Universal Health Services, Inc. Reports 2005 Fourth Quarter and Full Year Earnings
02/27/2006
KING OF PRUSSIA, Pa., Feb. 27 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today its results for the fourth quarter and full year ended December 31, 2005. For the fourth quarter ended December 31, 2005, reported income from continuing operations was $9.0 million or $.17 per diluted share as compared to $34.9 million or $.58 per diluted share during the fourth quarter of 2004. Reported net income was $12.3 million or $.23 per diluted share during the fourth quarter of 2005 as compared to $37.2 million or $.61 per diluted share during the comparable prior year quarter. Net revenues increased 6% to $967 million during the fourth quarter of 2005 as compared to $911 million during the fourth quarter of 2004.
As indicated on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information for the Three Months Ended December 31, 2005 and 2004, included in our income from continuing operations and income from continuing operations per diluted share during the fourth quarter of 2005 are the following:
-- combined after-tax charges of $21.0 million or $.39 per diluted share
resulting from expenses incurred in connection with damage sustained in
Louisiana from Hurricane Katrina that resulted in the closure of our
Methodist Hospital, Lakeland Medical Pavilion, Chalmette Medical Center
and Virtue Street Pavilion during the third quarter;
-- an after-tax gain of $3.7 million or $.07 per diluted share resulting
from the sale of land, and;
-- other combined net favorable after-tax adjustments of approximately
$1.5 million or $.04 per diluted share which includes certain income
tax benefits recognized in connection with the employee retention tax
credit as provided in the "Gulf Opportunity Zone Act of 2005."
After adjusting for the above-mentioned items, our adjusted income from continuing operations was $24.8 million and our adjusted income from continuing operations per diluted share was $.45 during the three-month period ended December 31, 2005. Our adjusted income from continuing operations was $27.5 million or $.46 per diluted share during the fourth quarter of 2004. Impacting the results during the fourth quarter of 2005 are the loss of revenues from our above-mentioned acute care facilities in Louisiana, increased pressure on salaries in certain markets, the dilutive effect of integrating the Keystone and Brown Schools acquisitions and the continued high levels of uninsured patients.
At our acute care hospitals owned during both periods, inpatient admissions increased 3.4% and patient days increased 1.4% during the fourth quarter of 2005 as compared to the comparable 2004 quarter. Since our above- mentioned facilities located in Louisiana have been closed since the Hurricane, the inpatient statistics for those facilities have been excluded from the fourth quarter of each year. At our behavioral health care facilities owned during both quarters, inpatient admissions increased 7.4% and patient days increased 2.8% during the fourth quarter of 2005 as compared to the comparable 2004 quarter.
Our adjusted operating margin (as calculated on the attached Schedule of Non-GAAP Supplemental Consolidated Income Statement Information), decreased to 12.2% during the three-month period ended December 31, 2005 as compared to 13.2% during the same period of the prior year. The operating margin at our acute care hospitals owned during both periods ("same facility basis") decreased to 12.1% during the three months ended December 31, 2005 as compared to 12.9% during the three months ended December 31, 2004. On a same facility basis, the operating margin at our behavioral health hospitals increased to 22.4% during the fourth quarter of 2005 from 19.0% during the comparable quarter of the prior year.
The provision for doubtful accounts was 9.0% of net revenues during the fourth quarter of 2005 as compared to 7.6% during the prior year's fourth quarter. The increase resulted primarily from an increase in the number of uninsured patients treated at our acute care hospitals.
For the year ended December 31, 2005, reported income from continuing operations was $109.8 million or $1.91 per diluted share as compared to $161.1 million or $2.62 per diluted share during 2004. Reported net income was $240.8 million or $4.00 per diluted share during 2005 as compared to $169.5 million or $2.75 per diluted share during 2004. Included in our reported net income during 2005 were combined after-tax gains on divestitures of $132.9 million or $2.12 per diluted share resulting from the sale of fourteen acute care hospitals in France, two acute care hospitals in Puerto Rico, a women's hospital in Oklahoma, a home health business in Florida and land in Nevada. Net revenues increased 8% to $3.94 billion during 2005 as compared to $3.64 billion during 2004.
