---

 

		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported)

October 22, 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)		(Commission File Number)		(IRS Employer Identification No.)

 

 

UNIVERSAL CORPORATE CENTER 367 SOUTH GULPH ROAD KING OF PRUSSIA, PENNSYLVANIA		19406
(Address of principal executive offices)		(Zip Code)

 

 

Registrant’s telephone number, including area code

(610) 768-3300

 

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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Item 2.02 Results of Operations and Financial Condition

 

On October 21, 2004, Universal Health Services, Inc. (the “Company”) issued its 2004 third quarter earnings release. A copy of the Company’s press release is furnished as exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits

 

(c) Exhibits. 99.1 Universal Health Services, Inc. Press Release dated October 21, 2004

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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.

 

 

 

Date: October 22, 2004

 

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Exhibit Index

Exhibit No.		Exhibit
99.1		Press release, dated October 21, 2004

EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

CONTACT:		Steve Filton
		Chief Financial Officer		October 21, 2004
		610-768-3300

 

UNIVERSAL HEALTH SERVICES, INC. REPORTS

THIRD QUARTER EARNINGS

 

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its net income was $37.8 million or $.62 per diluted share during the three-month period ended September 30, 2004 as compared to $49.1 million or $.79 per diluted share during the third period of 2003. Net income was $132.3 million or $2.14 per diluted share during the nine-month period ended September 30, 2004 as compared to $152.8 million or $2.45 per diluted share during the prior year nine-month period. Net revenues were $1.01 billion and $871 million during the three-month periods ended September 30, 2004 and 2003, respectively, and $3.05 billion and $2.62 billion during the nine-month periods ended September 30, 2004 and 2003, respectively.

 

Income from continuing operations was $38.8 million or $.63 per diluted share during the third quarter of 2004 as compared to $44.6 million or $.72 per diluted share during the third quarter of 2003. Income from continuing operations was $131.9 million or $2.13 per diluted share during the nine-month period ended September 30, 2004 as compared to $151.1 million or $2.42 per diluted share during the prior year nine-month period. Excluding the $2.3 million pre-tax property write-down ($1.5 million or $.02 per diluted share after-tax) recorded in the third quarter resulting from property damage caused by a hurricane, our adjusted income from continuing operations (as calculated on the attached schedule of Non-GAAP Supplemental Consolidated Income Statement Information) was $40.2 million or $.65 per diluted share during the three-month period ended September 30, 2004. Adjusted income from continuing operations, excluding the property write-down mentioned above and disproportionate share revenue attributable to a prior period recorded during the first quarter of 2004, was $131.6 million or $2.13 per diluted share during the nine-month period ended September 30, 2004.

 

At our acute care hospitals owned during both periods located in the U.S. and Puerto Rico, net revenues increased 3% during the third quarter of 2004, as compared to the comparable prior year quarter, due primarily to a 4.6% increase in revenue per adjusted patient day. Admissions to these facilities decreased approximately 2% and patient days decreased 3% during the third quarter of 2004, as compared to the prior year quarter. At our behavioral health hospitals owned in both periods, admissions increased 5%, patient days increased 7%, net revenues increased 8% and revenue per adjusted patient day increased 0.7% during the third quarter of 2004, as compared to the prior year quarter.

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Our operating margin (as calculated on the attached schedule of Non-GAAP Supplemental Consolidated Income Statement Information), decreased to 13.7% during the three-month period ended September 30, 2004 as compared to 15.7% during the same period of the prior year. The operating margin at our acute care hospitals located in the U.S. and Puerto Rico owned during both periods remained unchanged at 17.5% during each of the quarters ended September 30, 2004 and September 30, 2003. However, the decrease in our consolidated operating margin during the third quarter of 2004, as compared to the comparable prior year quarter, was primarily caused by a much lower combined operating margin experienced at three acute care facilities purchased during the first quarter of 2004 and two newly constructed acute care facilities, one of which opened during the fourth quarter of 2003 and the other during the third quarter of 2004. The operating margin at our behavioral health hospitals owned during both periods decreased slightly to 22.2% during the third quarter of 2004 from 22.4% during the comparable quarter of the prior year.

