Universal Health Services, Inc. Reports Third Quarter Earnings
10/26/2006
KING OF PRUSSIA, Pa., Oct. 26 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income was $113.9 million, or $2.00 per diluted share, during the third quarter of 2006 as compared to $8.3 million, or $.15 per diluted share, during the comparable prior year quarter. Reported net income was $225.3 million, or $3.89 per diluted share, during the nine months ended September 30, 2006 as compared to $228.6 million, or $3.73 per diluted share, during the comparable prior year nine-month period.
Reported income from continuing operations was $114.0 million, or $2.00 per diluted share, during the third quarter of 2006 as compared to $9.5 million, or $.17 per diluted share, during the third quarter of 2005. Reported income from continuing operations was $225.4 million, or $3.89 per diluted share, during the nine-month period ended September 30, 2006 as compared to $100.8 million, or $1.71 per diluted share, during the nine-month period ended September 30, 2005.
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, 2006 and 2005 include various items such as: (i) hurricane-related expenses, net of minority interests and income taxes; (ii) hurricane-related insurance recoveries, net of minority interests and income taxes; (iii) prior period effect of supplemental reimbursements from certain states and contractual settlements, net of income taxes; (iv) a previously disclosed 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"); (v) favorable income tax adjustment to reduce reserves due to the expiration of statute of limitations in a foreign jurisdiction, and; (vi) gains on divestitures, net of income taxes (included in net income for nine-month period ended September 30, 2005).
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, 2006 was $30.6 million, or $.54 per diluted share, as compared to $28.4 million, or $.52 per diluted share, during the third quarter of 2005. Our adjusted net income during the nine-month period ended September 30, 2006 was $119.4 million, or $2.10 per diluted share, as compared to $125.2 million, or $2.09 per diluted share, during the comparable prior year nine-month period.
Our adjusted income from continuing operations during the three-month period ended September 30, 2006 was $30.7 million, or $.54 per diluted share, as compared to $29.6 million, or $.54 per diluted share, during the three- month period ended September 30, 2005. Our adjusted income from continuing operations during the nine-month period ended September 30, 2006 was $119.5 million, or $2.10 per diluted share, as compared to $123.9 million, or $2.07 per diluted share, during the comparable prior year nine-month period.
Net revenues increased 7% to $1.04 billion during the third quarter of 2006 as compared to $971 million during the third quarter of 2005. Net revenues increased 5% to $3.13 billion during the nine months ended September 30, 2006 as compared to $2.97 billion during the prior year nine-month period. Impacting our net revenues during the 2006 periods was the loss of revenues generated at our acute care facilities in Louisiana which were damaged and closed since the third quarter of 2005 as a result of Hurricane Katrina. On a combined basis, these facilities generated net revenues of $40 million and $166 million during the three and nine-month periods ended September 30, 2005, respectively. Also, as previously disclosed, on January 1st of this year we implemented a formal company-wide uninsured discount policy which has had the effect of lowering both net revenues and the provision for doubtful accounts by approximately $17 million and $46 million during the three and nine-month periods ended September 30, 2006, respectively. The implementation of this uninsured discount policy did not have a significant impact on our 2006 net income.
At our acute care hospitals owned during both periods, inpatient admissions increased 1.9% and patient days increased 4.8% during the third quarter of 2006 as compared to the comparable 2005 quarter. Inpatient admissions increased 1.5% and patient days increased 2.4% during the nine- month period ended September 30, 2006 as compared to the comparable prior year period. Since our acute care facilities located in Louisiana have been closed since the third quarter of 2005, the inpatient statistics for those facilities have been excluded from the three and nine-month periods of each year. At our behavioral health care facilities owned during both quarters, inpatient admissions increased 3.0% and patient days increased 1.2% during the third quarter of 2006 as compared to the comparable 2005 quarter. Inpatient admissions increased 3.5% and patient days increased 1.7% during the nine- month period ended September 30, 2006 as compared to the comparable prior year period.
