Universal Health Services, Inc. Reports 2007 Third Quarter Earnings
10/29/2007
Consolidated Results of Operations:
KING OF PRUSSIA, Pa., Oct. 29 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income was $28.9 million, or $.54 per diluted share, during the third quarter of 2007 as compared to $113.9 million, or $2.00 per diluted share, during the comparable prior year quarter. For the nine months ended September 30, 2007, reported net income was $130.4 million, or $2.43 per diluted share, as compared to $225.3 million, or $3.89 per diluted share, during the comparable nine-month period in the prior year.
As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedules"), our income from continuing operations and net income for the three and nine-month periods ended September 30, 2007 and 2006 include various items such as: (i) hurricane related expenses, net of recoveries, minority interests and income taxes; (ii) prior period effect of the recording or reserving of Texas Medicaid supplemental payments and cost reports settlements, net of income taxes; (iii) reserve for legal judgments, the write-down of the carrying-value of investment in a joint-venture and gain on sale of real property, net of income taxes; (iv) favorable income tax adjustments to reduce reserves due to the expiration of statute of limitations in various tax jurisdictions; (v) prior period effect of a favorable after-tax adjustment to reduce our professional and general liability self-insurance reserves based upon the results of a third-party actuarial analysis, and; (vi) a charge incurred during the third quarter of 2006 to record the aggregate present value of the future funding of a portion of a gift from our Chairman of the Board of Directors, Chief Executive Officer and President to The College of William & Mary ("W&M Funding").
After adjusting for the items discussed above applicable to each period presented, as indicated on the attached Supplemental Schedules, our adjusted net income during the three-month period ended September 30, 2007 was $34.1 million, or $.64 per diluted share, as compared to $30.6 million, or $.54 per diluted share, during the third quarter of 2006. Our adjusted net income during the nine-month period ended September 30, 2007 was $124.7 million, or $2.32 per diluted share, as compared to $119.4 million, or $2.10 per diluted share, during the comparable prior year nine-month period.
Net revenues increased 13% to $1.18 billion during the third quarter of 2007 as compared to $1.04 billion during the third quarter of 2006. Net revenues increased 14% to $3.56 billion during the first nine months of 2007 as compared to $3.13 billion during the comparable nine-month period of 2006. Our consolidated operating margin, as calculated on the attached Supplemental Schedules (without adjusting for the various items mentioned above), was 11.1% and 12.2% during the three-month periods ended September 30, 2007 and 2006, respectively, and 13.2% and 13.4% during the nine-month periods ended September 30, 2007 and 2006, respectively.
Acute Care Services:
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 2.5% and patient days increased 2.9% during the third quarter of 2007 as compared to the third quarter of 2006. On a same facility basis, net revenues at our acute care facilities increased 7.6% during the third quarter of 2007 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 3.0% during the third quarter of 2007 over the comparable prior year quarter. The operating margin at our acute care hospitals owned during both periods increased to 12.6% during the third quarter of 2007 as compared to 11.8% during the third quarter of 2006.
At our acute care hospitals, on a same facility basis, inpatient admissions increased 3.1% and patient days increased 3.3% during the nine months ended September 30, 2007 as compared to the comparable prior year period. Net revenues at these facilities increased 8.0% during the first nine months of 2007 as compared to the comparable prior year nine-month period. Net revenue per adjusted admission at these facilities increased 3.1% during the nine months ended September 30, 2007 over the comparable prior year nine-month period. The operating margin at our acute care hospitals owned during both periods increased to 13.7% during the first nine months of 2007 as compared to 13.5% during the comparable prior year nine-month period.
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 $149 million and $99 million during the three-month periods ended September 30, 2007 and 2006, respectively, and $418 million and $326 million during the nine-month periods ended September 30, 2007 and 2006, respectively.
Behavioral Health Care Services:
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 3.4% and patient days increased 4.7% during the third quarter of 2007 as compared to the third quarter of 2006. On a same facility basis, net revenues at our behavioral health facilities increased 7.9% during the third quarter of 2007 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 5.1% during the third quarter of 2007 over the comparable prior year quarter. The operating margin at our behavioral health facilities owned during both periods was 22.4% during the third quarter of 2007 as compared to 22.6% during the third quarter of 2006.
