885978--3/12/2010--U_S_PHYSICAL_THERAPY_INC_/NV

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{capital, credit, financial}
{regulation, government, change}
{stock, price, operating}
{stock, price, share}
{investment, property, distribution}
{competitive, industry, competition}
{acquisition, growth, future}
{product, liability, claim}
{operation, natural, condition}
{cost, regulation, environmental}
{loss, insurance, financial}
We depend upon reimbursement by third-party payors. We depend upon the cultivation and maintenance of relationships with the physicians in our markets. We also depend upon our ability to recruit and retain experienced physical and occupational therapists. Our revenues may fluctuate due to weather. Our operations are subject to extensive regulation. Healthcare reform legislation may affect our business. We operate in a highly competitive industry. We may incur closure costs and losses. Future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities. Certain of our internal controls, particularly as they relate to billings and cash collections, are largely decentralized at our clinic locations. Risks Relating to Our Outstanding Common Stock Our stock price could be volatile, which could cause you to lose part or all of your investment.

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