Our consolidated operating margin, as calculated on the attached Supplemental Schedules, was 12.2% and 13.0% during the three-month periods ended September 30, 2006 and 2005, respectively. The operating margin at our acute care hospitals owned during both periods ("same facility basis") remained unchanged at 11.8% during each of the three-month periods ended September 30, 2006 and 2005. On a same facility basis, the operating margin at our behavioral health hospitals increased to 24.7% during the third quarter of 2006 from 22.7% during the comparable quarter of the prior year. Contributing to the decrease in consolidated operating margin during the third quarter of 2006, as compared to the comparable prior year quarter, were lower operating margins experienced at our behavioral health facilities acquired during the fourth quarter of 2005 and the $4.5 million charge incurred during the third quarter of 2006 in connection with the W&M Funding.
Our consolidated operating margin was 13.4% and 13.9% during the nine- month periods ended September 30, 2006 and 2005, respectively. On a same facility basis, the operating margin at our acute care hospitals decreased to 13.5% during the nine months ended September 30, 2006 as compared to 14.4% during the nine months ended September 30, 2005. On a same facility basis, the operating margin at our behavioral health hospitals increased to 25.7% during the nine months ended September 30, 2006 as compared to 24.5% during the comparable prior year period.
Our provision for doubtful accounts as a percentage of net revenues was 9.4% and 10.6% during the three-month periods ended September 30, 2006 and 2005, respectively, and 8.3% and 9.5% during the nine-month periods ended September 30, 2006 and 2005, respectively. Exclusive of the impact of the uninsured discount implemented at the beginning of this year, as a percentage of net revenues, the provision for doubtful accounts would have been 10.8% and 9.6% during the three and nine-month periods ended September 30, 2006.
Effective July 1, 2006, the pharmacy services for our acute care facilities were brought in-house from an outsourced vendor and as a result of this change, during the third quarter of 2006, we experienced an increase in our supplies expense and salaries, wages and benefits expense and a decrease in our other operating expenses. The transition of our pharmacy services did not have a significant impact on our operating margin or net income during the third quarter of 2006.
As previously announced during the third quarter of 2006, we reached an agreement with our insurance carrier to settle all claims related to damage sustained at our facilities located in Louisiana as a result of Hurricane Katrina. Including amounts collected from our other insurance carriers in 2005 and 2006, we received total insurance proceeds of $264 million which represented approximately 95% of our insurance policy limits.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on October 27, 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 October 27, 2006 and will continue through midnight on November 3, 2006. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 8537972.
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 "Risk Factors" on pages 24 through 30 and in "Forward-Looking Statements and Risk Factors" on pages 39 and 40 of our Form 10-K for the year ended December 31, 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 including items such as, but not limited to, gains on sales of assets and businesses, hurricane-related expenses and insurance recoveries, the W&M Funding, 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, 2005. 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,
2006 2005 2006 2005
Net revenues $1,043,457 $970,772 $3,125,419 $2,968,305
Operating charges:
Salaries, wages and
benefits 459,099 395,938 1,336,087 1,210,175
Other operating expenses 211,875 229,119 708,932 694,991
