On May 7, 2009, U.S. Physical Therapy, Inc. (the "Company") reported its results for the first quarter ended March 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

The conference call mentioned in this press release contains a discussion of a non-GAAP financial measure as defined under Regulation G of the rules and regulations of the SEC. The non-GAAP financial measure contained in the conference call includes a discussion of adjusted EBITDA. Adjusted EBITDA equals net income before interest, taxes, amortization, depreciation and equity compensation expense. See the Exhibit 99.2 included in this filing for a reconciliation of net income attributable to U. S. Physical Therapy, Inc. to Adjusted EBITDA. Management believes providing this non-GAAP financial information to investors is useful information for comparing the Company's period-to-period results.

Exhibits     Description of Exhibits

99.1         Registrant's press release dated May 7, 2009 announcing financial
             results for the first quarter ended March 31, 2009.*

99.2         Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA.*

*Furnished herewith.