Universal Health Services, Inc. Reports Second Quarter Earnings
07/27/2006
KING OF PRUSSIA, Pa., July 27 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income was $60.3 million, or $1.04 per diluted share, during the second quarter of 2006 as compared to $158.8 million, or $2.53 per diluted share, during the comparable prior year quarter. Reported net income was $111.3 million, or $1.93 per diluted share, during the six months ended June 30, 2006 as compared to $220.3 million, or $3.51 per diluted share, during the comparable prior year six-month period. Included in our reported net income during the 2005 periods were after-tax gains of $120.7 million, or $1.89 per diluted share, during the three-month period ended June 30, 2005 and $126.5 million, or $1.97 per diluted share, during the six-month period ended June 30, 2005. The gains recorded during the 2005 periods resulted primarily from the sale of our majority-ownership interest in an operating company that owned fourteen hospitals in France.
Reported income from continuing operations was $60.9 million or $1.05 per diluted share during the second quarter of 2006 as compared to $36.6 million or $.61 per diluted share during the second quarter of 2005. After adjusting for the hurricane-related insurance recoveries, net of hurricane-related expenses, and prior year cost report settlements as discussed below, our adjusted income from continuing operations for the three-month period ended June 30, 2006 was $44.5 million, or $.78 per diluted share. For the six-month period ended June 30, 2006, reported income from continuing operations was $111.4 million, or $1.93 per diluted share, as compared to $91.3 million or $1.50 per diluted share during the six-month period ended June 30, 2005. After adjusting for the items discussed below, our adjusted income from continuing operations for the six-month period ended June 30, 2006 was $86.0 million, or $1.51 per diluted share.
Net revenues increased 6% to $1.05 billion during the second quarter of 2006 as compared to $991 million during the second quarter of 2005. Net revenues increased 4% to $2.08 billion during the six-month period ended June 30, 2006 as compared to $2.00 billion during the prior year six-month period. Impacting our revenues during the 2006 periods was the loss of revenues generated at our below-mentioned acute care facilities in Louisiana which, on a combined basis, generated net revenues of $64 million and $125 million during the three- and six-month periods ended June 30, 2005, respectively. Also, 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 $15 million and $29 million during the three- and six-month periods ended June 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 1.3% and patient days increased 2.5% during the second quarter of 2006 as compared to the comparable 2005 quarter. Inpatient admissions and patient days each increased 1.3% during the six-month period ended June 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 as a result of Hurricane Katrina, the inpatient statistics for those facilities have been excluded from the three- and six-month periods of each year. At our behavioral health care facilities owned during both quarters, inpatient admissions increased 1.7% and patient days increased 0.7% during the second quarter of 2006 as compared to the comparable 2005 quarter. Inpatient admissions increased 3.8% and patient days increased 2.0% during the six-month period ended June 30, 2006 as compared to the comparable prior year period.
As indicated on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information, our income from continuing operations during the second quarter of 2006 includes: (i) a favorable $12.8 million, or $.21 per diluted share, of after-tax hurricane insurance recoveries, net of hurricane-related expenses, and; (ii) a favorable $3.6 million, or $.06 per diluted share, of after-tax income resulting from the settlement of prior period cost reports. Our income from continuing operations during the six month-period ended June 30, 2006 includes: (i) a favorable $21.8 million, or $.36 per diluted share, of after-tax hurricane insurance recoveries, net of hurricane-related expenses, and; (ii) a favorable $3.6 million, or $.06 per diluted share, of after-tax income resulting from the settlement of prior period cost reports.
We recorded $14.7 million, or $.24 per diluted share, during the three-month period ended June 30, 2006 and $27.7 million, or $.46 per diluted share, during the six-month period ended June 30, 2006, of after-tax hurricane insurance recoveries received in connection with damage sustained in Louisiana from Hurricane Katrina that resulted in the closure of our Methodist Hospital, Lakeland Medical Pavilion, Chalmette Medical Center and Virtue Street Pavilion during the third quarter of 2005. We also incurred additional after-tax hurricane-related expenses at these facilities of $1.9 million, or $.03 per diluted share, during the second quarter of 2006 and $5.9 million, or $.10 per diluted share, during the six-month period ended June 30, 2006.
