EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

CONTACT:    Steve Filton   
   Chief Financial Officer    October 29, 2009
   610-768-3300   

UNIVERSAL HEALTH SERVICES, INC. REPORTS

41% INCREASE IN 2009 THIRD QUARTER EARNINGS PER DILUTED SHARE,

RAISES FULL YEAR GUIDANCE

Consolidated Results of Operations - Three-month periods ended September 30, 2009 and 2008:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $51.1 million, or an increase of 41% to $1.03 per diluted share, during the third quarter of 2009 as compared to $37.0 million, or $.73 per diluted share, during the comparable quarter of the prior year.

Net revenues increased 4% to $1.30 billion during the third quarter of 2009 as compared to $1.24 billion during the third quarter of 2008.

“We are extremely pleased with these solid results in an extremely challenging environment,” said Alan B. Miller, Chief Executive Officer. “The continued economic weakness continues to drive higher levels of uncompensated care and pressure certain markets in particular, but the overall balance in our acute portfolio and the very steady performance of our behavioral segment has contributed to another very satisfying performance this quarter.”

Consolidated Results of Operations - Nine-month periods ended September 30, 2009 and 2008:

Reported net income attributable to UHS was $199.5 million, or $4.04 per diluted share, during the nine-month period ended September 30, 2009 as compared to $152.9 million, or $2.99 per diluted share, during the comparable nine-month period of the prior year.

As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information, included in our net income attributable to UHS during the nine-month period ended September 30, 2009, was a combined $9.8 million, or $.20 per diluted share, consisting of: (i) a favorable after-tax adjustment of $14.1 million, or $.29 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2009 based upon a reserve analysis, partially offset by; (ii) an unfavorable discrete tax item of $4.3 million, or $.09 per diluted share, as discussed below.


After adjusting the reported results for the nine-month period ended September 30, 2009 to neutralize the net favorable impact of the above-mentioned adjustments (there were no adjustments applicable to the comparable nine-month prior year period), our adjusted net income attributable to UHS was $189.7 million, or an increase of 28% to $3.84 per diluted share, during the nine-month period ended September 30, 2009, as compared to $152.9 million, or $2.99 per diluted share during the comparable nine-month period of the prior year.

Net revenues increased 3% to $3.91 billion during the nine-month period ended September 30, 2009 as compared to $3.79 billion during the comparable nine-month period of the prior year.

Acute Care Services - Three-month periods ended September 30, 2009 and 2008:

At our acute care hospitals owned during both periods (“same facility basis”), inpatient admissions increased 0.5% while patient days decreased 2.2% during the third quarter of 2009, as compared to the third quarter of 2008. Net revenues at these facilities increased 5.3% during the third quarter of 2009 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 2.6% while net revenue per adjusted patient day increased 5.5% during the third quarter of 2009 as compared to the comparable quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals increased to 13.0% during the third quarter of 2009 as compared to 11.6% during the third quarter of 2008.

We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $169 million and $154 million during the three-month periods ended September 30, 2009 and 2008, respectively.

Acute Care Services - Nine-month periods ended September 30, 2009 and 2008:

During the nine-month period ended September 30, 2009, on a same facility basis, inpatient admissions to our acute care facilities increased 0.3% while patient days decreased 1.7%, as compared to the comparable period of the prior year. Net revenues at our acute care facilities increased 3.0% during the nine-month period ended September 30, 2009 as compared to the comparable period of the prior year. At these facilities, net revenue per adjusted admission increased 1.1% while net revenue per adjusted patient day increased 3.1% during the nine-month period ended September 30, 2009 as compared to the comparable period of the prior year. On a same facility basis, the operating margin at our acute care hospitals increased to 15.8% during the nine-month period ended September 30, 2009 as compared to 14.2% during the comparable period of the prior year.


Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $509 million and $450 million during the nine-month periods ended September 30, 2009 and 2008, respectively.

Behavioral Health Care Services - Three-month periods ended September 30, 2009 and 2008:

At our behavioral health care facilities, on a same facility basis, inpatient admissions increased 2.1% and patient days increased 1.4% during the third quarter of 2009 as compared to the third quarter of 2008. Net revenues at these facilities increased 3.6% during the third quarter of 2009 as compared to the comparable quarter in the prior year. Net revenue per adjusted patient day at these facilities increased 2.2% during the third quarter of 2009 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods was 25.2% during the third quarter of 2009 as compared to 23.5% during the third quarter of 2008.

