FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2004
UNIVERSAL HEALTH SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE | 1-10765 | 23-2077891 | ||
(State or other jurisdiction of Incorporation or Organization) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
UNIVERSAL CORPORATE CENTER
367 SOUTH GULPH ROAD
KING OF PRUSSIA, PENNSYLVANIA 19406
(Address of principal executive office) (Zip Code)
Registrants telephone number, including area code (610) 768-3300
Not Applicable
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits. 99.1 Universal Health Services, Inc. Press Release dated July 22, 2004
Item 12. Results of Operations and Financial Condition
On July 22, 2004, Universal Health Services, Inc. (the Company) issued its 2004 second quarter earnings release. A copy of the Companys press release is furnished as an exhibit to this Form 8-K and is incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Universal Health Services, Inc. | ||
By: |
/s/ Alan B. Miller | |
Name: |
Alan B. Miller | |
Title: |
President and Chief Executive Officer | |
By: |
/s/ Steve Filton | |
Name: |
Steve Filton | |
Title: |
Vice President and Chief Financial Officer |
Date: July 23, 2004
Exhibit Index
Exhibit No. |
Exhibit | |
99.1 | Press release, dated July 22, 2004 |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: |
Steve Filton |
|||
Chief Financial Officer |
July 22, 2004 | |||
610-768-3300 |
UNIVERSAL HEALTH SERVICES, INC. REPORTS
SECOND QUARTER EARNINGS
KING OF PRUSSIA, PA Universal Health Services, Inc. (NYSE: UHS) announced today that its net income was $48.3 million or $.78 per diluted share during the three-month period ended June 30, 2004 as compared to $51.0 million or $.82 per diluted share during the second quarter of 2003. Net income was $94.5 million or $1.52 per diluted share during the six-month period ended June 30, 2004 as compared to $103.7 million or $1.66 per diluted share during the prior year six-month period. Net revenues were $1.02 billion and $880 million during the three-month periods ended June 30, 2004 and 2003, respectively, and $2.04 billion and $1.75 billion during the six-month periods ended June 30, 2004 and 2003, respectively.
Income from continuing operations was $47.1 million or $.76 per diluted share during the second quarter of 2004 as compared to $52.1 million or $.84 per diluted share during the second quarter of 2003. Income from continuing operations was $93.2 million or $1.50 per diluted share during the six-month period ended June 30, 2004 as compared to $106.5 million or $1.70 per diluted share during the prior year six-month period. Excluding the $2.8 million of pre-tax Medicaid disproportionate share revenue (DSH) recorded during the first quarter of 2004 ($1.7 million after-tax), which was attributable to a prior period, our adjusted income from continuing operations was $91.4 million or $1.48 per diluted share during the six-month period ended June 30, 2004.
At our acute care hospitals owned during both periods located in the U.S. and Puerto Rico, admissions decreased approximately 1%, patient days decreased 2%, revenues increased 2.2% and revenue per adjusted patient day increased 3.8% during the 2004 second quarter, as compared to the prior year quarter. At our behavioral health hospitals owned in both periods, admissions increased 7%, patient days increased 6%, revenues increased 7.5% and revenue per adjusted patient day increased 2.0% during the second quarter of 2004 as compared to the prior year quarter.
Our operating margin (as calculated on the attached schedule of Supplemental Consolidated Income Statement Information), decreased to 14.8% during the three-month period ended June 30, 2004 as compared to 17.1% during the same period of the prior year.
At our acute care hospitals located in the U.S. and Puerto Rico owned during both three-month periods ended June 30, 2004 and June 30, 2003, the operating margin decreased to 16.7% during the second quarter of 2004 from 18.9% during the second quarter of the prior year. The operating margin at our behavioral health hospitals owned during both periods increased to 24.5% during the second quarter of 2004 from 24.1% during the comparable quarter of the prior year.
During the second quarter of 2004, we spent approximately $105 million to purchase the following behavioral health care facilities: (i) the Stonington Institute in Stonington, Connecticut including a 63-bed behavioral health hospital, partial services, a school, group homes and detox services; (ii) a 112-bed facility in Savannah, Georgia; (iii) a 77-bed facility in Benton, Arkansas; (iv) the operations of an 82-bed facility in Las Vegas, Nevada, and; (v) a 72-bed facility in Bowling Green, Kentucky.
