Universal Health Services, Inc. Reports Third Quarter Earnings Including Impact of Hurricane Katrina
10/27/2005
KING OF PRUSSIA, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its net income for the three- month period ended September 30, 2005 was $8.3 million, or $.15 per diluted share, as compared to $37.8 million, or $.62 per diluted share, during the third quarter of 2004. Net revenues increased 6% to $971 million during the third quarter of 2005 as compared to $914 million during the quarter ended September 30, 2004.
Net income was $228.6 million, or $3.73 per diluted share, during the nine-month period ended September 30, 2005 as compared to $132.3 million, or $2.14 per diluted share, during the nine-month period of 2004. Net revenues increased 9% to $2.97 billion during the nine-month period ended September 30, 2005 as compared to $2.73 billion during the prior year nine-month period.
As previously announced, our Methodist Hospital ("Methodist") and Lakeland Medical Pavilion ("Lakeland") located in New Orleans, Louisiana and Chalmette Medical Center ("Chalmette") and Virtue Street Pavilion located in Chalmette, Louisiana all suffered substantial damage from Hurricane Katrina. All facilities remain closed and non-operational as we continue to assess the damage and the likely recovery period for the facilities and surrounding communities.
The majority of the real estate assets of Chalmette are leased by us from Universal Health Realty Income Trust and according to the terms of the lease in such circumstances, we have the obligation to: (i) restore the property to substantially the same condition existing before the damage; (ii) offer to acquire the property in accordance with the terms of the lease; or, (iii) offer a substitution property equivalent in value to Chalmette.
Included in our financial results for the three-month period ended September 30, 2005 are the following items:
-- a combined after-tax charge of $78.1 million ($128.9 million pre-tax
and pre-minority interest) to reflect the impact of the Hurricane
related expenses which include: (i) the write-down of the destroyed
or damaged depreciable assets of each facility; (ii) a charge to
reflect our estimated obligation pursuant to the terms of the lease
on the Chalmette facility; (iii) asset impairment charges resulting
from the Hurricane to further reduce the carrying-values of the
depreciable real estate assets of Methodist and Lakeland to their
estimated net realizable values; and, (iv) various other expenses
incurred in connection with the Hurricane and its aftermath such as
salaries, wages and benefits paid to employees of the facilities
after the storm, an increase in the provision for doubtful accounts
of these facilities, and other expenses incurred in connection with
the patients, employees and properties of each facility;
-- after-tax Hurricane related insurance recoveries of $49.8 million
($81.7 million pre-tax and pre-minority interest) reflecting our
preliminary estimate of the minimum level of probable commercial
insurance proceeds;
-- $8.2 million of after-tax income ($13.0 million pre-tax) consisting
primarily of the net combined prior period effect of supplemental
reimbursements received from certain states and contractual
settlements.
Reported income from continuing operations for the three-month period ended September 30, 2005 was $9.5 million, or $.17 per diluted share, as compared to $39.4 million, or $.64 per diluted share, during the three-month period ended September 30, 2004. Reported income from continuing operations for the nine-month period ended September 30, 2005 was $100.8 million, or $1.71 per diluted share, as compared to $126.2 million, or $2.05 per diluted share, during the nine-month period ended September 30, 2004.
Excluding the above-mentioned items included in our financial results for the three-month period ended September 30, 2005 and adjusting the other periods presented for the items listed on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information, our adjusted income from continuing operations was $29.6 million, or $.54 per diluted share, during the third quarter of 2005 as compared to $40.8 million, or $.66 per diluted share, during the third quarter of 2004. Our adjusted income from continuing operations was $123.9 million, or $2.07 per diluted share during the nine-month period ended September 30, 2005 as compared to $126.0 million, or $2.05 per diluted share, during the prior year nine-month period.
