Exhibit 99.1

Contacts:	Daniel J. Thomas	Thomas E. Kiraly
	Chief Executive Officer	Executive Vice President and
	(972) 364-8111	Chief Financial Officer
		(972) 364-8217

CONCENTRA OPERATING CORPORATION REPORTS FOURTH QUARTER RESULTS

ADDISON, Texas, February 11, 2004 – Concentra Operating Corporation (“Concentra” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2003. For the quarter, the Company reported revenue of $269,407,000 and Adjusted Earnings Before Interest Taxes Depreciation and Amortization (“Adjusted EBITDA”) of $36,031,000. This represented an increase of 8% in revenue and 30% in Adjusted EBITDA as compared to the $250,092,000 in revenue and $27,663,000 in Adjusted EBITDA reported for the fourth quarter of 2002. Concentra computes Adjusted EBITDA in the manner prescribed by its bond indentures. A reconciliation of Adjusted EBITDA to net income is provided within this press release.

Operating income for the quarter grew by 35% to $23,601,000 from $17,506,000 in the year-earlier period. Net income for the fourth quarter was $13,520,000, as compared to a net loss of $6,063,000 in the fourth quarter of 2002. The Company’s provision for income taxes during the quarter reflected a one-time benefit of $4,503,000 associated with the release of its remaining deferred income tax asset valuation allowance.

For the full year, revenue increased 5% and Adjusted EBITDA grew 24%. Revenue for the year was $1,050,688,000 as compared to $999,050,000 in the prior year. Adjusted EBITDA was $153,270,000 as compared to $123,429,000 in 2002. Operating income for 2003 increased at a rate of 35% to $106,481,000 from $78,816,000 for the prior year. Net income for the full year was $43,289,000 as compared to a net loss of $9,608,000 for 2002. The prior year’s results included first quarter adjustments related primarily to a change in the Company’s estimate of accounts receivable reserves and, to a lesser extent, an adjustment for certain employee benefits, which together decreased revenue by $5,389,000 and net income and Adjusted EBITDA by $3,239,000.

“We’ve completed what was undoubtedly the strongest year in Concentra’s history. Our results reflect both the solid growth of our two primary business segments and the benefits we achieved from our cost reductions during the fall of 2002,” said Daniel Thomas, Concentra’s Chief Executive Officer. “During the final quarter of the year, continuing improvement in our same-center visit growth rates enabled our Health Services business to grow its revenue by 12%. We achieved a 4.8% growth in same-center visits and a 6.0% growth in same-center revenue during the quarter. With anticipated ongoing improvements in our nation’s employment trends, we should be well positioned to achieve continuing growth in Health Services in the months to come.

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Concentra Reports Fourth Quarter Results

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February 11, 2004

“Strong growth in our Network Services business segment also contributed greatly to our financial performance during the quarter and the full year. Revenue for this key part of our business grew by 16% during the quarter and 13% for the year. This growth was directly the result of the implementation of a number of large new client accounts during the course of the year, an increase in business with existing customers and an increase in our overall effectiveness of achieving savings for our clients,” said Thomas.

“Our results were also aided significantly by improvements in our cost structure and productivity during the year. We’ve concentrated on managing our labor costs and other expenses in a manner that has enabled us to leverage our existing infrastructure and to improve our overall operating margins. As we enter 2004, we’re focused on continuing the programs that assisted us in creating a successful 2003.”

The Company also reported a reduction in its days sales outstanding (“DSO”) to 58 days at December 31st from 64 days at September 30th. When combining this change in DSO with its operating results and other working capital factors, the Company achieved an operating cash flow for the quarter of $63,016,000. This performance brought the Company’s net cash provided by operating activities for the full year to $113,588,000. Concentra had no borrowings outstanding under its $100 million revolving credit facility and $42,621,000 in cash and investments at December 31, 2003. The Company noted that due to the timing of interest payments, payroll dates and other factors, its operating cash flows are typically seasonal in nature, with the first quarter of each year producing the least operating cash flow and the fourth quarter producing the most.