Behavioral Health Care Services – Nine-month periods ended September 30, 2009 and 2008:

During the nine-month period ended September 30, 2009, on a same facility basis, inpatient admissions to our behavioral health care facilities increased 1.6% while patient days increased 0.4%, as compared to the comparable period of the prior year. Net revenues at our behavioral health care facilities increased 3.5% during the nine-month period ended September 30, 2009 as compared to the comparable period of the prior year. At these facilities, net revenue per adjusted patient day increased 3.5% during the nine-month period ended September 30, 2009 as compared to the comparable prior year period. On a same facility basis, the operating margin at our behavioral health facilities increased to 25.5% during the nine-month period ended September 30, 2009 as compared to 24.1% during the comparable period of the prior year.

2009 Full Year Guidance Increased to $4.65 to $4.80 Per Diluted Share:

Based upon the operating trends and financial results experienced during the first nine months of 2009, and subject to certain assumptions, provisions and adjustments, including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures, we are increasing our estimated range of earnings per diluted share from continuing operations for the year ended December 31, 2009 to $4.65 to $4.80 from the previously provided range of $4.40 to $4.55. This revised guidance range excludes the net favorable impact of $.20 per diluted share resulting from the above-mentioned items that were included in our results for the nine-month periods ended September 30, 2009 (consisting of the favorable impact resulting from the reduction to our professional and general liability self-insurance reserves and the unfavorable impact resulting from the discrete tax item).

Settlement of South Texas Health System Affiliates Investigation:

As previously disclosed, since November, 2005, the government had been investigating our South Texas Health System affiliates. The investigation was focused on certain arrangements which, the government believed, may have violated Medicare and Medicaid rules and regulations pertaining to payments to physicians and the solicitation


of patient referrals from physicians and other matters relating to payments to various individuals which may have constituted improper payments.

We have recently entered into a settlement agreement with the government in connection with this matter whereby we have agreed to pay $27.5 million and have entered into a corporate integrity agreement with respect to the South Texas Health System facilities. During 2008, we recorded a pre-tax charge of $25 million to establish a reserve in connection with this matter. Also, during the first six months of 2009 we: (i) reserved an additional $3 million in connection with this matter, and; (ii) recorded a $4.3 million unfavorable discrete tax item to reflect the estimated nondeductible portion of the amount reserved. We do not expect to incur any additional material charges in connection with this matter.

Conference Call Information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 30, 2009. The dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on October 30, 2009 and will continue through midnight on November 13, 2009. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 35911099. This call will also be available live over the internet at our web site at www.uhsinc.com. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents at www.streetevents.com.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Universal Health Services, Inc. (“UHS”) is one of the nation’s largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide and in Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2008 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended June 30, 2009), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation


to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

We believe that operating income, operating margin, adjusted income from continuing operations attributable to UHS, adjusted income from continuing operations attributable to UHS per diluted share, adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share and earnings before interest, taxes, depreciation and amortization (“EBITDA”), which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2008 and Report on Form 10-Q for the quarter ended June 30, 2009. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

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Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended September 30,
    Nine months
ended September 30,
    

2009

  

2008

   

2009

  

2008

Net revenues

   $1,295,109    $1,244,462      $3,911,168    $3,785,015

Operating charges:

          

Salaries, wages and benefits

   558,244    530,858      1,641,491    1,600,514

Other operating expenses

   253,792    269,299      759,907    777,257

Supplies expense

   171,652    170,743      522,030    524,246

Provision for doubtful accounts

   141,086    125,003      380,734    365,446

Depreciation and amortization

   51,205    48,465      153,424    142,544

Lease and rental expense

   17,253    17,600      51,912    53,021
                    
   1,193,232    1,161,968      3,509,498    3,463,028
                    

Income from continuing operations before interest expense and income taxes

   101,877    82,494      401,670    321,987

Interest expense, net

   10,780    13,419      35,297    40,147
                    

Income from continuing operations before income taxes

   91,097    69,075      366,373    281,840

Provision for income taxes

   32,043    22,536      131,308    95,352
                    

Income from continuing operations

   59,054    46,539      235,065    186,488

Income from continuing operations attributable to minority interests

   7,980    9,316      35,557    34,022
                    

Income from continuing operations attributable to UHS

   51,074    37,223      199,508    152,466

(Loss) income from discontinued operations, net of income tax expense (a)

   -        (226   -        434
                    

Net income attributable to UHS

   $51,074    $36,997      $199,508      $152,900
                    

Basic earnings per share attributable to UHS (b)