Included in our income from continuing operations and income from continuing operations per diluted share during 2005 are the following:
-- combined after-tax charges of $99.0 million or $1.58 per diluted share
resulting from expenses incurred in connection with damage sustained
from Hurricane Katrina at our above-mentioned facilities located in
Louisiana;
-- after-tax Hurricane related insurance recoveries of $48.6 million or
$.78 per diluted share reflecting the minimum level of commercial
insurance proceeds due to us, substantially all of which have been
received;
-- the combined favorable prior year after-tax effect of $5.2 million or
$.08 per diluted share resulting from supplemental reimbursements
received from certain states and contractual settlements (as previously
disclosed in our earnings release for the nine-month period ended
September 30, 2005);
-- an after-tax gain of $3.7 million or $.06 per diluted share resulting
from the sale of land, and;
-- other combined net favorable after-tax adjustments of approximately
$203,000 or $.01 per diluted share.
After adjusting for the above-mentioned items, our adjusted income from continuing operations was $151.1 million and our adjusted income from continuing operations per diluted share was $2.56 during the 2005. Our adjusted income from continuing operations was $153.4 million or $2.51 per diluted share during 2004.
At our acute care hospitals owned during both years (excluding the inpatient statistics for our above-mentioned Louisiana hospitals for the period of September 1st through December 31st of each year), inpatient admissions increased 2.7% and patient days increased 1.4% during 2005 as compared to 2004. At our behavioral health care facilities owned during both years, inpatient admissions increased 5.9% and patient days increased 4.5% during 2005 as compared to 2004.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on February 28, 2006. 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 February 28, 2006 and will continue through midnight on March 7, 2006. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 5293421.
This call will also be available live over the Internet at our web site at http://www.uhsinc.com. It will also be distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com).
Universal Health Services, Inc. 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 "Forward-Looking Statements and Risk Factors" on pages 18 and 19 of our Form 10-Q for the quarterly period ended September 30, 2005), may cause 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, adjusted income from continuing operations per diluted share, adjusted net income, adjusted net income per diluted share, adjusted operating income and adjusted operating margin, 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 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 such as, gains on sales of assets and businesses, Hurricane related expenses and insurance recoveries, and other amounts 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, 2004. 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.
Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months Twelve months
ended December 31, ended December 31,
2005 2004 2005 2004
Net revenues $967,175 $910,777 $3,935,480 $3,637,490
Operating charges:
Salaries, wages and
benefits 415,821 375,227 1,625,996 1,490,241
Other operating expenses 226,127 225,265 921,118 862,870
Supplies expense 120,212 120,561 489,999 463,381
Provision for doubtful
accounts 87,438 69,306 368,058 307,014
Depreciation and
amortization 39,242 36,786 155,478 142,481
Lease and rental expense 15,347 15,502 60,790 60,907