Also during the second quarter of 2004, in conjunction with our strategic plan to sell two recently acquired acute care hospitals in California as well as certain other under-performing assets, we sold the following acute care facilities for combined cash proceeds of approximately $68 million: (i) a 112-bed hospital located in San Luis Obispo, California; (ii) a 65-bed hospital located in Arroyo Grande, California; (iii) a 136-bed leased hospital in Shreveport, Louisiana, and; (iv) a 106-bed hospital located in La Place, Louisiana. In addition, subsequent to the end of the quarter, we sold a 160-bed pediatric and surgery hospital located in Rio Piedras, Puerto Rico. The operating results of all these facilities, as well as the $1.2 million after-tax net gain resulting from the divestitures during the second quarter of 2004, are reflected as discontinued operations in the Consolidated Statements of Income for the three-month and six-month periods ended June 30, 2004 and 2003.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on July 23, 2004. 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 July 23, 2004 and will continue through midnight on July 30, 2004. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number of 8676437. This call will also be available live over the internet at our web site at www.uhsinc.com.
Universal Health Services, Inc. is one of the nations largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide, in Puerto Rico and in France. 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 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 14 and 15 of our Form 10-Q for the quarterly period ended March 31, 2004), 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 managements 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.
(more)
Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||
2004 |
2003 |
2004 |
2003 |
|||||||||||
Net revenues |
$ | 1,018,700 | $ | 879,661 | $ | 2,038,646 | $ | 1,751,354 | ||||||
Operating charges: |
||||||||||||||
Salaries, wages and benefits |
414,000 | 346,132 | 828,390 | 690,321 | ||||||||||
Other operating expenses |
238,455 | 205,043 | 470,107 | 402,164 | ||||||||||
Supplies expense |
140,087 | 118,018 | 282,931 | 235,111 | ||||||||||
Provision for doubtful accounts |
75,762 | 59,886 | 161,139 | 123,498 | ||||||||||
Depreciation and amortization |
40,319 | 34,048 | 78,970 | 67,141 | ||||||||||
Lease and rental expense |
18,117 | 15,490 | 36,115 | 30,935 | ||||||||||
926,740 | 778,617 | 1,857,652 | 1,549,170 | |||||||||||
Income before interest expense, minority interests and income taxes |
91,960 | 101,044 | 180,994 | 202,184 | ||||||||||
Interest expense, net |
10,899 | 9,370 | 21,805 | 19,215 | ||||||||||
Minority interests in earnings of consolidated entities |
6,260 | 8,530 | 11,179 | 13,560 | ||||||||||
Income before income taxes |
74,801 | 83,144 | 148,010 | 169,409 | ||||||||||
Provision for income taxes |
27,699 | 31,065 | 54,813 | 62,937 | ||||||||||
Income from continuing operations |
47,102 | 52,079 | 93,197 | 106,472 | ||||||||||
Income (loss) from discontinued operations, net of income tax expense (a) |
1,187 | (1,129 | ) | 1,276 | (2,732 | ) | ||||||||
Net income |
$ | 48,289 | $ | 50,950 | $ | 94,473 | $ | 103,740 | ||||||
Basic earnings per share: (b) |
||||||||||||||
From continuing operations |
$ | 0.82 | $ | 0.90 | $ | 1.62 | $ | 1.84 | ||||||
From discontinued operations |
$ | 0.02 | $ | (0.02 | ) | $ | 0.02 | $ | (0.05 | ) | ||||
Total basic earnings per share |
$ | 0.84 | $ | 0.88 | $ | 1.64 | $ | 1.79 | ||||||
Diluted earnings per share: (b) |
||||||||||||||
From continuing operations |
$ | 0.76 | $ | 0.84 | $ | 1.50 | $ | 1.70 | ||||||
From discontinued operations |
$ | 0.02 | $ | (0.02 | ) | $ | 0.02 | $ | (0.04 | ) | ||||
Total diluted earnings per share |
$ | 0.78 | $ | 0.82 | $ | 1.52 | $ | 1.66 | ||||||
Universal Health Services, Inc.