During the fourth quarter, due primarily to its positive operating trends and the benefits of its re-financing transactions, the Company determined that a release of its deferred income tax asset valuation allowance was appropriate. As such, the Company recognized a non-cash credit through its tax provision of $4,503,000 during the fourth quarter. Additionally, in reviewing its deferred income tax asset valuation allowance for prior periods, the Company has restated the quarter ending December 31, 2002, to reflect a non-cash increase in this allowance and its provision for income taxes of $6,055,000. The implementation of this adjustment also resulted in restatements of the Company’s 2003 quarterly financial statements, which reflected increases in its deferred income tax asset valuation allowance and its provision for income taxes of $560,000, $253,000 and $3,573,000 for the first, second and third quarters, respectively. These changes to its deferred income tax valuation allowance did not affect its revenue, operating income, net cash flows provided by operations, Adjusted EBITDA, taxes payable or net operating loss carry-forwards. To reflect these changes, the Company intends to file an amended Form 10-K for 2002 and amended Forms 10-Q for 2003 during the first quarter of 2004.

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Concentra Reports Fourth Quarter Results

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February 11, 2004

Concentra Operating Corporation, a wholly owned subsidiary of Concentra Inc., is the comprehensive outsource solution for containing healthcare and disability costs. Serving the occupational, auto and group healthcare markets, Concentra provides employers, insurers and payors with a series of integrated services which include employment-related injury and occupational health care, in-network and out-of-network medical claims review and re-pricing, access to specialized preferred provider organizations, first notice of loss services, case management and other cost containment services. Concentra provides its services to over 123,000 employer locations and 3,500 insurance companies, health plans and third party administrators nationwide.

A public, listen-only simulcast of Concentra’s fourth quarter conference call will begin at 9:00 a.m. Eastern Daylight Time tomorrow (February 12, 2004) and may be accessed via the Company’s web site, www.concentra.com. Investors are requested to access the call at least 15 minutes before the scheduled start time in order to complete a brief registration. An online replay using the same link will be available shortly after the conclusion of the live broadcast and will continue through March 12, 2004.

This press release contains certain forward-looking statements, which the Company is making in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and that the Company’s actual results may differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the potential adverse impact of governmental regulation on the Company’s operations, changes in nationwide employment and injury rate trends, interruption in its data processing capabilities, operational, financing and strategic risks related to the Company’s capital structure and growth strategy, possible fluctuations in quarterly and annual operations, possible legal liability for adverse medical consequences, competitive pressures, adverse changes in market conditions for the Company’s services, and dependence on key management personnel. Additional factors include those described in the Company’s filings with the Securities and Exchange Commission.

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Concentra Reports Fourth Quarter Results

Page 4

February 11, 2004

CONCENTRA OPERATING CORPORATION

a wholly owned subsidiary of

CONCENTRA INC.

Unaudited Consolidated Statements of Operations

(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002
REVENUE:
Health Services	$	131,481		$	117,240		$	511,387		$	471,968
Network Services		71,280			61,646			260,159			230,299
Care Management Services		66,646			71,206			279,142			296,783
Total revenue		269,407			250,092			1,050,688			999,050
COST OF SERVICES:
Health Services		110,977			104,012			421,663			406,164
Network Services		41,039			34,468			147,350			138,218
Care Management Services		59,816			65,529			248,312			267,054
Total cost of services		211,832			204,009			817,325			811,436
Total gross profit		57,575			46,083			233,363			187,614
General and administrative expenses		33,012			28,717			122,949			106,222
Amortization of intangibles		962			1,060			3,933			3,776
Unusual charges		—			(1,200	)		—			(1,200	)
Operating income		23,601			17,506			106,481			78,816
Interest expense, net		13,374			15,027			56,318			63,582
(Gain) loss on fair value of hedging arrangements		—			(1,307	)		(9,869	)		7,589
Loss on early retirement of debt		—			513			7,837			7,894
Other, net		505			145			2,692			(1,275	)
Income before income taxes		9,722			3,128			49,503			1,026
Provision (benefit) for income taxes [1]		(3,798	)		9,191			6,214			10,634
Net income (loss) [1]	$	13,520		$	(6,063	)	$	43,289		$	(9,608	)

Note:

[1] The Company’s financial statements for the three months and year ended December 31, 2002, have been restated to reflect a non-cash adjustment to increase its tax provision by recording an additional deferred income tax valuation allowance of $6,055,000. This adjustment relates to the Company’s determination that a portion of its deferred income tax liabilities which arose during 2002 in connection with the cessation of its amortization of goodwill under Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” could not be utilized to support the realization of its deferred tax assets. These non-cash adjustments to the Company’s tax provision and deferred income tax asset accounts did not affect the Company’s revenue, operating income, net cash flows provided by operating activities, Adjusted EBITDA, taxes payable or net operating loss carry-forwards.