Hurricane related expenses 36,133 - 165,028 -
Hurricane insurance
recoveries - - (81,709) -
940,320 842,647 3,704,758 3,326,894
Income before interest
expense, minority interests
and income taxes 26,855 68,130 230,722 310,596
Interest expense, net 8,403 9,854 32,933 38,131
Minority interests in earnings
of consolidated entities 5,786 1,883 25,645 16,188
Income before income taxes 12,666 56,393 172,144 256,277
Provision for income taxes 3,624 21,541 62,301 95,179
Income from continuing
operations 9,042 34,852 109,843 161,098
Income from discontinued
operations, net of income tax
expense (a) 3,232 2,322 131,002 8,394
Net income $12,274 $37,174 $240,845 $169,492
Basic earnings per share: (b)
From continuing
operations $0.17 $0.60 $1.98 $2.79
From discontinued
operations 0.06 0.04 2.35 0.15
Total basic earnings
per share $0.23 $0.64 $4.33 $2.94
Diluted earnings per share: (b)
From continuing
operations $0.17 $0.58 $1.91 $2.62
From discontinued
operations 0.06 0.03 2.09 0.13
Total diluted
earnings per share $0.23 $0.61 $4.00 $2.75
Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months Twelve months
ended December 31, ended December 31,
2005 2004 2005 2004
(a) Calculation of income from
discontinued operations, net of
income tax:
Income from operations $747 $3,974 $3,355 $8,680
Gains on divestitures 4,338 - 190,558 5,382
Income from discontinued operations,
pre-tax 5,085 3,974 193,913 14,062
Income tax provision (1,853) (1,652) (62,911) (5,668)
Income from discontinued operations,
net of income tax expense $3,232 $2,322 $131,002 $8,394
(b) Earnings per share calculation:
Basic:
Income from continuing operations $9,042 $34,852 $109,843 $161,098
Less: Dividends on unvested
restricted stock, net of taxes (23) (27) (104) (111)
Income from continuing operations -
basic $9,019 $34,825 $109,739 $160,987
Income from discontinued operations 3,232 2,322 131,002 8,394
Net income - basic $12,251 $37,147 $240,741 $169,381
Weighted average number of common
shares - basic 54,002 57,635 55,658 57,653
Basic earnings per share:
From continuing operations $0.17 $0.60 $1.98 $2.79
From discontinued operations 0.06 0.04 2.35 0.15
Total basic earnings per
share $0.23 $0.64 $4.33 $2.94
Diluted:
Income from continuing operations $9,042 $34,852 $109,843 $161,098
Less: Dividends on unvested
restricted stock, net of taxes (23) (27) (104) (111)
Add: Debenture interest, net of
taxes - 2,334 9,628 9,240
Income from continuing operations -
diluted $9,019 $37,159 $119,367 $170,227
Income from discontinued operations 3,232 2,322 131,002 8,394
Net income - diluted $12,251 $39,481 $250,369 $178,621
Weighted average number of common
shares 54,002 57,635 55,658 57,653
Add: Shares for conversion of
convertible debentures - 6,577 6,577 6,577
Other share equivalents 222 280 412 635
Weighted average number of common
shares and equiv. - diluted 54,224 64,492 62,647 64,865
Diluted earnings per share:
From continuing operations $0.17 $0.58 $1.91 $2.62
From discontinued operations 0.06 0.03 2.09 0.13
Total diluted earnings per
share $0.23 $0.61 $4.00 $2.75
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
2005 2004
Assets:
Cash and cash equivalents $7,963 $33,125
Accounts receivable, net 499,726 552,538
Other current assets 100,609 90,392
Property, plant and equipment, net 1,422,053 1,448,066
Other assets 820,758 765,852
Assets held for sale - 132,870
Total Assets $2,851,109 $3,022,843
Liabilities and Stockholders' Equity:
Current portion of long-term debt $5,191 $16,968
Liabilities held for sale - 11,116
Other current liabilities 511,379 441,572
Other noncurrent liabilities 289,195 243,617
Long-term debt 637,654 852,229