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 3.4% and patient days increased 4.7% during the nine months ended September 30, 2007 as compared to the comparable prior year period. On a same facility basis, net revenues at our behavioral health facilities increased 6.7% during the nine months ended September 30, 2007 as compared to the comparable prior year nine-month period. Net revenue per adjusted admission at these facilities increased 3.3% during the first nine months of 2007 over the comparable prior year nine-month period. The operating margin at our behavioral health facilities owned during both periods was 23.7% during each of the nine-month periods ended September 30, 2007 and 2006.
Other Matters:
Over the last several weeks, at our request, our legal representatives have met with representatives of the United States Attorney's Office for the Southern District of Texas to discuss the status of the previously disclosed investigations of our South Texas Health System affiliates. Our representatives have been advised that the investigations remain active and ongoing and that the government is focused on payments to physicians and certain others that they believe may have been improper or illegal. We believe that the government is also focusing its investigation to determine whether the South Texas Health System affiliates and certain individuals illegally failed to fully comply with the original government subpoena. We are in the process of investigating these matters and are cooperating with the investigations and intend to respond to the matters raised with us. We are unable to evaluate the existence or extent of any potential financial exposure in connection with this matter at this time.
Conference Call Information:
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on October 30, 2007. 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, 2007 and will continue through midnight on November 12, 2007. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 19454560. 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).
General Information and Forward-Looking Statements and Risk Factors:
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 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, 2006), 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 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 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, hurricane-related expenses and insurance recoveries 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-Q for the quarter ended June 30, 2007 and our Report on Form 10-K for the year ended December 31, 2006. 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 Nine months
ended September 30, ended September 30,
2007 2006 2007 2006
Net revenues $1,180,217 $1,043,457 $3,556,794 $3,125,419
Operating charges:
Salaries, wages and
benefits 510,917 459,099 1,520,489 1,336,087
Other operating
expenses 265,534 211,875 748,979 708,932
Supplies expense 162,342 146,944 506,946 400,271
Provision for doubtful
accounts 110,451 97,901 312,583 260,090
Depreciation and
amortization 46,548 40,961 135,417 120,360
Lease and rental
expense 17,920 16,184 50,701 48,247
Hurricane related
expenses, net 82 4,172 707 14,432
Hurricane insurance
recoveries - (4,172) - (14,432)
1,113,794 972,964 3,275,822 2,873,987
Income before interest
expense, hurricane
insurance recoveries
in excess of expenses,
minority interests and
income taxes 66,423 70,493 280,972 251,432
Interest expense, net 12,881 6,140 38,643 23,362
Hurricane insurance
recoveries in excess of
expenses - (130,328) - (167,359)
Minority interests in
earnings of consolidated
entities 9,784 14,948 32,651 37,617
Income before income taxes 43,758 179,733 209,678 357,812
Provision for income taxes 14,756 65,704 79,062 132,420
Income from continuing
operations 29,002 114,029 130,616 225,392
Loss from discontinued
operations, net of
income tax benefit (a) (148) (84) (183) (104)
Net income $28,854 $113,945 $130,433 $225,288
Basic earnings per share: (b)
From continuing
operations $0.54 $2.01 $2.44 $4.11
From discontinued
operations 0.00 0.00 0.00 0.00
Total basic earnings
per share $0.54 $2.01 $2.44 $4.11
Diluted earnings per share: (b)
From continuing