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2004 |
2003 |
2004 |
2003 |
|||||||||||||
(a) Calculation of income (loss) from discontinued operations, net of income tax: |
||||||||||||||||
Loss from operations |
$ | (63 | ) | $ | (1,790 | ) | $ | (331 | ) | $ | (4,334 | ) | ||||
Gains, net of losses on divestitures |
1,929 | | 2,338 | | ||||||||||||
Income/loss from discontinued operations, pre-tax |
1,866 | (1,790 | ) | 2,007 | (4,334 | ) | ||||||||||
Income tax (provision)/benefit |
(679 | ) | 661 | (731 | ) | 1,602 | ||||||||||
Income (loss) from discontinued operations, net of income tax expense |
$ | 1,187 | $ | (1,129 | ) | $ | 1,276 | $ | (2,732 | ) | ||||||
(b) Earnings per share calculation: |
||||||||||||||||
Basic: |
||||||||||||||||
Income from continuing operations |
$ | 47,102 | $ | 52,079 | $ | 93,197 | $ | 106,472 | ||||||||
Less: Dividends on unvested restricted stock, net of taxes |
(28 | ) | 0 | (56 | ) | 0 | ||||||||||
Income from continuing operations - basic |
$ | 47,074 | $ | 52,079 | $ | 93,141 | $ | 106,472 | ||||||||
Income (loss) from discontinued operations |
1,187 | (1,129 | ) | 1,276 | (2,732 | ) | ||||||||||
Net income - basic |
$ | 48,261 | $ | 50,950 | $ | 94,417 | $ | 103,740 | ||||||||
Weighted average number of common shares - basic |
57,622 | 57,655 | 57,593 | 57,966 | ||||||||||||
Basic earnings per share: |
||||||||||||||||
From continuing operations |
$ | 0.82 | $ | 0.90 | $ | 1.62 | $ | 1.84 | ||||||||
From discontinued operations |
$ | 0.02 | $ | (0.02 | ) | $ | 0.02 | $ | (0.05 | ) | ||||||
Total basic earnings per share |
$ | 0.84 | $ | 0.88 | $ | 1.64 | $ | 1.79 | ||||||||
Diluted: |
||||||||||||||||
Income from continuing operations |
$ | 47,102 | $ | 52,079 | $ | 93,197 | $ | 106,472 | ||||||||
Less: Dividends on unvested restricted stock, net of taxes |
(28 | ) | 0 | (56 | ) | 0 | ||||||||||
Add: Debenture interest, net of taxes |
2,305 | 2,178 | 4,573 | 4,355 | ||||||||||||
Income from continuing operations - diluted |
$ | 49,379 | $ | 54,257 | $ | 97,714 | $ | 110,827 | ||||||||
Income (loss) from discontinued operations |
1,187 | (1,129 | ) | 1,276 | (2,732 | ) | ||||||||||
Net income - diluted |
$ | 50,566 | $ | 53,128 | $ | 98,990 | $ | 108,095 | ||||||||
Weighted average number of common shares |
57,622 | 57,655 | 57,593 | 57,966 | ||||||||||||
Add: Shares for conversion of convertible debentures |
6,577 | 6,577 | 6,577 | 6,577 | ||||||||||||
Other share equivalents |
774 | 710 | 860 | 726 | ||||||||||||
Weighted average number of common shares and equiv. - diluted |
64,973 | 64,942 | 65,030 | 65,269 | ||||||||||||
Diluted earnings per share: |
||||||||||||||||
From continuing operations |
$ | 0.76 | $ | 0.84 | $ | 1.50 | $ | 1.70 | ||||||||
From discontinued operations |
$ | 0.02 | $ | (0.02 | ) | $ | 0.02 | $ | (0.04 | ) | ||||||
Total diluted earnings per share |
$ | 0.78 | $ | 0.82 | $ | 1.52 | $ | 1.66 | ||||||||
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, 2004 |
December 31, 2003 | |||||
Assets: |
||||||
Cash and cash equivalents |
$ | 36,335 | $ | 35,186 | ||
Accounts receivable, net |
575,365 | 488,876 | ||||
Other current assets |
100,072 | 103,426 | ||||
Property, plant and equipment, net |
1,433,785 | 1,271,117 | ||||
Other assets |
808,395 | 812,251 | ||||
Assets held for sale |
10,258 | 61,874 | ||||
Total Assets |
$ | 2,964,210 | $ | 2,772,730 | ||
Liabilities and Stockholders Equity: |
||||||
Current portion of long-term debt |
$ | 13,193 | $ | 10,871 | ||
Liabilities held for sale |
5,112 | 9,197 | ||||
Other current liabilities |
455,592 | 375,685 | ||||
Other noncurrent liabilities |
229,476 | 216,094 | ||||
Long-term debt |
849,587 | 868,566 | ||||
Deferred income taxes |
47,691 | 41,841 | ||||
Minority interest |
184,616 | 159,554 | ||||
Stockholders equity |
1,178,943 | 1,090,922 | ||||
Total Liabilities and Stockholders Equity |
$ | 2,964,210 | $ | 2,772,730 | ||
Universal Health Services, Inc.