Deferred income taxes 42,713 50,212
Minority interest 159,879 186,543
Stockholders' equity 1,205,098 1,220,586
Total Liabilities and Stockholders'
Equity $2,851,109 $3,022,843
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Three Months Ended December 31, 2005 and 2004
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
December 31, 2005 December 31, 2004
Net revenues $967,175 100.0% $910,777 100.0%
Operating charges:
Salaries, wages and benefits 415,821 43.0% 375,227 41.2%
Other operating expenses 226,127 23.4% 225,265 24.7%
Supplies expense 120,212 12.4% 120,561 13.2%
Provision for doubtful accounts 87,438 9.0% 69,306 7.6%
849,598 87.8% 790,359 86.8%
Operating income/margin 117,577 12.2% 120,418 13.2%
Lease and rental expense 15,347 15,502
Minority interests in earnings of
consolidated entities 5,786 1,883
Earnings before depreciation and
amortization, interest expense, and
income taxes ("EBITDA") 96,444 103,033
Hurricane related expenses 36,133 -
Depreciation and amortization 39,242 36,786
Interest expense, net 8,403 9,854
Income before income taxes 12,666 56,393
Provision for income taxes 3,624 21,541
Income from continuing operations 9,042 34,852
Income from discontinued operations,
net of income taxes 3,232 2,322
Net income $12,274 $37,174
Three months ended Three months ended
December 31, 2005 December 31, 2004
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $9,042 $0.17 $34,852 $0.58
Add: Hurricane related expenses, net
of minority interests and income
taxes 20,978 0.39 - -
Less: Gain on sale of land, net of
income taxes (3,711) (0.07) - -
Less: Other combined net favorable
adjustments (1,531) (0.04) - -
Less: After-tax reversal of
previously recorded stock grant
amortization expense - - (7,394) (0.12)
Adjusted income from continuing
operations $24,778 $0.45 $27,458 $0.46
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Twelve Months Ended December 31, 2005 and 2004
(in thousands, except per share amounts)
(unaudited)
Twelve months ended Twelve months ended
December 31, 2005 December 31, 2004
Net revenues $3,935,480 100.0% $3,637,490 100.0%
Operating charges:
Salaries, wages and benefits 1,625,996 41.3% 1,490,241 41.0%
Other operating expenses 921,118 23.4% 862,870 23.7%
Supplies expense 489,999 12.5% 463,381 12.7%
Provision for doubtful accounts 368,058 9.4% 307,014 8.4%
3,405,171 86.5% 3,123,506 85.9%
Operating income/margin 530,309 13.5% 513,984 14.1%
Lease and rental expense 60,790 60,907
Minority interests in earnings
of consolidated entities 25,645 16,188
Earnings before depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 443,874 436,889
Hurricane related expenses 165,028 -
Hurricane insurance recoveries (81,709) -
Depreciation and amortization 155,478 142,481
Interest expense, net 32,933 38,131
Income before income taxes 172,144 256,277
Provision for income taxes 62,301 95,179
Income from continuing operations 109,843 161,098
Income from discontinued
operations, net of income taxes 131,002 8,394
Net income $240,845 $169,492
Twelve months ended Twelve months ended
December 31, 2005 December 31, 2004
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing operations $109,843 $1.91 $161,098 $2.62
Add: Hurricane related expenses,
net of minority interests and
income taxes 99,042 1.58 1,474 0.02
Less: Hurricane related insurance
recoveries, net of minority
interests and income taxes (48,663) (0.78) - -
Less: Prior period effect of
supplemental reimbursements
received from certain states and
contractual settlements (5,225) (0.08) - -
Less: Gain on sale of land, net
of income taxes (3,711) (0.06) - -
Less: Other combined net
favorable adjustments (203) (0.01) - -
Less: After-tax reversal of