Since our above mentioned facilities located in Louisiana have been closed since the Hurricane and therefore no revenues have been reflected in the accompanying financial statements for the post-hurricane period, we have excluded these facilities from the following information for the period of September 1st through September 30th of 2005 and 2004. At our acute care hospitals owned during both periods, inpatient admissions increased 2.4%, patient days increased 0.3%, revenues increased 4.9% and revenue per adjusted patient day increased 3.9% during the 2005 third quarter, as compared to the comparable prior year quarter. At our behavioral health hospitals owned in both periods, inpatient admissions increased 8.2%, patient days increased 5.1%, revenues increased 10.0%, and revenue per adjusted patient day increased 5.1% during the third quarter of 2005 as compared to the comparable prior year quarter.
Our consolidated operating margin decreased to 13.0% during the three- month period ended September 30, 2005 as compared to 14.2% during the same quarter in the prior year. At our acute care hospitals owned during both three-month periods ended September 30, 2005 and 2004, the operating margin decreased to 11.8% during the third quarter of 2005 from 16.4% during the third quarter of the prior year. The operating margin at our behavioral health hospitals owned during both three-month periods increased to 22.7% during the third quarter of 2005 from 22.2% during the comparable quarter of the prior year.
The large majority of the decrease in our adjusted income from continuing operations during the third quarter of 2005, as compared to the comparable prior year quarter, and in the operating margin at our acute care hospitals owned during both three-month periods, can be attributed to an increase in the level of uninsured patients at our acute care facilities and to a continued decline in the operating performance of our two acute care hospitals located in the McAllen/Edinburg, Texas market. The increase in the level of uninsured patients at our acute care facilities resulted in a significant increase in our provision for doubtful accounts and charity care provided during the third quarter of 2005 as compared to the comparable prior year quarter. Our hospitals in the McAllen/Edinburg market continue to experience a decrease in the combined admissions, patient days and payer mix resulting primarily from continued intense competition from a physician-owned hospital in the market.
During the third quarter, we repurchased 1.27 million of our shares at an average price of $52.70 per share. We also previously announced that our Board of Directors authorized an additional 2.0 million share repurchase program to supplement the 2.1 million shares remaining under previous authorizations.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on October 28, 2005. 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 28, 2005 and will continue through midnight on November 4, 2005. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number of 1205569. This call will also be available live over the Internet at our web site at http://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 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 website: 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, 2005), may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
We believe that operating income, operating margin, adjusted income from continuing operations, adjusted income from continuing operations per diluted share, adjusted net income, adjusted net income per diluted share, adjusted operating income and adjusted operating margin, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature such as property write-downs, gains on sales of assets and businesses or other amounts reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this Report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2004. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. Below are Schedules of Non-GAAP Supplemental Consolidated Income Statement Information which reconcile these measures to net income for the periods presented.