Supplemental Consolidated Income Statement Information
(in thousands)
(unaudited)
Three months ended June 30, 2004 |
Three months ended June 30, 2003 |
||||||||||||
Net revenues |
$ | 1,018,700 | 100.0 | % | $ | 879,661 | 100.0 | % | |||||
Operating charges: |
|||||||||||||
Salaries, wages and benefits |
414,000 | 40.6 | % | 346,132 | 39.3 | % | |||||||
Other operating expenses |
238,455 | 23.4 | % | 205,043 | 23.3 | % | |||||||
Supplies expense |
140,087 | 13.8 | % | 118,018 | 13.4 | % | |||||||
Provision for doubtful accounts |
75,762 | 7.4 | % | 59,886 | 6.8 | % | |||||||
868,304 | 85.2 | % | 729,079 | 82.9 | % | ||||||||
Operating income/margin (c) |
150,396 | 14.8 | % | 150,582 | 17.1 | % | |||||||
Lease and rental expense |
18,117 | 15,490 | |||||||||||
Minority interests in earnings of consolidated entities |
6,260 | 8,530 | |||||||||||
Earnings before depreciation and amortization, interest expense, and income taxes (EBITDA) (c) |
126,019 | 126,562 | |||||||||||
Depreciation and amortization |
40,319 | 34,048 | |||||||||||
Interest expense, net |
10,899 | 9,370 | |||||||||||
Income before income taxes |
74,801 | 83,144 | |||||||||||
Provision for income taxes |
27,699 | 31,065 | |||||||||||
Income from continuing operations |
47,102 | 52,079 | |||||||||||
Income (loss) from discontinued operations, net of income taxes |
1,187 | (1,129 | ) | ||||||||||
Net income |
$ | 48,289 | $ | 50,950 | |||||||||
Universal Health Services, Inc.
Supplemental Consolidated Income Statement Information
(in thousands)
(unaudited)
Six months ended June 30, 2004 |
Six months ended June 30, 2003 |
|||||||||||||||
Net revenues |
$ | 2,038,646 | 100.0 | % | $ | 1,751,354 | 100.0 | % | ||||||||
Operating charges: |
||||||||||||||||
Salaries, wages and benefits |
828,390 | 40.6 | % | 690,321 | 39.4 | % | ||||||||||
Other operating expenses |
470,107 | 23.1 | % | 402,164 | 23.0 | % | ||||||||||
Supplies expense |
282,931 | 13.9 | % | 235,111 | 13.4 | % | ||||||||||
Provision for doubtful accounts |
161,139 | 7.9 | % | 123,498 | 7.1 | % | ||||||||||
1,742,567 | 85.5 | % | 1,451,094 | 82.9 | % | |||||||||||
Operating income/margin (c) |
296,079 | 14.5 | % | 300,260 | 17.1 | % | ||||||||||
Lease and rental expense |
36,115 | 30,935 | ||||||||||||||
Minority interests in earnings of consolidated entities |
11,179 | 13,560 | ||||||||||||||
Earnings before depreciation and amortization, interest expense, and income taxes (EBITDA) (c) |
248,785 | 255,765 | ||||||||||||||
Depreciation and amortization |
78,970 | 67,141 | ||||||||||||||
Interest expense, net |
21,805 | 19,215 | ||||||||||||||
Income before income taxes |
148,010 | 169,409 | ||||||||||||||
Provision for income taxes |
54,813 | 62,937 | ||||||||||||||
Income from continuing operations |
93,197 | 106,472 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes |
1,276 | (2,732 | ) | |||||||||||||
Net income |
$ | 94,473 | $ | 103,740 | ||||||||||||
Calculation of Adjusted Income from Continuing Operations (c) |
Amount |
Per Diluted Share |
Amount |
Per Diluted Share |
||||||||||||
Income from continuing operations |
$ | 93,197 | $ | 1.50 | $ | 106,472 | $ | 1.70 | ||||||||
Less: After-tax DSH revenue attributable to prior period |
(1,748 | ) | $ | (0.02 | ) | | | |||||||||
Adjusted income from continuing operations |