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Concentra Reports Fourth Quarter Results

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February 11, 2004

CONCENTRA OPERATING CORPORATION

a wholly owned subsidiary of

CONCENTRA INC.

Condensed Consolidated Balance Sheets

(in thousands)

	December 31, 2003		December 31, 2002
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	42,621	$	19,002
Accounts receivable, net		170,444		167,561
Prepaid expenses and other current assets [1]		40,084		27,770
Total current assets		253,149		214,333
PROPERTY AND EQUIPMENT, NET		120,101		134,981
GOODWILL AND OTHER INTANGIBLE ASSETS, NET		483,773		486,231
OTHER ASSETS		17,969		15,146
	$	874,992	$	850,691
LIABILITIES AND STOCKHOLDER’S EQUITY
CURRENT LIABILITIES:
Revolving credit facility	$	—	$	—
Current portion of long-term debt		4,841		3,825
Accounts payable and accrued expenses		130,881		108,049
Total current liabilities		135,722		111,874
LONG-TERM DEBT, NET		654,393		476,001
DEFERRED INCOME TAXES AND OTHER LIABILITIES [1]		40,867		58,628
FAIR VALUE OF HEDGING ARRANGEMENTS		—		33,472
STOCKHOLDER’S EQUITY		44,010		170,716
	$	874,992	$	850,691

Note:

[1] The Company’s financial statements for the three months and year ended December 31, 2002, have been restated to reflect a non-cash adjustment to increase its tax provision by recording an additional deferred income tax valuation allowance of $6,055,000. Please see note on Page 4.

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Concentra Reports Fourth Quarter Results

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February 11, 2004

CONCENTRA OPERATING CORPORATION

a wholly owned subsidiary of

CONCENTRA INC.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

	Year Ended December 31,
	2003			2002
OPERATING ACTIVITIES:
Net income (loss) [1]	$	43,289		$	(9,608	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment		46,299			42,957
Amortization of intangibles		3,933			3,776
Write-off of deferred financing costs		7,837			1,588
Write-off of fixed assets		662			135
(Gain) loss on change in fair value of hedging arrangements		(9,869	)		7,589
Unusual charges		—			(1,200	)
Changes in assets and liabilities, net of acquired assets and liabilities:
Accounts receivable, net		(2,083	)		13,118
Prepaid expenses and other assets [1]		(9,009	)		6,385
Accounts payable and accrued expenses [1]		32,529			(8,774	)
Net cash provided by operating activities		113,588			55,966
INVESTING ACTIVITIES:
Acquisitions, net of cash acquired		(6,237	)		(1,726	)
Proceeds from the licensing of internally-developed software		—			515
Purchase of property, equipment and other assets		(29,648	)		(35,074	)
Net cash used in investing activities		(35,885	)		(36,285	)
FINANCING ACTIVITIES:
Borrowings (payments) under the revolving credit facility		—			(6,000	)
Payment of deferred financing costs		(13,152	)		(3,321	)
Proceeds from the issuance of debt		518,450			3,960
Repayments of debt		(340,485	)		(80,615	)
Payment to terminate hedging arrangements		(23,603	)		—
Proceeds from prepaid interest on issued debt		768			—
Distributions to minority interests		(2,316	)		(1,935	)
Contribution to parent		(193,912	)		—
Proceeds from the issuance of common stock to parent		—			52,955
Contribution from the issuance of common stock by parent		266			25,370
Other		(100	)		(43	)
Net cash provided by (used in) by financing activities		(54,084	)		(9,629	)
NET INCREASE IN CASH		23,619			10,052
CASH, BEGINNING OF PERIOD		19,002			8,950
CASH, END OF PERIOD	$	42,621		$	19,002

Note:

[1] The Company’s financial statements for the three months and year ended December 31, 2002, have been restated to reflect a non-cash adjustment to increase its tax provision by recording an additional deferred income tax valuation allowance of $6,055,000. Please see note on Page 4.

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Concentra Reports Fourth Quarter Results

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February 11, 2004

CONCENTRA OPERATING CORPORATION

a wholly owned subsidiary of

CONCENTRA INC.