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,
2005 2004 2005 2004
Net revenues $970,772 $914,093 $2,968,305 $2,726,713
Operating charges:
Salaries, wages and
benefits 395,938 374,221 1,210,175 1,115,014
Other operating expenses 229,119 216,375 694,991 637,605
Supplies expense 117,127 113,715 369,787 342,820
Provision for doubtful
accounts 102,734 79,907 280,620 237,708
Depreciation and
amortization 38,552 37,353 116,236 105,695
Lease and rental expense 14,688 15,257 45,443 45,405
Hurricane related expenses 128,895 - 128,895 -
Hurricane insurance
recoveries (81,709) - (81,709) -
945,344 836,828 2,764,438 2,484,247
Income before interest
expense, minority interests
and income taxes 25,428 77,265 203,867 242,466
Interest expense, net 6,404 9,351 24,530 28,277
Minority interests in earnings
of consolidated entities 6,673 5,595 22,518 14,305
Minority interests in
hurricane related expenses
and insurance recoveries (2,659) - (2,659) -
Income before income taxes 15,010 62,319 159,478 199,884
Provision for income taxes 5,531 22,967 58,677 73,638
Income from continuing
operations 9,479 39,352 100,801 126,246
Income (loss) from
discontinued operations, net
of income tax expense (a) (1,160) (1,507) 127,770 6,072
Net income $8,319 $37,845 $228,571 $132,318
Basic earnings (loss) per
share: (b)
From continuing
operations $0.17 $0.68 $1.79 $2.19
From discontinued
operations (0.02) (0.03) 2.27 0.10
Total basic earnings
per share $0.15 $0.65 $4.06 $2.29
Diluted earnings (loss) per
share: (b)
From continuing
operations $0.17 $0.64 $1.71 $2.05
From discontinued
operations (0.02) (0.02) 2.02 0.09
Total diluted
earnings per share $0.15 $0.62 $3.73 $2.14
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,
2005 2004 2005 2004
(a) Calculation of income from
discontinued operations, net of
income tax:
(Loss) income from operations ($1,825) ($5,437) $2,608 $4,677
Gains on divestitures - 3,073 186,220 5,411
(Loss) income from discontinued
operations, pre-tax (1,825) (2,364) 188,828 10,088
Income tax benefit (provision) 665 857 (61,058) (4,016)
(Loss) income from discontinued
operations, net of income tax
expense ($1,160) ($1,507) $127,770 $6,072
(b) Earnings per share calculation:
Basic:
Income from continuing operations $9,479 $39,352 $100,801 $126,246
Less: Dividends on unvested
restricted stock, net of taxes (26) (28) (81) (84)
Income from continuing operations -
basic $9,453 $39,324 $100,720 $126,162
(Loss) income from discontinued
operations (1,160) (1,507) 127,770 6,072
Net income - basic $8,293 $37,817 $228,490 $132,234
Weighted average number of common
shares - basic 54,682 57,791 56,210 57,659
Basic earnings (loss) per share:
From continuing operations $0.17 $0.68 $1.79 $2.19
From discontinued operations (0.02) (0.03) 2.27 0.10
Total basic earnings per
share $0.15 $0.65 $4.06 $2.29
Diluted:
Income from continuing operations $9,479 $39,352 $100,801 $126,246
Less: Dividends on unvested
restricted stock, net of taxes (26) (28) (81) (84)
Add: Debenture interest, net of
taxes - 2,333 7,196 6,906
Income from continuing
operations - diluted $9,453 $41,657 $107,916 $133,068
(Loss) income from discontinued
operations (1,160) (1,507) 127,770 6,072
Net income - diluted $8,293 $40,150 $235,686 $139,140
Weighted average number of common
shares 54,682 57,791 56,210 57,659
Add: Shares for conversion of
convertible debentures - 6,577 6,577 6,577
Other share equivalents 466 542 476 754
Weighted average number of common
shares and equiv. - diluted 55,148 64,910 63,263 64,990
Diluted earnings (loss) per share:
From continuing operations $0.17 $0.64 $1.71 $2.05
From discontinued operations (0.02) (0.02) 2.02 0.09