$ | 91,449 | $ | 1.48 | $ | 106,472 | $ | 1.70 | ||||||||
(c) | We believe that operating income, operating margin, EBITDA, adjusted income from continuing operations, adjusted net income, adjusted income from continuing operations per diluted share and adjusted earnings per diluted share (as calculated on the attached schedules of Supplemental Consolidated Income Statement Information), which are non-GAAP financial measures, are helpful to our investors as measures of our operating performance. Since the source of financing for the purchase of property and equipment and other assets at each hospital varies, we believe that measuring operating performance before capital-related costs (such as depreciation and amortization, lease and rental and interest expense) provides a useful comparison of relative operating performance among our facilities. Operating income and operating margin are used by management as analytical indicators for purposes of assessing the relative operating performance of our individual hospitals and operating segments, and the overall Company. Also, our use of operating income, operating margin and EBITDA enables investors to compare our performance with that of others in the industry. In addition, we believe that comparing and discussing our financial results based on adjusted income from continuing operations, adjusted net income, adjusted income from continuing operations per diluted share and adjusted earnings per diluted share, is helpful to our investors since it neutralizes the effect in each period, of items that are nonrecurring or non-operational in nature such as gains on sales of assets and businesses or 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 generally accepted accounting principles, as presented in these financial statements as well as information provided elsewhere such as our Reports on Forms 10-Q and 10-K. Since the items excluded from operating income, operating margin, EBITDA, adjusted income from continuing operations, adjusted net income, adjusted income from continuing operations per diluted share and adjusted earnings per diluted share are significant components in understanding and assessing financial performance under generally accepted accounting principles, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Because these measures are not determined in accordance with generally accepted accounting principles 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.
Supplemental Statistical Information
(unaudited)
Same Facility:
% Change Quarter Ended 6/30/2004 |
% Change 6 mos. ended 6/30/2004 |
|||||
Acute Care Hospitals |
||||||
Revenues |
2.2 | % | 2.9 | % | ||
Adjusted Admissions |
0.1 | % | 0.3 | % | ||
Adjusted Patient Days |
-1.6 | % | 0.1 | % | ||
Revenue Per Adjusted Admission |
2.1 | % | 2.6 | % | ||
Revenue Per Adjusted Patient Day |
3.8 | % | 2.8 | % | ||
Behavioral Health Hospitals |
||||||
Revenues |
8.3 | % | 8.5 | % | ||
Adjusted Admissions |
6.7 | % | 8.4 | % | ||
Adjusted Patient Days |
6.2 | % | 6.0 | % | ||
Revenue Per Adjusted Admission |
1.6 | % | 0.1 | % | ||
Revenue Per Adjusted Patient Day |
2.0 | % | 2.3 | % |
UHS Consolidated
Second Quarter Ended |
Six months Ended |
|||||||||||||||
6/30/2004 |
6/30/2003 |
6/30/2004 |
6/30/2003 |
|||||||||||||
Revenues |
$ | 1,018,700 | $ | 879,661 | $ | 2,038,646 | $ | 1,751,354 | ||||||||