          

From continuing operations

   $1.04    $0.73      $4.05    $2.99

From discontinued operations

   -        -          -        0.01
                    

Total basic earnings per share

   $1.04    $0.73      $4.05    $3.00
                    

Diluted earnings per share attributable to UHS (b)

          

From continuing operations

   $1.03    $0.73      $4.04    $2.98

From discontinued operations

   -        -          -        0.01
                    

Total diluted earnings per share

   $1.03    $0.73      $4.04    $2.99
                    


Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended September 30,
    Nine months
ended September 30,
 
    

2009

   

2008

   

2009

   

2008

 

(a) Calculation of income from discontinued operations, net of income tax:

        

(Loss) income from discontinued operations, pre-tax

   -          $(363     $706   

Income tax benefit (expense)

   -          137      -          (272
                        

(Loss) income from discontinued operations, net of taxes

   -          $(226   -          $434   
                        

(b) Earnings per share calculation:

        

Basic and diluted:

        

Income from continuing operations attributable to UHS

   $51,074      $37,223      $199,508      $152,466   

Less: Net income attributable to unvested restricted share grants

   (217   (88   (912   (576
                        

Income from continuing operations - basic and diluted

   50,857      37,135      198,596      151,890   

(Loss) income from discontinued operations

   -          (226   -          434   
                        

Net income attributable to UHS - basic and diluted

   $50,857      $36,909      $198,596      $152,324   
                        

Weighted average number of common shares - basic

   48,887      50,544      48,981      50,812   
                        

Basic earnings per share attributable to UHS:

        

From continuing operations

   $1.04      $0.73      $4.05      $2.99   

From discontinued operations

   -          -          -          0.01   
                        

Total basic earnings per share

   $1.04      $0.73      $4.05      $3.00   
                        

Weighted average number of common shares

   48,887      50,544      48,981      50,812   

Add: Other share equivalents

   365      134      189      88   
                        

Weighted average number of common shares and equiv. - diluted

   49,252      50,678      49,170      50,900   
                        

Diluted earnings per share attributable to UHS:

        

From continuing operations

   $1.03      $0.73      $4.04      $2.98   

From discontinued operations

   -          -          -          0.01   
                        

Total diluted earnings per share

   $1.03      $0.73      $4.04      $2.99   
                        


Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the three months ended September 30, 2009 and 2008

(in thousands, except per share amounts)

(unaudited)

 

    

Three months ended
September 30, 2009

   

Three months ended
September 30, 2008

 

Net revenues

   $1,295,109    100.0   $1,244,462      100.0

Operating charges:

         

Salaries, wages and benefits

   558,244    43.1   530,858      42.7

Other operating expenses

   253,792    19.6   269,299      21.6

Supplies expense

   171,652    13.3   170,743      13.7

Provision for doubtful accounts

   141,086    10.9   125,003      10.0
                       
   1,124,774    86.8   1,095,903      88.1
                       

Operating income/margin

   170,335    13.2   148,559      11.9

Lease and rental expense

   17,253      17,600     

Income from continuing operations attributable to minority interests

   7,980      9,316     
               

Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)

   145,102      121,643     

Depreciation and amortization

   51,205      48,465     

Interest expense, net

   10,780      13,419     
               

Income before income taxes

   83,117      59,759     

Provision for income taxes

   32,043      22,536     
               

Income from continuing operations attributable to UHS

   51,074      37,223     

Loss from discontinued operations, net of income taxes

   -          (226  
               

Net income attributable to UHS

   $51,074      $36,997     
               
    

Three months ended
September 30, 2009

   

Three months ended
September 30, 2008

 
    

Amount

  

Per
Diluted Share

   

Amount

   

Per
Diluted Share

 

Calculation of Adjusted Income from Continuing Operations Attributable to UHS

         

Income from continuing operations attributable to UHS

   $51,074    $1.03      $37,223      $0.73   

Plus/minus adjustments:

         

Reduction of reserve for professional and general liability self-insured claims, net of income taxes

   -        -          -          -       

Unfavorable discrete tax item

   -        -          -          -       
                       

Subtotal after-tax adjustments to income from continuing operations attributable to UHS

   -        -          -          -       
                       

Adjusted income from continuing operations attributable to UHS

   $51,074    $1.03      $37,223      $0.73   
                       

Calculation of Adjusted Net Income Attributable to UHS

         

Net income attributable to UHS

   $51,074    $1.03      $36,997      $0.73   

After-tax adjustments to income from continuing operations attributable to UHS, as indicated above