Total diluted earnings per
share $0.15 $0.62 $3.73 $2.14
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2005 2004
Assets:
Cash and cash equivalents $82,156 $33,125
Accounts receivable, net 505,366 552,538
Other current assets 103,663 90,392
Hurricane insurance recoveries receivable 81,709 -
Property, plant and equipment, net 1,312,351 1,448,066
Other assets 655,998 765,852
Assets held for sale 1,782 132,870
Total Assets $2,743,025 $3,022,843
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,873 $16,968
Liabilities held for sale - 11,116
Other current liabilities 522,435 441,572
Other noncurrent liabilities 259,033 243,617
Long-term debt 528,302 852,229
Deferred income taxes 43,981 50,212
Minority interest 161,404 186,543
Stockholders' equity 1,223,997 1,220,586
Total Liabilities and Stockholders'
Equity $2,743,025 $3,022,843
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Three Months Ended September 30, 2005 and 2004
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
September 30, 2005 September 30, 2004
Net revenues $970,772 100.0% $914,093 100.0%
Operating charges:
Salaries, wages and benefits 395,938 40.8% 374,221 40.9%
Other operating expenses 229,119 23.6% 216,375 23.7%
Supplies expense 117,127 12.1% 113,715 12.4%
Provision for doubtful accounts 102,734 10.6% 79,907 8.7%
844,918 87.0% 784,218 85.8%
Operating income/margin 125,854 13.0% 129,875 14.2%
Lease and rental expense 14,688 15,257
Minority interests in earnings of
consolidated entities 6,673 5,595
Earnings before depreciation and
amortization, interest expense, and
income taxes ("EBITDA") 104,493 109,023
Hurricane related expenses 128,895 -
Hurricane insurance recoveries (81,709) -
Minority interests in hurricane
related expenses and insurance
recoveries (2,659) -
Depreciation and amortization 38,552 37,353
Interest expense, net 6,404 9,351
Income before income taxes 15,010 62,319
Provision for income taxes 5,531 22,967
Income from continuing operations 9,479 39,352
Loss from discontinued operations,
net of income taxes (1,160) (1,507)
Net income $8,319 $37,845
Three months ended Three months ended
September 30, 2005 September 30, 2004
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $9,479 $0.17 $39,352 $0.64
Add: Hurricane related expenses, net
of minority interests and income
taxes 78,064 1.42 - -
Less: Hurricane related insurance
recoveries, net of minority
interests and income taxes (49,758) (0.90) - -
Less: Prior period effect of
supplemental reimbursements received
from certain states and contractual
settlements (8,201) (0.15) - -
Add: Hurricane related expenses, net
of income taxes - - 1,474 0.02
Adjusted income from continuing
operations $29,584 $0.54 $40,826 $0.66
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Nine Months Ended September 30, 2005 and 2004
(in thousands, except per share amounts)
(unaudited)
Nine months ended Nine months ended
September 30, 2005 September 30, 2004
Net revenues $2,968,305 100.0% $2,726,713 100.0%
Operating charges:
Salaries, wages and benefits 1,210,175 40.8% 1,115,014 40.9%
Other operating expenses 694,991 23.4% 637,605 23.4%
Supplies expense 369,787 12.5% 342,820 12.6%
Provision for doubtful accounts 280,620 9.5% 237,708 8.7%
2,555,573 86.1% 2,333,147 85.6%
Operating income/margin 412,732 13.9% 393,566 14.4%
Lease and rental expense 45,443 45,405
Minority interests in earnings
of consolidated entities 22,518 14,305
Earnings before depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 344,771 333,856
Hurricane related expenses 128,895 -
Hurricane insurance recoveries (81,709) -
Minority interests in hurricane
related expenses and insurance
recoveries (2,659) -
Depreciation and amortization 116,236 105,695
Interest expense, net 24,530 28,277
Income before income taxes 159,478 199,884
Provision for income taxes 58,677 73,638
Income from continuing operations 100,801 126,246
Income from discontinued