Supplies expense 146,944 117,127 400,271 369,787
Provision for doubtful
accounts 97,901 102,734 260,090 280,620
Depreciation and
amortization 40,961 38,552 120,360 116,236
Lease and rental expense 16,184 14,688 48,247 45,443
Hurricane related
expenses 4,172 128,895 14,432 128,895
Hurricane insurance
recoveries (4,172) (81,709) (14,432) (81,709)
972,964 945,344 2,873,987 2,764,438
Income before interest
expense, hurricane
insurance recoveries in
excess of expenses,
minority interests and
income taxes 70,493 25,428 251,432 203,867
Interest expense, net 6,140 6,404 23,362 24,530
Hurricane insurance
recoveries in excess of
expenses (130,328) - (167,359) -
Minority interests in
earnings of consolidated
entities 14,948 4,014 37,617 19,859
Income before income taxes 179,733 15,010 357,812 159,478
Provision for income taxes 65,704 5,531 132,420 58,677
Income from continuing
operations 114,029 9,479 225,392 100,801
(Loss) income from
discontinued operations,
net of income tax
expense (a) (84) (1,160) (104) 127,770
Net income $113,945 $8,319 $225,288 $228,571
Basic earnings (loss) per
share: (b)
From continuing
operations $2.01 $0.17 $4.11 $1.79
From discontinued
operations 0.00 (0.02) 0.00 2.27
Total basic
earnings per
share $2.01 $0.15 $4.11 $4.06
Diluted earnings (loss) per
share: (b)
From continuing
operations $2.00 $0.17 $3.89 $1.71
From discontinued
operations 0.00 (0.02) 0.00 2.02
Total diluted
earnings per
share $2.00 $0.15 $3.89 $3.73
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,
2006 2005 2006 2005
(a) Calculation of income from
discontinued operations, net of
income tax:
(Loss) income from operations ($133) ($1,825) ($165) $5,713
Gains on divestitures - - - 186,221
Asset impairment charge - - - (3,105)
(Loss) income from discontinued
operations, pre-tax (133) (1,825) (165) 188,829
Income tax benefit (provision) 49 665 61 (61,059)
(Loss) income from discontinued
operations, net of income tax
expense ($84) ($1,160) ($104) $127,770
(b) Earnings per share calculation:
Basic:
Income from continuing operations $114,029 $9,479 $225,392 $100,801
Less: Dividends on unvested
restricted stock, net of taxes (20) (26) (63) (81)
Income from continuing operations -
basic $114,009 $9,453 $225,329 $100,720
(Loss) income from discontinued
operations (84) (1,160) (104) 127,770
Net income - basic $113,925 $8,293 $225,225 $228,490
Weighted average number of common
shares - basic 56,794 54,682 54,764 56,210
Basic earnings (loss) per share:
From continuing operations $2.01 $0.17 $4.11 $1.79
From discontinued operations 0.00 (0.02) 0.00 2.27
Total basic earnings per
share $2.01 $0.15 $4.11 $4.06
Diluted:
Income from continuing operations $114,029 $9,479 $225,392 $100,801
Less: Dividends on unvested
restricted stock, net of taxes (20) (26) (63) (81)
Add: Debenture interest, net of
taxes - - 4,902 7,196
Income from continuing operations -
diluted $114,009 $9,453 $230,231 $107,916
(Loss) income from discontinued
operations (84) (1,160) (104) 127,770
Net income - diluted $113,925 $8,293 $230,127 $235,686
Weighted average number of common
shares 56,794 54,682 54,764 56,210
Add: Shares for conversion of
convertible debentures - - 4,168 6,577
Other share equivalents 207 466 227 476
Weighted average number of common
shares and equiv. - diluted 57,001 55,148 59,159 63,263
Diluted earnings (loss) per share:
From continuing operations $2.00 $0.17 $3.89 $1.71
From discontinued operations 0.00 (0.02) 0.00 2.02
Total diluted earnings
per share $2.00 $0.15 $3.89 $3.73
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2006 2005
Assets:
Cash and cash equivalents $14,817 $7,963
Accounts receivable, net 584,764 499,726
Other current assets 113,311 100,609
Property, plant and equipment, net 1,609,890 1,429,653
Other assets 826,245 820,758
Total Assets $3,149,027 $2,858,709
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,137 $5,191
Other current liabilities 625,382 518,979