   -        -          -          -       
                       

Adjusted net income attributable to UHS

   $51,074    $1.03      $36,997      $0.73   
                       


Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the nine months ended September 30, 2009 and 2008

(in thousands, except per share amounts)

(unaudited)

 

    

Nine months ended

September 30, 2009

   

Nine months ended

September 30, 2008

 

Net revenues

   $3,911,168      100.0   $3,785,015    100.0

Operating charges:

         

Salaries, wages and benefits

   1,641,491      42.0   1,600,514    42.3

Other operating expenses

   759,907      19.4   777,257    20.5

Supplies expense

   522,030      13.3   524,246    13.9

Provision for doubtful accounts

   380,734      9.7   365,446    9.7
                       
   3,304,162      84.5   3,267,463    86.3
                       

Operating income/margin

   607,006      15.5   517,552    13.7

Lease and rental expense

   51,912        53,021   

Income from continuing operations attributable to minority interests

   35,557        34,022   
               

Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)

   519,537        430,509   

Depreciation and amortization

   153,424        142,544   

Interest expense, net

   35,297        40,147   
               

Income before income taxes

   330,816        247,818   

Provision for income taxes

   131,308        95,352   
               

Income from continuing operations attributable to UHS

   199,508        152,466   

Income from discontinued operations, net of income taxes

   -            434   
               

Net income attributable to UHS

   $199,508        $152,900   
               
    

Nine months ended

September 30, 2009

   

Nine months ended

September 30, 2008

 
    

Amount

   

Per
Diluted Share

   

Amount

  

Per
Diluted Share

 

Calculation of Adjusted Income from Continuing Operations Attributable to UHS

         

Income from continuing operations attributable to UHS

   $199,508      $4.04      $152,466    $2.98   

Plus/minus adjustments:

         

Reduction of reserve for professional and general liability self-insured claims, net of income taxes

   (14,168   (0.29   -        -       

Unfavorable discrete tax item

   4,331      0.09        
                       

Subtotal after-tax adjustments to income from continuing operations attributable to UHS

   (9,837   (0.20   -        -       
                       

Adjusted income from continuing operations attributable to UHS

   $189,671      $3.84      $152,466    $2.98   
                       

Calculation of Adjusted Net Income Attributable to UHS

         

Net income attributable to UHS

   $199,508      $4.04      $152,900    $2.99   

After-tax adjustments to income from continuing operations attributable to UHS, as indicated above

   (9,837   (0.20   -        -       
                       

Adjusted net income attributable to UHS

   $189,671      $3.84      $152,900    $2.99   
                       


Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

(unaudited)

 

     September 30,
2009
    December 31,
2008
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 13,630      $ 5,460   

Accounts receivable, net

     596,232        625,437   

Supplies

     80,726        76,043   

Other current assets

     35,365        26,375   

Deferred income taxes

     47,457        34,522   

Current assets held for sale

     21,580        21,580   
                

Total current assets

     794,990        789,417   
                

Property and equipment

     3,644,113        3,355,974   

Less: accumulated depreciation

     (1,386,112     (1,255,682
                
     2,258,001        2,100,292   
                

Other assets:

    

Goodwill

     732,685        732,937   

Deferred charges

     9,666        10,428   

Other

     106,167        109,388   
                
   $ 3,901,509      $ 3,742,462   
                

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Current maturities of long-term debt

   $ 2,918      $ 8,708   

Accounts payable and accrued liabilities

     629,033        542,008   

Federal and state taxes

     -            10,409   
                

Total current liabilities

     631,951        561,125   
                

Other noncurrent liabilities

     396,678        407,652   

Long-term debt

     852,270        990,661   

Deferred income taxes

     52,208        12,439   

UHS common stockholders’ equity

     1,728,194        1,543,850   

Minority interest

     240,208        226,735   
                

Total equity

     1,968,402        1,770,585   
                
   $ 3,901,509      $ 3,742,462   
                


Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Nine months
ended September 30,
 
     2009     2008  

Cash Flows from Operating Activities:

    

Net income attributable to UHS

   $199,508      $152,900   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation & amortization

   153,424      144,711   

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

    