operations, net of income taxes 127,770 6,072
Net income $228,571 $132,318
Nine months ended Nine months ended
September 30, 2005 September 30, 2004
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $100,801 $1.71 $126,246 $2.05
Add: Hurricane related expenses, net
of minority interests and income
taxes 78,064 1.23 - -
Less: Hurricane related insurance
recoveries, net of minority
interests and income taxes (49,758) (0.79) - -
Less: Prior period effect of
supplemental reimbursements received
from certain states and contractual
settlements (5,225) (0.08) - -
Add: Hurricane related expenses, net
of income taxes - - 1,474 0.02
Less: DSH revenue attributable to
prior year, net of income taxes - - (1,748) (0.02)
Adjusted income from continuing
operations $123,882 $2.07 $125,972 $2.05
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 9 months ended
Same Facility: 9/30/2005 9/30/2005
Acute Care Hospitals
Revenues 4.9% 7.0%
Adjusted Admissions 2.9% 2.6%
Adjusted Patient Days 1.0% 1.6%
Revenue Per Adjusted Admission 2.0% 4.3%
Revenue Per Adjusted Patient Day 3.9% 5.3%
Behavioral Health Hospitals
Revenues 10.0% 8.3%
Adjusted Admissions 7.5% 4.8%
Adjusted Patient Days 4.7% 4.8%
Revenue Per Adjusted Admission 2.4% 3.4%
Revenue Per Adjusted Patient Day 5.1% 3.4%
UHS Consolidated Third Quarter Ended Nine months Ended
9/30/2005 9/30/2004 9/30/2005 9/30/2004
Revenues $970,772 $914,093 $2,968,305 $2,726,713
EBITDA (1) 104,493 109,023 344,771 333,856
EBITDA Margin (1) 10.8% 11.9% 11.6% 12.2%
Cash Flow From Operations 115,301 88,840 345,739 313,515
Days Sales Outstanding 48 53 46 52
Capital Expenditures 62,496 59,311 171,343 177,329
Debt (net of cash) - - 450,019 $806,136
Shareholders' Equity - - 1,223,997 $1,214,377
Debt / Total Capitalization - - 26.9% 39.9%
Debt / EBITDA (2) - - 0.94 1.66
Debt / Cash From Operations (2) - - 1.05 2.14
Acute Care EBITDAR Margin (3) 13.0% 15.8% 14.4% 15.5%
Behavioral Health EBITDAR
Margin (3) 23.2% 22.2% 24.4% 23.4%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
SEPTEMBER 30, 2005
AS REPORTED:
FOR THE THREE MONTHS ENDED
ACUTE (1) (2)
09/30/05 09/30/04 %
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,375 5,615 -4.3%
Patient days 275,148 280,876 -2.0%
Average daily census 2,990.7 3,053.0 -2.0%
Occupancy-licensed beds 55.6% 54.4% 2.3%
Admissions 62,502 61,980 0.8%
Length of stay 4.4 4.5 -2.9%
Inpatient revenue $1,752,146 $1,643,610 6.6%
Outpatient revenue 707,282 647,127 9.3%
Total patient revenue 2,459,428 2,290,737 7.4%
Other revenue 12,352 9,531 29.6%
Gross hospital revenue 2,471,780 2,300,268 7.5%
Total deductions 1,708,052 1,572,998 8.6%
Net hospital revenue $763,728 $727,270 5.0%
BEHAVIORAL HEALTH
09/30/05 09/30/04 %
Hospitals owned and leased 45 44 2.3%
Average licensed beds 4,517 4,386 3.0%
Patient days 335,825 318,778 5.3%
Average daily census 3,650.3 3,465.0 5.3%
Occupancy-licensed beds 80.8% 79.0% 2.3%
Admissions 25,724 23,764 8.2%
Length of stay 13.1 13.4 -2.7%
Inpatient revenue $336,676 $315,401 6.7%
Outpatient revenue 45,111 42,374 6.5%
Total patient revenue 381,787 357,775 6.7%
Other revenue 7,122 8,416 -15.4%
Gross hospital revenue 388,909 366,191 6.2%
Total deductions 193,839 189,400 2.3%
Net hospital revenue $195,070 $176,791 10.3%
SAME FACILITY:
FOR THE THREE MONTHS ENDED
ACUTE (1) (3) BEHAVIORAL HEALTH (4)
09/30/05 09/30/04 % 09/30/05 09/30/04 %
Hospitals owned and
leased 21 21 0.0% 44 44 0.0%
Average licensed
beds 5,295 5,430 -2.5% 4,487 4,386 2.3%
Patient days 273,718 272,955 0.3% 335,036 318,817 5.1%
Average daily
census 2,975.2 2,966.9 0.3% 3,641.7 3,465.4 5.1%
Occupancy-licensed
beds 56.2% 54.6% 2.8% 81.2% 79.0% 2.7%
Admissions 62,017 60,577 2.4% 25,721 23,764 8.2%
Length of stay 4.4 4.5 -2.0% 13.0 13.4 -2.9%
(1) Does not include hospitals located in France
(2) Does not include Discontinued Operations. Acute care hospitals
located in New Orleans are excluded from September 1, 2005 through
year-to-date.