Unaudited Reconciliation of Net Income to Adjusted EBITDA

(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002
Net income (loss) [1]	$	13,520		$	(6,063	)	$	43,289		$	(9,608	)
Provision (benefit) for income taxes [1]		(3,798	)		9,191			6,214			10,634
Interest expense, net		13,374			15,027			56,318			63,582
Depreciation expense		12,160			10,913			46,299			42,957
Amortization of intangibles		962			1,060			3,933			3,776
EBITDA		36,218			30,128			156,053			111,341
(Gain) loss on fair value of hedging arrangements		—			(1,307	)		(9,869	)		7,589
Loss on early retirement of debt		—			513			7,837			7,894
Unusual charges		—			(1,200	)		—			(1,200	)
Minority share of depreciation, amortization and interest		(187	)		(471	)		(751	)		(2,195	)
Adjusted EBITDA	$	36,031		$	27,663		$	153,270		$	123,429

Computations of Adjusted Earnings Before Interest Taxes Depreciation and Amortization (“Adjusted EBITDA”) have been provided in this press release due to the use of this measure by the holders of the Company’s 13% senior subordinated notes and 9.5% senior subordinated notes, and other lenders, for purposes of determining the Company’s performance in light of its debt covenant requirements, which are stated in the Company’s debt agreements as measures that relate to Adjusted EBITDA. Adjusted EBITDA is disclosed because compliance with the liquidity covenants included in these agreements is considered material to the Company. The Company’s computations of this measure may differ from that provided by other companies due to differences in the inclusion or exclusion of items in its computations as compared to that of others. The Company’s measure of Adjusted EBITDA has been prepared in accordance with the requirements of the indenture that relates to its 13% senior subordinated notes and 9.5% senior subordinated notes. Adjusted EBITDA is a measure that is not prescribed for under Generally Accepted Accounting Principles (“GAAP”). Adjusted EBITDA specifically excludes changes in working capital, capital expenditures and other items that are set forth on a cash flow statement presentation of a company’s operating, investing and financing activities, and it also excludes the effects of interest expense, depreciation expense, amortization expense, taxes and other items that are included when determining a company’s net income. As such, the Company would encourage a reader not to use this measure as a substitute for the determination of net income, operating cash flow, or other similar GAAP-related measures, and to use it primarily for the debt covenant compliance purposes above.

Note:

[1] The Company’s financial statements for the three months and year ended December 31, 2002, have been restated to reflect a non-cash adjustment to increase its tax provision by recording an additional deferred income tax valuation allowance of $6,055,000. Please see note on Page 4.

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Concentra Reports Fourth Quarter Results

Page 8

February 11, 2004

CONCENTRA OPERATING CORPORATION

a wholly owned subsidiary of

CONCENTRA INC.

Supplemental Information

We use certain operating metrics to measure aspects of our operations. Additionally, from time to time, we provide estimates of our possible future financial performance. Our disclosure to you of this information is conditioned in its entirety by the provisions, risk factors and cautionary statements provided for you in the main text of this press release. It is being provided solely to ensure full and fair disclosure to investors in the Company’s existing debt instruments and for no other purpose.

Operating Metrics and Information:

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002
Health centers at period end		250			244			250			244
Total visits to health centers		1,285,525			1,204,902			5,242,515			5,147,418
Same-center performance [a]:
Injury-related visits %		50.6	%		52.0	%		50.1	%		50.5	%
Visits per business day growth		4.8	%		0.6	%		0.9	%		(2.2	)%
Revenue per visit growth		1.1	%		1.9	%		2.5	%		1.3	%
Revenue per business day growth		6.0	%		2.5	%		3.4	%		(0.9	)%
Revenue (in thousands) [b]	$	108,651		$	102,539		$	445,055		$	430,521

Current 2004 performance guidance:

All guidance is subject to immediate change and no public update or notice. All amounts are approximate.

Revenue:	5% to 7% growth over the prior year.
Adjusted EBITDA [c]:	$160 to $165 million.
Capital Expenditures:	$35 to $40 million.

Notes:

[a] Our same-center comparisons represent all centers that Health Services has operated for the previous two full years and includes the effects of any centers acquired and subsequently consolidated into existing centers.

[b] Excludes ancillary services, on-site services and centers acquired within the previous two full years.

[c] Please refer to the discussion on Page 7 of this press release concerning the Company’s computation and use of Adjusted EBITDA.

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