EBITDA (1) |
$ | 126,019 | $ | 126,562 | $ | 248,785 | $ | 255,765 | ||||||||
EBITDA Margin (1) |
12.4 | % | 14.4 | % | 12.2 | % | 14.6 | % | ||||||||
Cash Flow From Operations |
$ | 129,752 | $ | 129,412 | $ | 224,675 | $ | 210,178 | ||||||||
Days Sales Outstanding |
52 | 47 | 51 | 47 | ||||||||||||
Capital Expenditures |
$ | 47,582 | $ | 62,655 | $ | 118,018 | $ | 106,204 | ||||||||
Debt (net of cash) |
| | $ | 826,445 | $ | 675,415 | ||||||||||
Shareholders Equity |
| | $ | 1,178,943 | $ | 976,432 | ||||||||||
Debt / Total Capitalization |
| | 41.2 | % | 40.9 | % | ||||||||||
Debt / EBITDA (2) |
| | 1.71 | 1.43 | ||||||||||||
Debt / Cash From Operations (2) |
| | 2.13 | 1.66 | ||||||||||||
Acute Care EBITDAR Margin (3) |
15.3 | % | 18.9 | % | 15.0 | % | 19.2 | % | ||||||||
Behavioral Health EBITDAR Margin (3) |
24.1 | % | 24.1 | % | 24.1 | % | 23.0 | % |
(1) | Net of Minority Interest |
(2) | Latest 4 quarters |
(3) | Before Corporate overhead allocation and minority interest |
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
JUNE 30, 2004
AS REPORTED:
FOR THE THREE MONTHS ENDED |
||||||||||||||||||||||
ACUTE (1) (2) |
BEHAVIORAL HEALTH |
|||||||||||||||||||||
6/30/04 |
6/30/03 |
% |
6/30/04 |
6/30/03 |
% |
|||||||||||||||||
Hospitals owned and leased |
26 | 22 | 18.2 | % | 44 | 39 | 12.8 | % | ||||||||||||||
Average licensed beds |
6,314 | 5,333 | 18.4 | % | 4,214 | 3,902 | 8.0 | % | ||||||||||||||
Patient days |
320,285 | 294,829 | 8.6 | % | 310,723 | 269,451 | 15.3 | % | ||||||||||||||
Average daily census |
3,519.6 | 3,239.9 | 8.6 | % | 3,414.5 | 2,961.0 | 15.3 | % | ||||||||||||||
Occupancy-licensed beds |
55.7 | % | 60.8 | % | -8.2 | % | 81.0 | % | 75.9 | % | 6.8 | % | ||||||||||
Admissions |
68,831 | 63,074 | 9.1 | % | 23,944 | 22,029 | 8.7 | % | ||||||||||||||
Length of stay |
4.7 | 4.7 | -0.5 | % | 13.0 | 12.2 | 6.1 | % | ||||||||||||||
Inpatient revenue |
$ | 1,687,108 | $ | 1,430,272 | 18.0 | % | $ | 310,737 | $ | 274,367 | 13.3 | % | ||||||||||
Outpatient revenue |
649,442 | 511,842 | 26.9 | % | 46,472 | 41,178 | 12.9 | % | ||||||||||||||
Total patient revenue |
2,336,550 | 1,942,114 | 20.3 | % | 357,209 | 315,545 | 13.2 | % | ||||||||||||||
Other revenue |
9,900 | 11,359 | -12.8 | % | 8,610 | 8,974 | -4.1 | % | ||||||||||||||
Gross hospital revenue |
2,346,450 | 1,953,473 | 20.1 | % | 365,819 | 324,519 | 12.7 | % | ||||||||||||||
Total deductions |
1,594,852 | 1,298,271 | 22.8 | % | 188,087 | 169,682 | 10.8 | % | ||||||||||||||
Net hospital revenue |
$ | 751,598 | $ | 655,202 | 14.7 | % | $ | 177,732 | $ | 154,837 | 14.8 | % |
(1) | Does not include hospitals located in France. |
(2) | not including assets held for sale |
SAME FACILITY:
FOR THE THREE MONTHS ENDED |
||||||||||||||||||
ACUTE (1) (2) |
BEHAVIORAL HEALTH (3) |
|||||||||||||||||
6/30/04 |
6/30/03 |
% |
6/30/04 |
6/30/03 |
% |
|||||||||||||
Hospitals owned and leased |
24 | 24 | 0.0 | % | 39 | 39 | 0.0 | % | ||||||||||
Average licensed beds |
5,714 | 5,599 | 2.1 | % | 3,922 | 3,902 | 0.5 | % | ||||||||||
Patient days |
294,558 | 301,219 | -2.2 | % | 286,441 | 269,451 | 6.3 | % | ||||||||||
Average daily census |
3,236.9 | 3,310.1 | -2.2 | % | 3,147.7 | 2,961.0 | 6.3 | % | ||||||||||
Occupancy-licensed beds |
56.6 | % | 59.1 | % | -4.2 | % | 80.3 | % | 75.9 | % | 5.8 | % | ||||||