operations $0.54 $2.00 $2.43 $3.89
From discontinued
operations 0.00 0.00 0.00 0.00
Total diluted earnings
per share $0.54 $2.00 $2.43 $3.89
Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months Nine months
ended September 30, ended September 30,
2007 2006 2007 2006
(a) Calculation of income from
discontinued operations, net of
income tax:
Loss from operations ($240) ($133) ($296) ($165)
Income tax benefit 92 49 113 61
Loss from discontinued operations,
net of taxes ($148) ($84) ($183) ($104)
(b) Earnings per share calculation:
Basic:
Income from continuing operations $29,002 $114,029 $130,616 $225,392
Less: Dividends on unvested
restricted stock, net of taxes (18) (20) (62) (63)
Income from continuing operations
- basic $28,984 $114,009 $130,554 $225,329
Loss from discontinued operations (148) (84) (183) (104)
Net income - basic $28,836 $113,925 $130,371 $225,225
Weighted average number of common
shares - basic 53,481 56,794 53,491 54,764
Basic earnings (loss) per share:
From continuing operations $0.54 $2.01 $2.44 $4.11
From discontinued operations 0.00 0.00 0.00 0.00
Total basic earnings per share $0.54 $2.01 $2.44 $4.11
Diluted:
Income from continuing operations $29,002 $114,029 $130,616 $225,392
Less: Dividends on unvested
restricted stock, net of taxes (18) (20) (62) (63)
Add: Debenture interest, net of
taxes - - - 4,902
Income from continuing operations
- diluted $28,984 $114,009 $130,554 $230,231
Loss from discontinued operations (148) (84) (183) (104)
Net income - diluted $28,836 $113,925 $130,371 $230,127
Weighted average number of common
shares 53,481 56,794 53,491 54,764
Add: Shares for conversion of
convertible debentures - - - 4,168
Other share equivalents 148 207 190 227
Weighted average number of common
shares and equiv. - diluted 53,629 57,001 53,681 59,159
Diluted earnings per share:
From continuing operations $0.54 $2.00 $2.43 $3.89
From discontinued operations 0.00 0.00 0.00 0.00
Total diluted earnings
per share $0.54 $2.00 $2.43 $3.89
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the three months ended September 30, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
September 30, 2007 September 30, 2006
Net revenues $1,180,217 100.0% $1,043,457 100.0%
Operating charges:
Salaries, wages and benefits 510,917 43.3% 459,099 44.0%
Other operating expenses 265,534 22.5% 211,875 20.3%
Supplies expense 162,342 13.8% 146,944 14.1%
Provision for doubtful accounts 110,451 9.4% 97,901 9.4%
1,049,244 88.9% 915,819 87.8%
Operating income/margin 130,973 11.1% 127,638 12.2%
Lease and rental expense 17,920 16,184
Minority interests in earnings
of consolidated entities 9,784 14,948
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 103,269 96,506
Hurricane related expenses, net
of insurance recoveries 82 (130,328)
Depreciation and amortization 46,548 40,961
Interest expense, net 12,881 6,140
Income before income taxes 43,758 179,733
Provision for income taxes 14,756 65,704
Income from continuing operations 29,002 114,029
Loss from discontinued operations,
net of income taxes (148) (84)
Net income $28,854 $113,945
Three months ended Three months ended
September 30, 2007 September 30, 2006
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing operations $29,002 $0.54 $114,029 $2.00
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes 50 - (77,877) (1.37)
Unfavorable (favorable) prior
period effect of Texas Medicaid
supplemental payments and
cost report settlements, net of
income taxes 3,399 0.07 (7,025) (0.12)
Favorable tax reserve
adjustment (2,079) (0.04) (2,900) (0.05)
Reserve for legal judgment, net
of income taxes 2,292 0.04 - -
Write-down of investment in
joint-venture, net of income
taxes 1,603 0.03 - -
W&M Funding - - 4,466 0.08
Subtotal after-tax adjustments to
income from continuing operations 5,265 0.10 (83,336) (1.46)
Adjusted income from continuing
operations $34,267 $0.64 $30,693 $0.54
Calculation of Adjusted Net Income
Net income $28,854 $0.54 $113,945 $2.00
After-tax adjustments to income
from continuing operations, as
indicated above 5,265 0.10 (83,336) (1.46)
Adjusted net income $34,119 $0.64 $30,609 $0.54
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the nine months ended September 30, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Nine months ended Nine months ended
