy and engaged to deliver upbeat, passionate, and state-of-the-art care to and for our patients.

We also have a unique approach to growing our business through partnerships. Our unwavering commitment to the "Partnership Model" is readily and consistently observable through our actions over time. The key to success has been sharing the rewards of a successful endeavor with our partners. It is through these partnerships that we have created a platform of stability and consistency in the care we provide. Our partners are owners who have a vested interest in doing things right over the long haul.

But most important is our integrity. We approach our relationships and business with honesty and transparency... in word AND action. We base our business decisions on doing what is right, regardless of the consequences of the moment. Moments pass quickly but trust is not so easily gained once it is lost.

These core values translate directly to our strong performance, with 2010 being a record earnings year. Despite the challenging operating environment, we grew our 2010 revenues and earnings per share by 4.9% and 32.0%, respectively. We ended the year with 392 clinics, which included the acquisition of 25 clinics and opening 19 start-up de novo clinics. We also launched Fit2Work, a workers' compensation and disability initiative that provides an integrated solution for the management and prevention of soft tissue injuries in the workplace. This program along with our other physician services initiatives are performing well. I am proud of our partners, as well as our corporate support team, for their continued hard work and dedication to the making U.S. Physical Therapy a success.

It is my goal, as CEO of U.S. Physical Therapy, that our actions over time clearly demonstrate how these values are of central importance to us. On that I have great confidence.

Chris