 

We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on October 22, 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 October 22, 2004 and will continue through midnight on October 29, 2004. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 1503810. 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 nation’s 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 17 and 18 of our Form 10-Q for the quarterly period ended June 30, 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 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, earnings before depreciation and amortization, interest expense and income taxes (“EBITDA”), adjusted income from

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continuing operations and adjusted income from continuing operations per diluted share, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles), 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 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 property write-downs, 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, operating income, operating margin, EBITDA, adjusted income from continuing operations and adjusted income from continuing operations per diluted share should be examined in connection with net income, determined in accordance with accounting principles generally accepted in the United States of America, 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, 2003. Since the items included or excluded from operating income, operating margin, EBITDA, adjusted income from continuing operations and adjusted income from continuing operations per diluted share are significant components in understanding and assessing financial performance under accounting principles generally accepted in the United States of America, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Because operating income, operating margin, EBITDA, adjusted income from continuing operations and adjusted income from continuing operations per diluted share are not measurements determined in accordance with accounting principles generally accepted in the United States of America and are thus susceptible to varying calculations, these measures as presented may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. Below are schedules of Non-GAAP Supplemental Consolidated Income Statements of Income Information which reconcile operating income, adjusted income from continuing operations and adjusted income from continuing operations per diluted share to net income for the periods presented.

 

(More)

 

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Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

 

(unaudited)

 

		Three months ended September 30,							Nine months ended September 30,
		2004				2003			2004			2003
Net revenues		$	1,012,868			$	871,453		$	3,049,032		$	2,620,393
Operating charges:
Salaries, wages and benefits			415,371				351,333			1,243,018			1,040,860
Other operating expenses			238,475				206,358			708,020			607,927
Supplies expense			138,446				116,206			420,927			350,818
Provision for doubtful accounts			82,028				60,591			243,123			184,037
Depreciation and amortization			42,893				34,278			121,726			101,288
Lease and rental expense			17,948				15,404			53,644			45,935
			935,161				784,170			2,790,458			2,330,865
Income before interest expense, minority interests and income taxes			77,707				87,283			258,574			289,528
Interest expense, net			10,683				8,609			32,484			27,821
Minority interests in earnings of consolidated entities			5,649				7,478			16,795			21,048
Income before income taxes			61,375				71,196			209,295			240,659
Provision for income taxes			22,625				26,574			77,405			89,530
Income from continuing operations			38,750				44,622			131,890			151,129
Income (loss) from discontinued operations, net of income tax expense (a)			(905	)			4,439			428			1,672
Net income		$	37,845			$	49,061		$	132,318		$	152,801
Basic earnings (loss) per share: (b)
From continuing operations		$	0.67			$	0.78		$	2.29		$	2.62
From discontinued operations		$	(0.02	)		$	0.08		$	0.00		$	0.03
Total basic earnings per share		$	0.65			$	0.86		$	2.29		$	2.65
Diluted earnings (loss) per share: (b)
From continuing operations		$	0.63			$	0.72		$	2.13		$	2.42
From discontinued operations		$	(0.01	)		$	0.07		$	0.01		$	0.03
Total diluted earnings per share		$	0.62			$	0.79		$	2.14		$	2.45

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Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

 

		Three months ended September 30,								Nine months ended September 30,
		2004				2003				2004				2003
(a) Calculation of income (loss) from discontinued operations, net of income tax:
Loss from operations		$	(4,497	)		$	(795	)		$	(4,737	)		$	(5,182	)
Gains, net of losses on divestitures			3,073				7,837				5,411				7,837
Income (loss) from discontinued operations, pre-tax			(1,424	)			7,042				674				2,655
Income tax (provision)/benefit			519				(2,603	)			(246	)			(983	)
Income (loss) from discontinued operations, net of income tax expense		$	(905	)		$	4,439			$	428			$	1,672
(b) Earnings per share calculation:
Basic:
Income from continuing operations		$	38,750			$	44,622			$	131,890			$	151,129
Less: Dividends on unvested restricted stock, net of taxes			(28	)			0				(84	)			0
Income from continuing operations - basic		$	38,722			$	44,622			$	131,806			$	151,129
Income (loss) from discontinued operations			(905	)			4,439				428				1,672
Net income - basic		$	37,817			$	49,061			$	132,234			$	152,801
Weighted average number of common shares - basic			57,791				57,354				57,659				57,762
Basic earnings (loss) per share:
From continuing operations		$	0.67			$	0.78			$	2.29			$	2.62
From discontinued operations		$	(0.02	)		$	0.08			$	0.00			$	0.03
Total basic earnings per share		$	0.65			$	0.86			$	2.29			$	2.65
Diluted:
Income from continuing operations		$	38,750			$	44,622			$	131,890			$	151,129
Less: Dividends on unvested restricted stock, net of taxes			(28	)			0				(84	)			0
Add: Debenture interest, net of taxes			2,333				2,222				6,906				6,577
Income from continuing operations - diluted		$	41,055			$	46,844			$	138,712			$	157,706
Income (loss) from discontinued operations			(905	)			4,439				428				1,672
Net income - diluted		$	40,150			$	51,283			$	139,140			$	159,378
Weighted average number of common shares			57,791				57,354				57,659				57,762
Add: Shares for conversion of convertible debentures			6,577				6,577				6,577				6,577
Other share equivalents			542				909				754				787
Weighted average number of common shares and equiv. - diluted			64,910				64,840				64,990				65,126
Diluted earnings (loss) per share:
From continuing operations		$	0.63			$	0.72			$	2.13			$	2.42
From discontinued operations		$	(0.01	)		$	0.07			$	0.01			$	0.03
Total diluted earnings per share		$	0.62			$	0.79			$	2.14			$	2.45