September 30, 2007 September 30, 2006
Net revenues $3,556,794 100.0% $3,125,419 100.0%
Operating charges:
Salaries, wages and benefits 1,520,489 42.7% 1,336,087 42.7%
Other operating expenses 748,979 21.1% 708,932 22.7%
Supplies expense 506,946 14.3% 400,271 12.8%
Provision for doubtful accounts 312,583 8.8% 260,090 8.3%
3,088,997 86.8% 2,705,380 86.6%
Operating income/margin 467,797 13.2% 420,039 13.4%
Lease and rental expense 50,701 48,247
Minority interests in earnings
of consolidated entities 32,651 37,617
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 384,445 334,175
Hurricane insurance recoveries
in excess of expenses 707 (167,359)
Depreciation and amortization 135,417 120,360
Interest expense, net 38,643 23,362
Income before income taxes 209,678 357,812
Provision for income taxes 79,062 132,420
Income from continuing operations 130,616 225,392
Loss from discontinued operations,
net of income taxes (183) (104)
Net income $130,433 $225,288
Nine months ended Nine months ended
September 30, 2007 September 30, 2006
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing operations $130,616 $2.43 $225,392 $3.89
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes 436 - (99,675) (1.69)
Gain on sale of real property,
net of income taxes (1,356) (0.02) - -
Reduction of reserve for
professional and general
liability self-insured claims,
net of minority interests and
income taxes (10,045) (0.19) - -
Unfavorable (favorable) prior
period effect of Texas Medicaid
supplemental payments and cost
report settlements, net of
income taxes 3,399 0.07 (7,818) (0.13)
Favorable tax reserve
adjustment (2,079) (0.04) (2,900) (0.05)
Reserve for legal judgment, net
of income taxes 2,292 0.04 - -
Write-down of investment in
joint-venture, net of income
taxes 1,603 0.03 - -
W&M Funding - - 4,466 0.08
Subtotal after-tax adjustments to
income from continuing operations (5,750) (0.11) (105,927) (1.79)
Adjusted income from continuing
operations $124,866 $2.32 $119,465 $2.10
Calculation of Adjusted Net Income
Net income $130,433 $2.43 $225,288 $3.89
After-tax adjustments to income
from continuing operations, as
indicated above (5,750) (0.11) (105,927) (1.79)
Adjusted net income $124,683 $2.32 $119,361 $2.10
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2007 2006
Assets:
Cash and cash equivalents $13,574 $14,939
Accounts receivable, net 631,527 595,009
Other current assets 161,779 118,558
Property, plant and equipment, net 1,894,507 1,685,085
Other assets 895,217 863,451
Total Assets $3,596,604 $3,277,042
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,329 $1,938
Other current liabilities 552,258 500,513
Other noncurrent liabilities 353,328 340,815
Long-term debt 900,628 821,363
Deferred income taxes 48,810 35,888
Minority interest 203,412 174,061
Stockholders' equity 1,534,839 1,402,464
Total Liabilities and Stockholders' Equity $3,596,604 $3,277,042
Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine months
ended September 30,
2007 2006
Cash Flows from Operating Activities:
Net income $130,433 $225,288
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation & amortization 135,417 120,360
Accretion of discount on convertible
debentures - 6,364
Gain on sale of assets and businesses (2,200) -
Hurricane insurance recoveries - (137,862)
Hurricane related expenses - 4,894
Changes in assets & liabilities, net of
effects from acquisitions and dispositions:
Accounts receivable (17,359) (85,132)
Accrued interest 9,055 7,519
Accrued and deferred income taxes (6,374) 36,745
Other working capital accounts 47,558 8,157
Other assets and deferred charges 37 6,943
Other 4,923 11,413
Minority interest in earnings of consolidated
entities, net of distributions 9,041 15,223
Accrued insurance expense, net of commercial
premiums paid 45,275 61,378
Payments made in settlement of self-insurance
claims (33,025) (31,270)
Net cash provided by operating activities 322,781 250,020
Cash Flows from Investing Activities:
Property and equipment additions, net of
disposals (263,366) (233,008)
Proceeds received from sale of assets 5,268 -
Acquisition of assets and businesses (103,159) (45,654)