Other noncurrent liabilities 347,813 289,195
Long-term debt 464,806 637,654
Deferred income taxes 24,403 42,713
Minority interest 187,041 159,879
Stockholders' equity 1,496,445 1,205,098
Total Liabilities and Stockholders'
Equity $3,149,027 $2,858,709
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the Three Months Ended September 30, 2006 and 2005
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
September 30, 2006 September 30, 2005
Net revenues $1,043,457 100.0% $970,772 100.0%
Operating charges:
Salaries, wages and benefits 459,099 44.0% 395,938 40.8%
Other operating expenses 211,875 20.3% 229,119 23.6%
Supplies expense 146,944 14.1% 117,127 12.1%
Provision for doubtful accounts 97,901 9.4% 102,734 10.6%
915,819 87.8% 844,918 87.0%
Operating income/margin 127,638 12.2% 125,854 13.0%
Lease and rental expense 16,184 14,688
Minority interests in earnings of
consolidated entities 14,948 4,014
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense, and
income taxes ("EBITDA") 96,506 107,152
Hurricane related expenses 4,172 128,895
Hurricane insurance recoveries (134,500) (81,709)
Depreciation and amortization 40,961 38,552
Interest expense, net 6,140 6,404
Income before income taxes 179,733 15,010
Provision for income taxes 65,704 5,531
Income from continuing operations 114,029 9,479
(Loss) income from discontinued
operations, net of income taxes (84) (1,160)
Net income $113,945 $8,319
Three months ended Three months ended
September 30, 2006 September 30, 2005
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $114,029 $2.00 $9,479 $0.17
Plus/minus adjustments:
Hurricane related expenses, net of
minority interests and income
taxes 2,206 0.04 78,064 1.42
Hurricane related insurance
recoveries, net of minority
interests and income taxes (80,083) (1.41) (49,758) (0.90)
Prior period effect of
supplemental reimbursements
received from certain
states and contractual
settlements, net of income taxes (7,025) (0.12) (8,201) (0.15)
W&M Funding 4,466 0.08 - -
Favorable tax reserve adjustment (2,900) (0.05) - -
Subtotal after-tax adjustments to
income from continuing operations (83,336) (1.46) 20,105 0.37
Adjusted income from continuing
operations $30,693 $0.54 $29,584 $0.54
Calculation of Adjusted Net Income
Net income $113,945 $2.00 $8,319 $0.15
After-tax adjustments to income from
continuing operations, as indicated
above (83,336) (1.46) 20,105 0.37
Adjusted net income $30,609 $0.54 $28,424 $0.52
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the Nine Months Ended September 30, 2006 and 2005
(in thousands, except per share amounts)
(unaudited)
Nine months ended Nine months ended
September 30, 2006 September 30, 2005
Net revenues $3,125,419 100.0% $2,968,305 100.0%
Operating charges:
Salaries, wages and benefits 1,336,087 42.7% 1,210,175 40.8%
Other operating expenses 708,932 22.7% 694,991 23.4%
Supplies expense 400,271 12.8% 369,787 12.5%
Provision for doubtful accounts 260,090 8.3% 280,620 9.5%
2,705,380 86.6% 2,555,573 86.1%
Operating income/margin 420,039 13.4% 412,732 13.9%
Lease and rental expense 48,247 45,443
Minority interests in earnings
of consolidated entities 37,617 19,859
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 334,175 347,430
Hurricane related expenses 14,432 128,895
Hurricane insurance recoveries (181,791) (81,709)
Depreciation and amortization 120,360 116,236
Interest expense, net 23,362 24,530
Income before income taxes 357,812 159,478
Provision for income taxes 132,420 58,677
Income from continuing operations 225,392 100,801
(Loss) income from discontinued
operations, net of income taxes (104) 127,770
Net income $225,288 $228,571
Nine months ended Nine months ended
September 30, 2006 September 30, 2005
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $225,392 $3.89 $100,801 $1.71
Plus/minus adjustments:
Hurricane related expenses, net of
minority interests and income
taxes 8,139 0.14 78,064 1.23