Our operating margin (as calculated on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information), increased to 14.5% during the three-month period ended June 30, 2006 as compared to 12.8% during the same period of the prior year. The operating margin at our acute care hospitals owned during both periods ("same facility basis") increased to 13.5% during the three months ended June 30, 2006 as compared to 12.9% during the three months ended June 30, 2005. On a same facility basis, the operating margin at our behavioral health hospitals increased to 27.0% during the second quarter of 2006 from 25.4% during the comparable quarter of the prior year. Our operating margin decreased to 14.0% during the six-month period ended June 30, 2006 as compared to 14.4% during the same period of the prior year. On a same facility basis, the operating margin at our acute care hospitals decreased to 14.1% during the six months ended June 30, 2006 as compared to 15.4% during the six months ended June 30, 2005. On a same facility basis, the operating margin at our behavioral health hospitals increased to 26.1% during the six months ended June 30, 2006 as compared to 25.1% during the comparable prior year period.
Our provision for doubtful accounts was 8.3% and 9.6% during the three-month periods ended June 30, 2006 and 2005, respectively, and 7.8% and 8.9% during the six-month periods ended June 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 9.6% and 9.1% during the three- and six-month periods ended June 30, 2006.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on July 28, 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 July 28, 2006 and will continue through midnight on August 4, 2006. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 1974079.
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 such as, gains on sales of assets and businesses, Hurricane-related expenses and insurance recoveries, 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 Six months
ended June 30, ended June 30,
2006 2005 2006 2005
Net revenues $1,047,673 $990,888 $2,081,962 $1,997,533
Operating charges:
Salaries, wages and
benefits 434,756 407,897 876,988 814,237
Other operating expenses 248,956 234,707 497,057 465,872
Supplies expense 124,814 126,124 253,327 252,660
Provision for doubtful
accounts 87,182 95,478 162,189 177,886
Depreciation and
amortization 40,369 37,988 79,399 77,684
Lease and rental expense 15,831 15,288 32,063 30,755
Hurricane related
expenses 3,356 - 10,260 -
Hurricane insurance
recoveries (25,000) - (47,291) -
930,264 917,482 1,863,992 1,819,094
Income before interest
expense, minority interests
and income taxes 117,409 73,406 217,970 178,439
Interest expense, net 8,697 7,450 17,222 18,126
Minority interests in
earnings of consolidated
entities 11,492 7,926 22,669 15,845
Income before income taxes 97,220 58,030 178,079 144,468
Provision for income taxes 36,349 21,398 66,716 53,146
Income from continuing
operations 60,871 36,632 111,363 91,322
(Loss) income from
discontinued operations,
net of income tax
expense (a) (612) 122,211 (20) 128,930
Net income $60,259 $158,843 $111,343 $220,252
Basic earnings (loss) per
share: (b)
From continuing
operations $1.13 $0.65 $2.07 $1.60
From discontinued
operations (0.01) 2.16 0.00 2.26
Total basic
earnings per
share $1.12 $2.81 $2.07 $3.86
Diluted earnings (loss) per
share: (b)
From continuing
operations $1.05 $0.61 $1.93 $1.50
From discontinued
operations (0.01) 1.92 0.00 2.01
Total diluted
earnings per
share $1.04 $2.53 $1.93 $3.51
Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
2006 2005 2006 2005
(a) Calculation of income from
discontinued operations, net of
income tax:
(Loss) income from operations ($972) $2,602 ($32) $7,538