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Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

		September 30, 2004			December 31, 2003
Assets:
Cash and cash equivalents		$	34,554		$	34,863
Accounts receivable, net			580,010			503,929
Other current assets			113,604			106,999
Property, plant and equipment, net			1,449,964			1,304,341
Other assets			800,170			822,598
Total Assets		$	2,978,302		$	2,772,730
Liabilities and Stockholders’ Equity:
Current portion of long-term debt		$	11,924		$	10,871
Other current liabilities			451,815			384,882
Other noncurrent liabilities			221,931			216,094
Long-term debt			828,766			868,566
Deferred income taxes			62,319			41,841
Minority interest			187,170			159,554
Stockholders’ equity			1,214,377			1,090,922
Total Liabilities and Stockholders’ Equity		$	2,978,302		$	2,772,730

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Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information

For the Three Months Ended September 30, 2004 and 2003

(in thousands)

(unaudited)

 

		Three months ended September 30, 2004								Three months ended September 30, 2003
Net revenues		$	1,012,868				100.0	%		$	871,453			100.0	%
Operating charges:
Salaries, wages and benefits			415,371				41.0	%			351,333			40.3	%
Other operating expenses			238,475				23.5	%			206,358			23.7	%
Supplies expense			138,446				13.7	%			116,206			13.3	%
Provision for doubtful accounts			82,028				8.1	%			60,591			7.0	%
			874,320				86.3	%			734,488			84.3	%
Operating income/margin			138,548				13.7	%			136,965			15.7	%
Lease and rental expense			17,948								15,404
Minority interests in earnings of consolidated entities			5,649								7,478
Earnings before depreciation and amortization, interest expense, and income taxes (“EBITDA”)			114,951								114,083
Depreciation and amortization			42,893								34,278
Interest expense, net			10,683								8,609
Income before income taxes			61,375								71,196
Provision for income taxes			22,625								26,574
Income from continuing operations			38,750								44,622
Income (loss) from discontinued operations, net of income taxes			(905	)							4,439
Net income		$	37,845							$	49,061
Calculation of Adjusted Income from Continuing Operations		Amount				Per Diluted Share				Amount			Per Diluted Share
Income from continuing operations		$	38,750			$	0.63			$	44,622		$	0.72
Add: After-tax hurricane property damage			1,474			$	0.02				—			—
Adjusted income from continuing operations		$	40,224			$	0.65			$	44,622		$	0.72

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Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information

For the Nine Months Ended September 30, 2004 and 2003

(in thousands)

(unaudited)

 

		Nine months ended September 30, 2004								Nine months ended September 30, 2003
Net revenues		$	3,049,032				100.0	%		$	2,620,393			100.0	%
Operating charges:
Salaries, wages and benefits			1,243,018				40.8	%			1,040,860			39.7	%
Other operating expenses			708,020				23.2	%			607,927			23.2	%
Supplies expense			420,927				13.8	%			350,818			13.4	%
Provision for doubtful accounts			243,123				8.0	%			184,037			7.0	%
			2,615,088				85.8	%			2,183,642			83.3	%
Operating income/margin			433,944				14.2	%			436,751			16.7	%
Lease and rental expense			53,644								45,935
Minority interests in earnings of consolidated entities			16,795								21,048
Earnings before depreciation and amortization, interest expense, and income taxes (“EBITDA”)			363,505								369,768
Depreciation and amortization			121,726								101,288
Interest expense, net			32,484								27,821
Income before income taxes			209,295								240,659
Provision for income taxes			77,405								89,530
Income from continuing operations			131,890								151,129
Income from discontinued operations, net of income taxes			428								1,672
Net income		$	132,318							$	152,801
Calculation of Adjusted Income from Continuing Operations		Amount				Per Diluted Share				Amount			Per Diluted Share
Income from continuing operations		$	131,890			$	2.13			$	151,129		$	2.42
Less: After-tax DSH revenue attributable to prior period			(1,748	)		$	(0.02	)			—			—
Add: After-tax hurricane property damage			1,474			$	0.02				—			—
Adjusted income from continuing operations		$	131,616			$	2.13			$	151,129		$	2.42