Hurricane related insurance
recoveries, net of minority
interests and income taxes (107,814) (1.83) (49,758) (0.79)
Prior period effect of
supplemental reimbursements
received from certain
states and contractual
settlements, net of income taxes (7,818) (0.13) (5,225) (0.08)
W&M Funding 4,466 0.08 - -
Favorable tax reserve adjustment (2,900) (0.05) - -
Subtotal after-tax adjustments to
income from continuing operations (105,927) (1.79) 23,081 0.36
Adjusted income from continuing
operations $119,465 $2.10 $123,882 $2.07
Calculation of Adjusted Net Income
Net income $225,288 $3.89 $228,571 $3.73
After-tax adjustments to income from
continuing operations, as indicated
above (105,927) (1.79) 23,081 0.36
Gain on divestitures, net of income
taxes - - (126,462) (2.00)
Adjusted net income $119,361 $2.10 $125,190 $2.09
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 9 months ended
Same Facility: 9/30/2006 9/30/2006
Acute Care Hospitals
Revenues 7.2% 5.9%
Adjusted Admissions 1.2% 1.4%
Adjusted Patient Days 4.3% 2.6%
Revenue Per Adjusted Admission 6.0% 4.4%
Revenue Per Adjusted Patient Day 2.8% 3.2%
Behavioral Health Hospitals
Revenues 7.5% 7.9%
Adjusted Admissions 3.0% 3.3%
Adjusted Patient Days 0.9% 1.6%
Revenue Per Adjusted Admission 4.4% 4.5%
Revenue Per Adjusted Patient Day 6.5% 6.2%
UHS Consolidated Third Quarter Ended Nine months Ended
9/30/2006 9/30/2005 9/30/2006 9/30/2005
Revenues $1,043,457 $970,772 $3,125,419 $2,968,305
EBITDA (1) 96,506 107,152 334,175 347,430
EBITDA Margin (1) 9.2% 11.0% 10.7% 11.7%
Cash Flow From
Operations 60,948 126,005 250,020 356,443
Days Sales
Outstanding 52 48 51 46
Capital Expenditures 80,335 62,496 233,008 171,343
Debt (net of cash) - 453,126 $450,019
Shareholders Equity - 1,496,445 $1,223,997
Debt / Total
Capitalization - 23.2% 26.9%
Debt / EBITDA (2) - 1.05 1.00
Debt / Cash From
Operations (2) - 1.42 1.03
Acute Care EBITDAR
Margin (3) (4) 13.0% 13.0% 14.0% 14.4%
Behavioral Health
EBITDAR Margin
(3) (4) 22.5% 23.2% 23.6% 24.4%
(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, 2006
AS REPORTED:
ACUTE (1) (2)
09/30/06 09/30/05 % change
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,139 5,557 -7.5%
Patient days 268,537 275,148 -2.4%
Average daily census 2,918.9 2,990.7 -2.4%
Occupancy-licensed beds 56.8% 53.8% 5.5%
Admissions 60,656 62,502 -3.0%
Length of stay 4.4 4.4 0.6%
Inpatient revenue $1,813,162 $1,752,146 3.5%
Outpatient revenue 717,752 707,282 1.5%
Total patient revenue 2,530,914 2,459,428 2.9%
Other revenue 11,014 12,352 -10.8%
Gross hospital revenue 2,541,928 2,471,780 2.8%
Total deductions 1,764,296 1,708,052 3.3%
Net hospital revenue $777,632 $763,728 1.8%
BEHAVIORAL HEALTH
09/30/06 09/30/05 % change
Hospitals owned and leased 79 45 75.6%
Average licensed beds 6,640 4,517 47.0%
Patient days 467,860 335,825 39.3%
Average daily census 5,085.4 3,650.3 39.3%
Occupancy-licensed beds 76.6% 80.8% -5.2%
Admissions 28,100 25,724 9.2%
Length of stay 16.6 13.1 27.5%
Inpatient revenue $416,515 $336,676 23.7%
Outpatient revenue 47,809 45,111 6.0%
Total patient revenue 464,324 381,787 21.6%
Other revenue 7,546 7,122 6.0%
Gross hospital revenue 471,870 388,909 21.3%
Total deductions 217,700 193,839 12.3%
Net hospital revenue $254,170 $195,070 30.3%
SAME FACILITY:
ACUTE (1) (3)
09/30/06 09/30/05 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,139 5,012 2.5%
Patient days 268,557 256,358 4.8%
Average daily census 2,919.1 2,786.5 4.8%
Occupancy-licensed beds 56.8% 55.6% 2.2%
Admissions 60,656 59,547 1.9%
Length of stay 4.4 4.3 2.8%
BEHAVIORAL HEALTH (4)
09/30/06 09/30/05 % change
Hospitals owned and leased 45 45 0.0%
Average licensed beds 4,551 4,517 0.8%
Patient days 339,738 335,800 1.2%
Average daily census 3,692.8 3,650.0 1.2%
Occupancy-licensed beds 81.1% 80.8% 0.4%
Admissions 26,494 25,724 3.0%
Length of stay 12.8 13.1 -1.8%
(1) Does not include hospitals located in France or discontinued
operations.