Gains on divestitures - 177,125 - 186,221
Asset impairment charge - - - (3,105)
(Loss) income from discontinued
operations, pre-tax (972) 179,727 (32) 190,654
Income tax benefit (provision) 360 (57,516) 12 (61,724)
(Loss) income from discontinued
operations, net of income tax
expense ($612) $122,211 ($20) $128,930
(b) Earnings per share calculation:
Basic:
Income from continuing operations $60,871 $36,632 $111,363 $91,322
Less: Dividends on unvested
restricted stock, net of taxes (21) (28) (43) (55)
Income from continuing operations -
basic $60,850 $36,604 $111,320 $91,267
(Loss) income from discontinued
operations (612) 122,211 (20) 128,930
Net income - basic $60,238 $158,815 $111,300 $220,197
Weighted average number of common
shares - basic 53,730 56,425 53,749 56,974
Basic earnings (loss) per share:
From continuing operations $1.13 $0.65 $2.07 $1.60
From discontinued operations (0.01) 2.16 0.00 2.26
Total basic earnings per
share $1.12 $2.81 $2.07 $3.86
Diluted:
Income from continuing operations $60,871 $36,632 $111,363 $91,322
Less: Dividends on unvested
restricted stock, net of taxes (21) (28) (43) (55)
Add: Debenture interest, net of
taxes 2,445 2,382 4,902 4,764
Income from continuing operations -
diluted $63,295 $38,986 $116,222 $96,031
(Loss) income from discontinued
operations (612) 122,211 (20) 128,930
Net income - diluted $62,683 $161,197 $116,202 $224,961
Weighted average number of common
shares 53,730 56,425 53,749 56,974
Add: Shares for conversion of
convertible debentures 5,999 6,577 6,286 6,577
Other share equivalents 258 646 237 481
Weighted average number of common
shares and equiv. - diluted 59,987 63,648 60,272 64,032
Diluted earnings (loss) per share:
From continuing operations $1.05 $0.61 $1.93 $1.50
From discontinued operations (0.01) 1.92 0.00 2.01
Total diluted earnings
per share $1.04 $2.53 $1.93 $3.51
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2006 2005
Assets:
Cash and cash equivalents $124,350 $7,963
Accounts receivable, net 546,344 499,726
Other current assets 108,346 100,609
Property, plant and equipment, net 1,549,177 1,429,653
Other assets 817,404 820,758
Total Assets $3,145,621 $2,858,709
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,646 $5,191
Other current liabilities 595,729 518,979
Other noncurrent liabilities 335,302 289,195
Long-term debt 465,284 637,654
Deferred income taxes 35,440 42,713
Minority interest 179,252 159,879
Stockholders' equity 1,530,968 1,205,098
Total Liabilities and Stockholders'
Equity $3,145,621 $2,858,709
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Three Months Ended June 30, 2006 and 2005
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
June 30, 2006 June 30, 2005
Net revenues $1,047,673 100.0% $990,888 100.0%
Operating charges:
Salaries, wages and benefits 434,756 41.5% 407,897 41.2%
Other operating expenses 248,956 23.8% 234,707 23.7%
Supplies expense 124,814 11.9% 126,124 12.7%
Provision for doubtful accounts 87,182 8.3% 95,478 9.6%
895,708 85.5% 864,206 87.2%
Operating income/margin 151,965 14.5% 126,682 12.8%
Lease and rental expense 15,831 15,288
Minority interests in earnings of
consolidated entities 11,492 7,926
Earnings before depreciation and
amortization, interest expense, and
income taxes ("EBITDA") 124,642 103,468
Hurricane related expenses 3,356 -
Hurricane insurance recoveries (25,000) -
Depreciation and amortization 40,369 37,988
Interest expense, net 8,697 7,450
Income before income taxes 97,220 58,030
Provision for income taxes 36,349 21,398
Income from continuing operations 60,871 36,632
(Loss) income from discontinued
operations, net of income taxes (612) 122,211
Net income $60,259 $158,843
Three months ended Three months ended