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Universal Health Services, Inc.

 

Supplemental Statistical Information

(unaudited)

 

Same Facility:

 

		% Change Quarter Ended 9/30/2004			% Change 9 mos. ended 9/30/2004
Acute Care Hospitals
Revenues		3.0	%		2.9	%
Adjusted Admissions		-0.4	%		0.1	%
Adjusted Patient Days		-1.5	%		-0.4	%
Revenue Per Adjusted Admission		3.4	%		2.9	%
Revenue Per Adjusted Patient Day		4.6	%		3.4	%
Behavioral Health Hospitals
Revenues		8.0	%		8.6	%
Adjusted Admissions		5.4	%		7.4	%
Adjusted Patient Days		7.2	%		6.4	%
Revenue Per Adjusted Admission		2.4	%		1.1	%
Revenue Per Adjusted Patient Day		0.7	%		2.0	%

 

UHS Consolidated

 

		Third Quarter Ended								Nine months Ended
		9/30/2004				9/30/2003				9/30/2004				9/30/2003
Revenues		$	1,012,868			$	871,453			$	3,049,032			$	2,620,393
EBITDA (1)		$	114,951			$	114,083			$	363,505			$	369,768
EBITDA Margin (1)			11.3	%			13.1	%			11.9	%			14.1	%
Cash Flow From Operations		$	92,236			$	103,224			$	316,911			$	313,402
Days Sales Outstanding			53				51				52				50
Capital Expenditures		$	55,783			$	61,026			$	173,801			$	167,230
Debt (net of cash)			—				—			$	806,136			$	615,490
Shareholders Equity			—				—			$	1,214,377			$	1,022,840
Debt / Total Capitalization			—				—				39.9	%			37.6	%
Debt / EBITDA (2)			—				—				1.66				1.28
Debt / Cash From Operations (2)			—				—				2.14				1.54
Acute Care EBITDAR Margin (3)			15.3	%			17.8	%			15.1	%			18.7	%
Behavioral Health EBITDAR Margin (3)			22.2	%			22.4	%			23.4	%			22.8	%

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(1)	Net of Minority Interest

(2)	Latest 4 quarters

(3)	Before Corporate overhead allocation and minority interest

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UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

SEPTEMBER 30, 2004

 

AS REPORTED:

 

						FOR THE THREE MONTHS ENDED
		ACUTE (1) (2)											BEHAVIORAL HEALTH
		9/30/04				9/30/03				%			9/30/04				9/30/03				%
Hospitals owned and leased			27				22			22.7	%			44				39			12.8	%
Average licensed beds			6,189				5,333			16.1	%			4,386				3,902			12.4	%
Patient days			320,005				294,413			8.7	%			318,778				263,926			20.8	%
Average daily census			3,478.3				3,200.1			8.7	%			3,465.0				2,868.8			20.8	%
Occupancy-licensed beds			56.2	%			60.0	%		-6.3	%			79.0	%			73.5	%		7.5	%
Admissions			68,827				63,133			9.0	%			23,764				21,949			8.3	%
Length of stay			4.6				4.7			-0.3	%			13.4				12.0			11.6	%
Inpatient revenue		$	1,684,877			$	1,425,855			18.2	%		$	315,401			$	269,972			16.8	%
Outpatient revenue			663,771				517,557			28.3	%			42,374				35,764			18.5	%
Total patient revenue			2,348,648				1,943,412			20.9	%			357,775				305,736			17.0	%
Other revenue			10,570				10,433			1.3	%			8,416				8,338			0.9	%
Gross hospital revenue			2,359,218				1,953,845			20.7	%			366,191				314,074			16.6	%
Total deductions			1,598,908				1,301,254			22.9	%			189,400				164,054			15.4	%
Net hospital revenue		$	760,310			$	652,591			16.5	%		$	176,791			$	150,020			17.8	%
SAME FACILITY:
						FOR THE THREE MONTHS ENDED
		ACUTE (1) (3)											BEHAVIORAL HEALTH (4)
		9/30/04				9/30/03				%			9/30/04				9/30/03				%
Hospitals owned and leased			22				22			0.0	%			39				39			0.0	%
Average licensed beds			5,387				5,333			1.0	%			3,980				3,902			2.0	%
Patient days			285,596				294,409			-3.0	%			282,514				263,939			7.0	%
Average daily census			3,104.3				3,200.1			-3.0	%			3,070.8				2,868.9			7.0	%
Occupancy-licensed beds			57.6	%			60.0	%		-4.0	%			78.0	%			74.3	%		4.9	%
Admissions			61,857				63,133			-2.0	%			23,046				21,949			5.0	%
Length of stay			4.6				4.7			-1.0	%			12.3				12.0			1.9	%