Hurricane insurance recoveries received - 144,571
Purchase of minority ownership interest
in majority owned business (14,762) -
Net cash used in investing activities (376,019) (134,091)
Cash Flows from Financing Activities:
Additional borrowings 170,000 248,645
Reduction of long-term debt (103,846) (141,804)
Repurchase of common shares (14,386) (220,343)
Dividends paid (12,917) (13,090)
Issuance of common stock 1,041 4,205
Financing costs (148) (2,020)
Net cash received for termination of
derivatives - 3,393
Capital contributions from minority
member 12,129 11,939
Net cash provided by (used in)
financing activities 51,873 (109,075)
(Decrease) Increase in cash and cash
equivalents (1,365) 6,854
Cash and cash equivalents, beginning
of period 14,939 7,963
Cash and cash equivalents, end of period $13,574 $14,817
Supplemental Disclosures of Cash Flow
Information:
Interest paid $35,991 $18,073
Income taxes paid, net of refunds $83,894 $95,412
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 9 months ended
Same Facility: 9/30/2007 9/30/2007
Acute Care Hospitals
Revenues 7.6% 8.0%
Adjusted Admissions 4.5% 4.8%
Adjusted Patient Days 4.9% 5.0%
Revenue Per Adjusted Admission 3.0% 3.1%
Revenue Per Adjusted Patient Day 2.6% 2.9%
Behavioral Health Hospitals
Revenues 7.9% 6.7%
Adjusted Admissions 2.8% 3.3%
Adjusted Patient Days 4.1% 4.6%
Revenue Per Adjusted Admission 5.1% 3.3%
Revenue Per Adjusted Patient Day 3.7% 2.0%
UHS Consolidated Third Quarter Ended Nine months Ended
9/30/2007 9/30/2006 9/30/2007 9/30/2006
Revenues $1,180,217 $1,043,457 $3,556,794 $3,125,419
EBITDA (1) 103,269 96,506 384,445 334,175
EBITDA Margin (1) 8.8% 9.2% 10.8% 10.7%
Cash Flow From Operations 163,805 60,948 322,781 250,020
Days Sales Outstanding 49 52 48 51
Capital Expenditures 78,779 80,335 263,366 233,008
Debt 903,957 453,126
Shareholders Equity 1,534,839 1,496,445
Debt / Total
Capitalization 37.1% 23.2%
Debt / EBITDA (2) 1.84 0.58
Debt / Cash From
Operations (2) 3.74 0.67
Acute Care EBITDAR Margin
(3) (4) 11.4% 13.0% 13.7% 14.0%
Behavioral Health EBITDAR
Margin (3) (4) 21.4% 22.5% 23.0% 23.6%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
(4) Excluding discontinued operations
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2007
AS REPORTED:
ACUTE (1)
09/30/07 09/30/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,417 5,139 5.4%
Patient days 290,968 268,537 8.4%
Average daily census 3,162.7 2,918.9 8.4%
Occupancy-licensed beds 58.4% 56.8% 2.8%
Admissions 64,817 60,656 6.9%
Length of stay 4.5 4.4 1.4%
Inpatient revenue $2,095,327 $1,813,162 15.6%
Outpatient revenue 900,787 717,752 25.5%
Total patient revenue 2,996,114 2,530,914 18.4%
Other revenue 15,807 11,014 43.5%
Gross hospital revenue 3,011,921 2,541,928 18.5%
Total deductions 2,148,715 1,764,266 21.8%
Net hospital revenue $863,206 $777,662 11.0%
SAME FACILITY:
ACUTE (2)
09/30/07 09/30/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,183 5,139 0.9%
Patient days 276,423 268,557 2.9%
Average daily census 3,004.6 2,919.1 2.9%
Occupancy-licensed beds 58.0% 56.8% 2.1%
Admissions 62,193 60,656 2.5%
Length of stay 4.4 4.4 0.4%
AS REPORTED:
BEHAVIORAL HEALTH
09/30/07 09/30/06 % change
Hospitals owned and leased 85 81 4.9%
Average licensed beds 7,485 6,640 12.7%
Patient days 506,466 467,860 8.3%
Average daily census 5,505.1 5,085.4 8.3%
Occupancy-licensed beds 73.5% 76.6% -4.0%
Admissions 30,156 28,100 7.3%
Length of stay 16.8 16.6 0.9%
Inpatient revenue $452,223 $416,515 8.6%
Outpatient revenue 54,470 47,809 13.9%
Total patient revenue 506,693 464,324 9.1%
Other revenue 7,476 7,546 -0.9%
Gross hospital revenue 514,169 471,870 9.0%
Total deductions 229,156 217,700 5.3%
Net hospital revenue $285,013 $254,170 12.1%
SAME FACILITY:
BEHAVIORAL HEALTH (3)
09/30/07 09/30/06 % change
Hospitals owned and leased 78 78 0.0%
Average licensed beds 7,000 6,588 6.3%
Patient days 484,996 463,312 4.7%
Average daily census 5,271.7 5,036.0 4.7%
Occupancy-licensed beds 75.3% 76.4% -1.5%
Admissions 28,830 27,894 3.4%
Length of stay 16.8 16.6 1.3%
(1) Licensed beds from our Acute care hospitals located in New Orleans are
excluded in 2006 and 2007.
(2) Acute care hospitals located in New Orleans and Texoma are excluded in
current and prior years.