previously recorded stock grant
amortization expense - - (7,394) (0.11)
Less: DSH revenue attributable to
prior year, net of income taxes - - (1,748) (0.02)
Adjusted income from continuing
operations $151,083 $2.56 $153,430 $2.51
Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
% Change % Change
Quarter Ended 12 months ended
Same Facility: 12/31/2005 12/31/2005
Acute Care Hospitals
Revenues 8.6% 7.2%
Adjusted Admissions 3.7% 2.9%
Adjusted Patient Days 2.1% 1.8%
Revenue Per Adjusted Admission 4.8% 4.2%
Revenue Per Adjusted Patient Day 6.4% 5.3%
Behavioral Health Hospitals
Revenues 9.4% 8.6%
Adjusted Admissions 6.8% 5.2%
Adjusted Patient Days 2.4% 4.2%
Revenue Per Adjusted Admission 2.5% 3.2%
Revenue Per Adjusted Patient Day 6.9% 4.3%
UHS Consolidated Fourth Quarter Ended Twelve months Ended
12/31/2005 12/31/2004 12/31/2005 12/31/2004
Revenues $967,175 $910,777 $3,935,480 $3,637,490
EBITDA (1) 96,444 103,033 443,874 436,889
EBITDA Margin (1) 10.0% 11.3% 11.3% 12.0%
Cash Flow From Operations 68,983 79,366 425,426 392,880
Days Sales Outstanding 48 51 46 51
Capital Expenditures 70,069 53,431 241,412 230,760
Debt (net of cash) - 634,882 836,072
Shareholders Equity - 1,205,098 1,220,586
Debt / Total Capitalization - 34.5% 40.7%
Debt / EBITDA (2) - 1.43 1.78
Debt / Cash From Operations (2) - 1.49 2.12
Acute Care EBITDAR Margin (3) 12.1% 12.5% 13.8% 14.7%
Behavioral Health EBITDAR
Margin (3) 18.7% 19.0% 22.8% 22.3%
(1) Before hurricane related expenses and recoveries and net of minority
interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
DECEMBER 31, 2005
AS REPORTED:
FOR THE TWELVE MONTHS ENDED
ACUTE (1)(2)
12/31/05 12/31/04 %
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,525 5,645 -2.1%
Patient days 1,351,978 1,150,882 17.5%
Average daily census 3,704.0 3,144.5 17.8%
Occupancy-licensed beds 67.0% 55.7% 20.4%
Admissions 298,664 251,655 18.7%
Length of stay 4.5 4.6 -1.0%
Inpatient revenue $7,246,246 $6,732,660 7.6%
Outpatient revenue 2,778,036 2,544,891 9.2%
Total patient revenue 10,024,282 9,277,551 8.0%
Other revenue 52,485 35,604 47.4%
Gross hospital revenue 10,076,767 9,313,155 8.2%
Total deductions 7,002,638 6,415,436 9.2%
Net hospital revenue $3,074,129 $2,897,719 6.1%
BEHAVIORAL HEALTH
12/31/05 12/31/04 %
Hospitals owned and leased 72 44 63.6%
Average licensed beds 4,849 4,225 14.8%
Patient days 1,455,479 1,234,152 17.9%
Average daily census 3,987.6 3,372.0 18.3%
Occupancy-licensed beds 82.2% 79.8% 3.0%
Admissions 102,731 94,743 8.4%
Length of stay 14.2 13.0 8.8%
Inpatient revenue $1,397,256 $1,238,131 12.9%
Outpatient revenue 192,824 177,360 8.7%
Total patient revenue 1,590,080 1,415,491 12.3%
Other revenue 31,897 32,849 -2.9%
Gross hospital revenue 1,621,977 1,448,340 12.0%
Total deductions 804,537 749,568 7.3%
Net hospital revenue $817,440 $698,772 17.0%
SAME FACILITY:
FOR THE TWELVE MONTHS ENDED
ACUTE (1)(3)
12/31/05 12/31/04 %
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,287 5,458 -3.1%
Patient days 1,131,135 1,116,154 1.3%
Average daily census 3,099.0 3,049.6 1.6%
Occupancy-licensed beds 58.6% 55.9% 4.9%
Admissions 252,332 245,643 2.7%
Length of stay 4.5 4.5 -1.3%
BEHAVIORAL HEALTH (4)
12/31/05 12/31/04 %
Hospitals owned and leased 44 44 0.0%
Average licensed beds 4,332 4,222 2.6%
Patient days 1,290,020 1,234,115 4.5%
Average daily census 3,534.3 3,371.9 4.8%
Occupancy-licensed beds 81.6% 79.9% 2.2%
Admissions 100,299 94,743 5.9%
Length of stay 12.9 13.0 -1.3%
(1) Does not include hospitals located in France.
(2) Does not include Discontinued Operations. Acute care hospitals located
in New Orleans are excluded from September 1, 2005 through year to
date.