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(1)	Does not include hospitals located in France.

(2)	not including discontinued operations

(3)	Does not include Arroyo Grande, French, Corona, Lakeland, Methodist, Spring Valley, Lakewood Ranch, Doctors of Shreveport, River Parishes or Caribbean Pediatric in current and prior years.

(4)	Stonington is excluded in both current and prior years from April 1 through year to date and the four facilities purchased from Keystone are excluded in both years from May 1 through year to date.

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UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

SEPTEMBER 30, 2004

 

AS REPORTED:

 

						FOR THE NINE MONTHS ENDED
		ACUTE (1) (2)											BEHAVIORAL HEALTH
		9/30/04				9/30/03				%			9/30/04				9/30/03				%
Hospitals owned and leased			27				22			22.7	%			44				39			12.8	%
Average licensed beds			6,255				5,333			17.3	%			4,166				3,892			7.0	%
Patient days			984,424				897,214			9.7	%			913,399				801,467			14.0	%
Average daily census			3,592.8				3,286.5			9.3	%			3,333.6				2,935.8			13.5	%
Occupancy-licensed beds			57.4	%			61.6	%		-6.8	%			80.0	%			75.4	%		6.1	%
Admissions			209,164				191,740			9.1	%			71,847				65,932			9.0	%
Length of stay			4.7				4.7			0.6	%			12.7				12.2			4.6	%
Inpatient revenue		$	5,166,589			$	4,336,609			19.1	%		$	919,867			$	817,616			12.5	%
Outpatient revenue			1,945,515				1,516,032			28.3	%			131,822				115,515			14.1	%
Total patient revenue			7,112,104				5,852,641			21.5	%			1,051,689				933,131			12.7	%
Other revenue			30,618				33,001			-7.2	%			25,367				25,913			-2.1	%
Gross hospital revenue			7,142,722				5,885,642			21.4	%			1,077,056				959,044			12.3	%
Total deductions			4,864,985				3,922,134			24.0	%			556,630				501,440			11.0	%
Net hospital revenue		$	2,277,737			$	1,963,508			16.0	%		$	520,426			$	457,604			13.7	%
SAME FACILITY:
						FOR THE NINE MONTHS ENDED
		ACUTE (1) (3)											BEHAVIORAL HEALTH (4)
		9/30/04				9/30/03				%			9/30/04				9/30/03				%
Hospitals owned and leased			22				22			0.0	%			39				39			0.0	%
Average licensed beds			5,428				5,333			1.8	%			3,935				3,892			1.1	%
Patient days			880,800				897,160			-1.8	%			852,770				801,555			6.4	%
Average daily census			3,214.6				3,286.3			-2.2	%			3,112.3				2,936.1			6.0	%
Occupancy-licensed beds			59.2	%			61.6	%		-3.9	%			79.1	%			75.4	%		4.8	%
Admissions			189,042				191,740			-1.4	%			70,655				65,932			7.2	%
Length of stay			4.7				4.7			-0.4	%			12.1				12.2			-0.7	%

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(1)	Does not include hospitals located in France.

(2)	Does not include discontinued operations

(3)	Does not include Arroyo Grande, French, Corona, Lakeland, Methodist, Spring Valley, Lakewood Ranch, Doctors of Shreveport, River Parishes or Caribbean Pediatric in current and prior years.

(4)	Stonington is excluded in both current and prior years from April 1 through year to date and the four facilities purchased from Keystone are excluded in both years from May 1 through year to date.