Accounts receivable

   20,747      (7,796

Construction management and other receivable

   13,697      (1,674

Accrued interest

   10,712      11,290   

Accrued and deferred income taxes

   10,824      (3,418

Other working capital accounts

   40,434      35,941   

Other assets and deferred charges

   3,716      16,317   

Other

   7,541      12,354   

Minority interest in earnings of consolidated entities

   35,557      34,022   

Accrued insurance expense, net of commercial premiums paid

   31,321      58,127   

Payments made in settlement of self-insurance claims

   (43,206   (38,011
            

Net cash provided by operating activities

   484,275      414,763   
            

Cash Flows from Investing Activities:

    

Property and equipment additions, net of disposals

   (278,825   (239,880

Acquisition of property and business

   (9,006   (14,775

Proceeds received from sales of assets

   818      32,634   

Settlement proceeds received related to prior year acquisitions, net of expenses

   -          1,539   

Investment in joint-venture

   -          (1,270

Purchase of minority ownership interest in majority owned business

   -          (1,058
            

Net cash used in investing activities

   (287,013   (222,810
            

Cash Flows from Financing Activities:

    

Reduction of long-term debt

   (143,844   (219,311

Additional borrowings

   170      150,155   

Repurchase of common shares

   (15,467   (104,436

Dividends paid

   (11,821   (12,147

Issuance of common stock

   1,568      1,751   

Profit distributions related to minority interests in majority owned businesses

   (19,698   (18,820

Capital contributions from minority member

   -          2,306   
            

Net cash used in financing activities

   (189,092   (200,502
            

Increase (decrease) in cash and cash equivalents

   8,170      (8,549

Cash and cash equivalents, beginning of period

   5,460      16,354   
            

Cash and cash equivalents, end of period

   $13,630      $7,805   
            

Supplemental Disclosures of Cash Flow Information:

    

Interest paid

   $32,357      $34,198   
            

Income taxes paid, net of refunds

   $120,429      $97,907   
            


Universal Health Services, Inc.

Supplemental Statistical Information

(un-audited)

 

         % Change
Quarter Ended
    % Change
9 months ended
 
Same Facility:        9/30/2009     9/30/2009  

Acute Care Hospitals

    

Revenues

   5.3   3.0

Adjusted Admissions

   2.6   1.9

Adjusted Patient Days

   -0.1   -0.1

Revenue Per Adjusted Admission

   2.6   1.1

Revenue Per Adjusted Patient Day

   5.5   3.1

Behavioral Health Hospitals

    

Revenues

   3.6   3.5

Adjusted Admissions

   2.0   1.1

Adjusted Patient Days

   1.4   -0.1

Revenue Per Adjusted Admission

   1.5   2.3

Revenue Per Adjusted Patient Day

   2.2   3.5

 

 

 

UHS Consolidated        Third Quarter Ended     Nine months Ended  
         9/30/2009     9/30/2008     9/30/2009     9/30/2008  

Revenues

     $ 1,295,109      $ 1,244,462      $ 3,911,168      $ 3,785,015   

EBITDA (1)

       145,102        121,643        519,537        430,509   

EBITDA Margin (1)

       11.2     9.8     13.3     11.4

Cash Flow From Operations

       183,436        204,689        484,275        414,763   

Days Sales Outstanding

       42        46        42        46   

Capital Expenditures

       95,577        83,818        278,825        239,880   

Debt

           855,188        943,721   

Shareholders Equity

           1,728,194        1,566,314   

Debt / Total Capitalization

           33.1     37.6

Debt / EBITDA (2)

           1.31        1.70   

Debt / Cash From Operations (2)

           1.61        2.14   

Acute Care EBITDAR Margin (3)

       13.0     11.6     15.8     14.2

Behavioral Health EBITDAR Margin (3)

       24.5     23.0     24.9     23.5

 

(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation, minority interest and prior year self insurance reserve adjustment booked in 2009


UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

FOR THE THREE MONTHS ENDED

SEPTEMBER 30, 2009

 

AS REPORTED:

            
       ACUTE (1)     BEHAVIORAL HEALTH  
     09/30/09     09/30/08     % change     09/30/09     09/30/08     % change  