(3) All Discontinued Operations are excluded in current and prior years.
Lakeland is included in both current and prior years for January only.
All three acute care hospitals located in New Orleans are excluded in
both current and prior years from September 1st through year to date.
Lakewood Ranch is included in both current and prior years from
September 1 through year to date.
(4) Stonington is included in both current and prior years from April 1
through year to date. The four facilities purchased from Keystone in
May 2004 are included in both current and prior years from May 1st
through year to date. King George School, Wyoming Behavioral and
The Keystone Centers are all excluded in both current and prior
years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
DECEMBER 31, 2005
AS REPORTED:
FOR THE THREE MONTHS ENDED
ACUTE (1)(2)
12/31/05 12/31/04 %
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,012 5,602 -10.5%
Patient days 261,720 284,920 -8.1%
Average daily census 2,844.8 3,097.0 -8.1%
Occupancy-licensed beds 56.8% 55.3% 2.7%
Admissions 60,628 63,218 -4.1%
Length of stay 4.3 4.5 -4.2%
Inpatient revenue $1,707,385 $1,692,754 0.9%
Outpatient revenue 661,321 648,448 2.0%
Total patient revenue 2,368,706 2,341,202 1.2%
Other revenue 12,635 8,274 52.7%
Gross hospital revenue 2,381,341 2,349,476 1.4%
Total deductions 1,658,437 1,629,805 1.8%
Net hospital revenue $722,904 $719,671 0.4%
BEHAVIORAL HEALTH
12/31/05 12/31/04 %
Hospitals owned and leased 72 44 63.6%
Average licensed beds 5,996 4,386 36.7%
Patient days 450,566 320,753 40.5%
Average daily census 4,897.5 3,486.4 40.5%
Occupancy-licensed beds 81.7% 79.5% 2.8%
Admissions 25,979 22,896 13.5%
Length of stay 17.3 14.0 23.8%
Inpatient revenue $389,872 $318,264 22.5%
Outpatient revenue 47,732 45,538 4.8%
Total patient revenue 437,604 363,802 20.3%
Other revenue 8,096 7,482 8.2%
Gross hospital revenue 445,700 371,284 20.0%
Total deductions 212,278 192,938 10.0%
Net hospital revenue $233,422 $178,346 30.9%
SAME FACILITY:
FOR THE THREE MONTHS ENDED
ACUTE (1)(3)
12/31/05 12/31/04 %
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,012 5,047 -0.7%
Patient days 261,731 258,014 1.4%
Average daily census 2,844.9 2,804.5 1.4%
Occupancy-licensed beds 56.8% 55.6% 2.1%
Admissions 60,628 58,609 3.4%
Length of stay 4.3 4.4 -1.9%
BEHAVIORAL HEALTH (4)
12/31/05 12/31/04 %
Hospitals owned and leased 44 44 0.0%
Average licensed beds 4,492 4,386 2.4%
Patient days 329,590 320,740 2.8%
Average daily census 3,582.5 3,486.3 2.8%
Occupancy-licensed beds 79.8% 79.5% 0.3%
Admissions 24,584 22,896 7.4%
Length of stay 13.4 14.0 -4.3%
(1) Does not include hospitals located in France.
(2) Does not include Discontinued Operations. Acute care hospitals located
in New Orleans are excluded from September 1, 2005 through year to
date.
(3) All Discontinued Operations are excluded in current and prior years.
Lakeland is included in both current and prior years for January only.
All three acute care hospitals located in New Orleans are excluded in
both current and prior years from September 1st through year to date.
Lakewood Ranch is included in both current and prior years from
September 1 through year to date.
(4) Stonington is included in both current and prior years from April 1
through year to date. The four facilities purchased from Keystone in
May 2004 are included in both current and prior years from May 1st
through year to date. King George School, Wyoming Behavioral and
The Keystone Centers are all excluded in both current and prior
years.
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer, Universal Health Services, +1-610-768-3300