(3) All Discontinued Operations are excluded in current and prior years.
Lakeland is included in both current and prior years for January
only. All three acute care hospitals located in New Orleans are
excluded in both current and prior years from September 1st through
year to date. Lakewood Ranch is included in both current and prior
years from September 1 through year to date.
(4) Stonington is included in both current and prior years from April 1
through year to date. The four facilities purchased from Keystone are
included in both current and prior years from May 1st through year to
date. King George School is excluded in both current and prior years.
AS REPORTED:
FOR THE NINE MONTHS ENDED
ACUTE (1) (2)
09/30/05 09/30/04 %
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,493 5,657 -2.9%
Patient days 877,216 865,962 1.3%
Average daily census 3,213.2 3,160.4 1.7%
Occupancy-licensed beds 58.5% 55.9% 4.7%
Admissions 193,894 188,437 2.9%
Length of stay 4.5 4.6 -1.6%
Inpatient revenue $5,538,861 $5,039,906 9.9%
Outpatient revenue 2,116,715 1,896,443 11.6%
Total patient revenue 7,655,576 6,936,349 10.4%
Other revenue 39,850 27,330 45.8%
Gross hospital revenue 7,695,426 6,963,679 10.5%
Total deductions 5,344,201 4,785,631 11.7%
Net hospital revenue $2,351,225 $2,178,048 8.0%
BEHAVIORAL HEALTH
09/30/05 09/30/04 %
Hospitals owned and leased 45 44 2.3%
Average licensed beds 4,463 4,168 7.1%
Patient days 1,004,913 913,399 10.0%
Average daily census 3,681.0 3,333.6 10.4%
Occupancy-licensed beds 82.5% 80.0% 3.1%
Admissions 76,752 71,847 6.8%
Length of stay 13.1 12.7 3.0%
Inpatient revenue $1,007,384 $919,867 9.5%
Outpatient revenue 145,092 131,822 10.1%
Total patient revenue 1,152,476 1,051,689 9.6%
Other revenue 23,801 25,367 -6.2%
Gross hospital revenue 1,176,277 1,077,056 9.2%
Total deductions 592,259 556,630 6.4%
Net hospital revenue $584,018 $520,426 12.2%
SAME FACILITY:
FOR THE NINE MONTHS ENDED
ACUTE (1) (3) BEHAVIORAL HEALTH (4)
09/30/05 09/30/04 % 09/30/05 09/30/04 %
Hospitals owned and
leased 21 21 0.0% 44 44 0.0%
Average licensed
beds 5,379 5,595 -3.9% 4,279 4,168 2.7%
Patient days 869,420 858,020 1.3% 960,469 913,352 5.2%
Average daily
census 3,184.7 3,131.5 1.7% 3,518.2 3,333.4 5.5%
Occupancy-licensed
beds 59.2% 56.0% 5.8% 82.2% 80.0% 2.8%
Admissions 191,704 187,034 2.5% 75,715 71,847 5.4%
Length of stay 4.5 4.6 -1.1% 12.7 12.7 -0.2%
(1) Does not include hospitals located in France
(2) Does not include Discontinued Operations. Acute care hospitals
located in New Orleans are excluded from September 1, 2005 through
year-to-date.
(3) All Discontinued Operations are excluded in current and prior years.
Lakeland is included in both current and prior years for January
only. All three acute care hospitals located in New Orleans are
excluded in both current and prior years from September 1st through
year to date. Lakewood Ranch is included in both current and prior
years from September 1 through year to date.
(4) Stonington is included in both current and prior years from April 1
through year to date. The four facilities purchased from Keystone are
included in both current and prior years from May 1st through year to
date. King George School is excluded in both current and prior years.
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer, Universal Health Services, +1-610-768-3300