Admissions |
64,127 | 64,815 | -1.1 | % | 23,470 | 22,029 | 6.5 | % | ||||||||||
Length of stay |
4.6 | 4.6 | -1.2 | % | 12.2 | 12.2 | -0.2 | % |
(1) | Does not include hospitals located in France. |
(2) | Does not include Doctors of Shreveport, Arroyo Grande, French hospital, Lakeland, Corona, Methodist and Spring Valley in current and prior years. |
(3) | Does not include Stonington, Coastal Harbor, Rivendell-Arkansas, Rivendell-Kentucky and Spring Mountain in current and prior years. |
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
JUNE 30, 2004
AS REPORTED:
FOR THE SIX MONTHS ENDED |
||||||||||||||||||||||
ACUTE (1) (2) |
BEHAVIORAL HEALTH |
|||||||||||||||||||||
6/30/04 |
6/30/03 |
% |
6/30/04 |
6/30/03 |
% |
|||||||||||||||||
Hospitals owned and leased |
26 | 22 | 18.2 | % | 44 | 39 | 12.8 | % | ||||||||||||||
Average licensed beds |
6,288 | 5,333 | 17.9 | % | 4,060 | 3,887 | 4.5 | % | ||||||||||||||
Patient days |
664,419 | 602,801 | 10.2 | % | 594,621 | 537,541 | 10.6 | % | ||||||||||||||
Average daily census |
3,650.7 | 3,330.4 | 9.6 | % | 3,267.1 | 2,969.8 | 10.0 | % | ||||||||||||||
Occupancy-licensed beds |
58.1 | % | 62.4 | % | -7.0 | % | 80.5 | % | 76.4 | % | 5.3 | % | ||||||||||
Admissions |
140,337 | 128,607 | 9.1 | % | 48,083 | 43,983 | 9.3 | % | ||||||||||||||
Length of stay |
4.7 | 4.7 | 1.0 | % | 12.4 | 12.2 | 1.2 | % | ||||||||||||||
Inpatient revenue |
$ | 3,481,712 | $ | 2,910,754 | 19.6 | % | $ | 604,466 | $ | 547,644 | 10.4 | % | ||||||||||
Outpatient revenue |
1,281,744 | 998,475 | 28.4 | % | 89,448 | 79,751 | 12.2 | % | ||||||||||||||
Total patient revenue |
4,763,456 | 3,909,229 | 21.9 | % | 693,914 | 627,395 | 10.6 | % | ||||||||||||||
Other revenue |
20,048 | 22,568 | -11.2 | % | 16,951 | 17,575 | -3.6 | % | ||||||||||||||
Gross hospital revenue |
4,783,504 | 3,931,797 | 21.7 | % | 710,865 | 644,970 | 10.2 | % | ||||||||||||||
Total deductions |
3,266,077 | 2,620,880 | 24.6 | % | 367,230 | 337,386 | 8.8 | % | ||||||||||||||
Net hospital revenue |
$ | 1,517,427 | $ | 1,310,917 | 15.8 | % | $ | 343,635 | $ | 307,584 | 11.7 | % |
(1) | Does not include hospitals located in France. |
(2) | not including assets held for sale |
SAME FACILITY:
FOR THE SIX MONTHS ENDED |
||||||||||||||||||
ACUTE (1) (2) |
BEHAVIORAL HEALTH (3) |
|||||||||||||||||
6/30/04 |
6/30/03 |
% |
6/30/04 |
6/30/03 |
% |
|||||||||||||
Hospitals owned and leased |
24 | 24 | 0.0 | % | 39 | 39 | 0.0 | % | ||||||||||
Average licensed beds |
5,714 | 5,599 | 2.1 | % | 3,913 | 3,887 | 0.7 | % | ||||||||||
Patient days |
611,374 | 617,427 | -1.0 | % | 570,352 | 537,480 | 6.1 | % | ||||||||||
Average daily census |
3,359.2 | 3,411.2 | -1.5 | % | 3,133.8 | 2,969.5 | 5.5 | % | ||||||||||
Occupancy-licensed beds |
58.8 | % | 60.9 | % | -3.5 | % | 80.1 | % | 76.4 | % | 4.8 | % | ||||||
Admissions |
131,018 | 132,320 | -1.0 | % | 47,609 | 43,983 | 8.2 | % | ||||||||||
Length of stay |
4.7 | 4.7 | 0.0 | % | 12.0 | 12.2 | -2.0 | % |
(1) | Does not include hospitals located in France. |
(2) | Does not include Doctors of Shreveport, Arroyo Grande, French hospital, Lakeland, Corona, Methodist and Spring Valley in current and prior years. |
(3) | Does not include Stonington, Coastal Harbor, Rivendell-Arkansas, Rivendell-Kentucky and Spring Mountain in current and prior years. |