Hospitals owned and leased

     21        21      0.0     84        81      3.7

Average licensed beds

     5,465        5,450      0.3     7,977        7,618      4.7

Patient days

     280,269        286,552      -2.2     532,228        519,362      2.5

Average daily census

     3,046.4        3,114.7      -2.2     5,785.1        5,645.2      2.5

Occupancy-licensed beds

     55.7     57.2   -2.5     72.5     74.1   -2.1

Admissions

     65,082        64,738      0.5     35,005        32,786      6.8

Length of stay

     4.3        4.4      -2.7     15.2        15.8      -4.0

Inpatient revenue

   $ 2,380,103      $ 2,259,640      5.3   $ 524,713      $ 488,986      7.3

Outpatient revenue

     1,038,772        917,982      13.2     68,577        61,358      11.8

Total patient revenue

     3,418,875        3,177,622      7.6     593,290        550,344      7.8

Other revenue

     16,848        18,019      -6.5     7,357        8,183      -10.1

Gross hospital revenue

     3,435,723        3,195,641      7.5     600,647        558,527      7.5

Total deductions

     2,488,456        2,296,314      8.4     271,315        247,695      9.5

Net hospital revenue

   $ 947,267      $ 899,327      5.3   $ 329,332      $ 310,832      6.0
            

SAME FACILITY:

            
       ACUTE (1)     BEHAVIORAL HEALTH (2)  
     09/30/09     09/30/08     % change     09/30/09     09/30/08     % change  

Hospitals owned and leased

     21        21      0.0     79        79      0.0

Average licensed beds

     5,465        5,450      0.3     7,697        7,547      2.0

Patient days

     280,269        286,552      -2.2     520,564        513,231      1.4

Average daily census

     3,046.4        3,114.7      -2.2     5,658.3        5,578.6      1.4

Occupancy-licensed beds

     55.7     57.2   -2.5     73.5     73.9   -0.5

Admissions

     65,082        64,738      0.5     33,448        32,767      2.1

Length of stay

     4.3        4.4      -2.7     15.6        15.7      -0.6

 

(1) Acute care hospitals located in New Orleans and Central Montgomery Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Coastal Behavioral, Shenandoah Valley and Springwoods Behavioral are excluded in both current and prior years. Central Florida and Summit Ridge Hospital is included from September 1st through year to date. Broad Horizons, Highlander RTC, Midwest Youth and Vista Group Homes are excluded in both current and prior years.


UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2009

 

AS REPORTED:

            
       ACUTE (1)     BEHAVIORAL HEALTH  
     09/30/09     09/30/08     % change     09/30/09     09/30/08     % change  

Hospitals owned and leased

     21        21      0.0     84        81      3.7

Average licensed beds

     5,465        5,452      0.2     7,876        7,629      3.2

Patient days

     877,224        892,689      -1.7     1,574,698        1,580,086      -0.3

Average daily census

     3,213.3        3,258.0      -1.4     5,768.1        5,766.7      0.0

Occupancy-licensed beds

     58.8     59.8   -1.6     73.2     75.6   -3.1

Admissions

     199,226        198,685      0.3     103,025        98,228      4.9

Length of stay

     4.4        4.5      -2.0     15.3        16.1      -5.0

Inpatient revenue

   $ 7,430,016      $ 6,999,680      6.1   $ 1,552,640      $ 1,467,036      5.8

Outpatient revenue

     3,081,566        2,748,382      12.1     209,218        193,281      8.2

Total patient revenue

     10,511,582        9,748,062      7.8     1,761,858        1,660,317      6.1

Other revenue

     53,625        55,733      -3.8     23,608        26,234      -10.0

Gross hospital revenue

     10,565,207        9,803,795      7.8     1,785,466        1,686,551      5.9

Total deductions

     7,705,648        7,027,568      9.6     801,392        745,545      7.5

Net hospital revenue

   $ 2,859,559      $ 2,776,227      3.0   $ 984,074      $ 941,006      4.6
            

SAME FACILITY:

            
       ACUTE (1)     BEHAVIORAL HEALTH (2)  
     09/30/09     09/30/08     % change     09/30/09     09/30/08     % change  

Hospitals owned and leased

     21        21      0.0     79        79      0.0

Average licensed beds

     5,465        5,452      0.2     7,630        7,476      2.1

Patient days

     877,231        892,665      -1.7     1,549,466        1,544,017      0.4

Average daily census

     3,213.3        3,257.9      -1.4     5,675.7        5,635.1      0.7

Occupancy-licensed beds

     58.8     59.8   -1.6     74.4     75.4   -1.3

Admissions

     199,226        198,685      0.3     99,584        98,054      1.6

Length of stay

     4.4        4.5      -2.0     15.6        15.7      -1.2

 

(1) Acute care hospitals located in New Orleans and Central Montgomery Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Coastal Behavioral, Shenandoah Valley and Springwoods Behavioral are excluded in both current and prior years. Central Florida and Summit Ridge Hospital is included from September 1st through year to date. Broad Horizons, Highlander RTC, Midwest Youth and Vista Group Homes are excluded in both current and prior years.