(3) Cottonwood, Dover Behavioral, Foundations Behavioral, Highlands
Behavioral, Lincoln Trail, Shenandoah Valley and Spring Mountain
Sahara are excluded in both current and prior years. Cedar Ridge RTC
is included in both current and prior years from July 1st through year
to date. Academy at Canyon Creek and Casa de Lago are included in both
current and prior years from August 1st through year to date. Cedar
Ridge Hospital is included in both current and prior years from
September 1st through year to date. Tennessee Valley, Tuscaloosa
Juvenile Detention Center and Triple L Group homes are excluded in
current and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2007
AS REPORTED:
ACUTE (1)
09/30/07 09/30/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,417 5,047 7.3%
Patient days 886,844 819,711 8.2%
Average daily census 3,248.5 3,002.6 8.2%
Occupancy-licensed beds 60.0% 59.5% 0.8%
Admissions 197,722 184,374 7.2%
Length of stay 4.5 4.4 0.9%
Inpatient revenue $6,458,535 $5,607,700 15.2%
Outpatient revenue 2,666,277 2,147,156 24.2%
Total patient revenue 9,124,812 7,754,856 17.7%
Other revenue 45,368 38,690 17.3%
Gross hospital revenue 9,170,180 7,793,546 17.7%
Total deductions 6,560,437 5,469,986 19.9%
Net hospital revenue $2,609,743 $2,323,560 12.3%
SAME FACILITY:
ACUTE (2)
09/30/07 09/30/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,183 5,047 2.7%
Patient days 846,710 819,710 3.3%
Average daily census 3,101.5 3,002.6 3.3%
Occupancy-licensed beds 59.8% 59.5% 0.6%
Admissions 190,147 184,374 3.1%
Length of stay 4.5 4.4 0.2%
AS REPORTED:
BEHAVIORAL HEALTH
09/30/07 09/30/06 % change
Hospitals owned and leased 85 81 4.9%
Average licensed beds 7,269 6,492 12.0%
Patient days 1,489,301 1,386,299 7.4%
Average daily census 5,455.3 5,078.0 7.4%
Occupancy-licensed beds 75.0% 78.2% -4.1%
Admissions 89,182 84,100 6.0%
Length of stay 16.7 16.5 1.3%
Inpatient revenue $1,339,098 $1,244,739 7.6%
Outpatient revenue 173,558 154,605 12.3%
Total patient revenue 1,512,656 1,399,344 8.1%
Other revenue 21,938 24,092 -8.9%
Gross hospital revenue 1,534,594 1,423,436 7.8%
Total deductions 687,016 656,020 4.7%
Net hospital revenue $847,578 $767,416 10.4%
SAME FACILITY:
BEHAVIORAL HEALTH (3)
09/30/07 09/30/06 % change
Hospitals owned and leased 78 78 0.0%
Average licensed beds 6,818 6,424 6.1%
Patient days 1,434,670 1,370,870 4.7%
Average daily census 5,255.2 5,021.5 4.7%
Occupancy-licensed beds 77.1% 78.2% -1.4%
Admissions 86,030 83,207 3.4%
Length of stay 16.7 16.5 1.2%
(1) Licensed beds from our Acute care hospitals located in New Orleans are
excluded in 2006 and 2007.
(2) Acute care hospitals located in New Orleans and Texoma are excluded in
current and prior years.
(3) Cottonwood, Dover Behavioral, Foundations Behavioral, Highlands
Behavioral, Lincoln Trail, Shenandoah Valley and Spring Mountain
Sahara are excluded in both current and prior years. Cedar Ridge RTC
is included in both current and prior years from July 1st through year
to date. Academy at Canyon Creek and Casa de Lago are included in both
current and prior years from August 1st through year to date. Cedar
Ridge Hospital is included in both current and prior years from
September 1st through year to date. Tennessee Valley, Tuscaloosa
Juvenile Detention Center and Triple L Group homes are excluded in
current and prior years.
SOURCE Universal Health Services, Inc.
-0- 10/29/2007
/CONTACT: Steve Filton, Chief Financial Officer of Universal Health
Services, Inc., +1-610-768-3300/
/Company News On-Call: http://www.prnewswire.com/comp/916225.html /
/Web site: http://www.uhsinc.com
http://www.companyboardroom.com
http://www.streetevents.com /
(UHS)
CO: Universal Health Services, Inc.
ST: Pennsylvania
IN: HEA
SU: ERN CCA LAW
KS-PM
-- NEM135 --
8494 10/29/2007 17:01 EDT http://www.prnewswire.com