(2) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006.
(3) Discontinued operations and our three acute care hospitals located
in New Orleans are excluded in current and prior years.
(4) Academy at Canyon Creek, Ascent, Boulder Creek, Casa de Lago, Cedar
Ridge RTC & Hospital, Center for Change, NorthStar RTC, Northwest
Academy, Wyoming Behavioral and the Keystone facilities are excluded
in current and prior year. King George School is included in both
current and prior years from September 1st through YTD.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2006
AS REPORTED:
ACUTE (1) (2)
09/30/06 09/30/05 % change
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,047 5,553 -9.1%
Patient days 819,711 877,216 -6.6%
Average daily census 3,002.6 3,213.2 -6.6%
Occupancy-licensed beds 59.5% 57.9% 2.8%
Admissions 184,374 193,894 -4.9%
Length of stay 4.4 4.5 -1.7%
Inpatient revenue $5,607,700 $5,538,861 1.2%
Outpatient revenue 2,147,156 2,116,715 1.4%
Total patient revenue 7,754,856 7,655,576 1.3%
Other revenue 37,871 39,850 -5.0%
Gross hospital revenue 7,792,727 7,695,426 1.3%
Total deductions 5,469,167 5,344,201 2.3%
Net hospital revenue $2,323,560 $2,351,225 -1.2%
BEHAVIORAL HEALTH
09/30/06 09/30/05 % change
Hospitals owned and leased 79 45 75.6%
Average licensed beds 6,492 4,462 45.5%
Patient days 1,386,299 1,004,913 38.0%
Average daily census 5,078.0 3,681.0 38.0%
Occupancy-licensed beds 78.2% 82.5% -5.2%
Admissions 84,100 76,752 9.6%
Length of stay 16.5 13.1 25.9%
Inpatient revenue $1,244,739 $1,007,384 23.6%
Outpatient revenue 154,605 145,092 6.6%
Total patient revenue 1,399,344 1,152,476 21.4%
Other revenue 24,092 23,801 1.2%
Gross hospital revenue 1,423,436 1,176,277 21.0%
Total deductions 656,020 592,259 10.8%
Net hospital revenue $767,416 $584,018 31.4%
SAME FACILITY:
ACUTE (1) (3)
09/30/06 09/30/05 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,047 5,008 0.8%
Patient days 819,710 800,354 2.4%
Average daily census 3,002.6 2,931.7 2.4%
Occupancy-licensed beds 59.5% 58.5% 1.6%
Admissions 184,374 181,735 1.5%
Length of stay 4.4 4.4 1.0%
BEHAVIORAL HEALTH (4)
09/30/06 09/30/05 % change
Hospitals owned and leased 45 45 0.0%
Average licensed beds 4,502 4,462 0.9%
Patient days 1,022,303 1,004,886 1.7%
Average daily census 3,744.7 3,680.9 1.7%
Occupancy-licensed beds 83.2% 82.5% 0.8%
Admissions 79,445 76,752 3.5%
Length of stay 12.9 13.1 -1.7%
(1) Does not include hospitals located in France or discontinued
operations.
(2) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006.
(3) Discontinued operations and our three acute care hospitals located
in New Orleans are excluded in current and prior years.
(4) Academy at Canyon Creek, Ascent, Boulder Creek, Casa de Lago, Cedar
Ridge RTC & Hospital, Center for Change, NorthStar RTC, Northwest
Academy, Wyoming Behavioral and the Keystone facilities are excluded
in current and prior year. King George School is included in both
current and prior years from September 1st through YTD.
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer of Universal Health Services, +1-610-768-3300