June 30, 2006 June 30, 2005
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $60,871 $1.05 $36,632 $0.61
Add: Hurricane related expenses, net
of minority interests and income
taxes 1,859 0.03 - -
Less: Hurricane related insurance
recoveries, net of minority
interests and income taxes (14,676) (0.24) - -
Less: Favorable effect of prior
period cost report settlements, net
of income taxes (3,593) (0.06) - -
Adjusted income from continuing
operations $44,461 $0.78 $36,632 $0.61
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information
For the Six Months Ended June 30, 2006 and 2005
(in thousands, except per share amounts)
(unaudited)
Six months ended Six months ended
June 30, 2006 June 30, 2005
Net revenues $2,081,962 100.0% $1,997,533 100.0%
Operating charges:
Salaries, wages and benefits 876,988 42.1% 814,237 40.8%
Other operating expenses 497,057 23.9% 465,872 23.3%
Supplies expense 253,327 12.2% 252,660 12.6%
Provision for doubtful accounts 162,189 7.8% 177,886 8.9%
1,789,561 86.0% 1,710,655 85.6%
Operating income/margin 292,401 14.0% 286,878 14.4%
Lease and rental expense 32,063 30,755
Minority interests in earnings
of consolidated entities 22,669 15,845
Earnings before depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 237,669 240,278
Hurricane related expenses 10,260 -
Hurricane insurance recoveries (47,291) -
Depreciation and amortization 79,399 77,684
Interest expense, net 17,222 18,126
Income before income taxes 178,079 144,468
Provision for income taxes 66,716 53,146
Income from continuing operations 111,363 91,322
(Loss) income from discontinued
operations, net of income taxes (20) 128,930
Net income $111,343 $220,252
Six months ended Six months ended
June 30, 2006 June 30, 2005
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $111,363 $1.93 $91,322 $1.50
Add: Hurricane related expenses, net
of minority interests and income
taxes 5,933 0.10 - -
Less: Hurricane related insurance
recoveries, net of minority
interests and income taxes (27,731) (0.46) - -
Less: Favorable effect of prior
period cost report settlements, net
of income taxes (3,593) (0.06) - -
Adjusted income from continuing
operations $85,972 $1.51 $91,322 $1.50
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 6 months ended
Same Facility: 6/30/2006 6/30/2006
Acute Care Hospitals
Revenues 7.6% 5.3%
Adjusted Admissions 1.3% 1.6%
Adjusted Patient Days 2.6% 1.8%
Revenue Per Adjusted Admission 6.2% 3.7%
Revenue Per Adjusted Patient Day 4.9% 3.4%
Behavioral Health Hospitals
Revenues 7.3% 8.5%
Adjusted Admissions 0.4% 3.5%
Adjusted Patient Days 1.5% 1.9%
Revenue Per Adjusted Admission 5.7% 4.8%
Revenue Per Adjusted Patient Day 6.8% 6.5%
UHS Consolidated Second Quarter Ended Six months Ended
6/30/2006 6/30/2005 6/30/2006 6/30/2005
Revenues $1,047,673 $990,888 $2,081,962 $1,997,533
EBITDA (1) 124,642 103,468 237,669 240,278
EBITDA Margin (1) 11.9% 10.4% 11.4% 12.0%
Cash Flow From
Operations 87,371 95,826 197,711 230,438
Days Sales
Outstanding 47 50 47 49
Capital
Expenditures 69,485 50,927 152,673 108,847
Debt (net of cash) - - 344,580 $415,096
Shareholders
Equity - - 1,530,968 $1,281,786
Debt / Total
Capitalization - - 18.4% 24.5%
Debt / EBITDA (2) - - 0.78 0.92
Debt / Cash From
Operations (2) - - 0.88 1.04
Acute Care EBITDAR
Margin (3) (4) 14.2% 12.9% 14.4% 15.0%
Behavioral Health
EBITDAR Margin (3) (4) 25.0% 25.4% 24.1% 25.0%
(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
JUNE 30, 2006
AS REPORTED:
ACUTE (1)(2)
06/30/06 06/30/05 % change
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,014 5,552 -9.7%
Patient days 267,945 289,568 -7.5%
Average daily census 2,944.5 3,182.1 -7.5%
Occupancy-licensed beds 58.7% 57.3% 2.5%
Admissions 60,551 64,301 -5.8%
Length of stay 4.4 4.5 -1.7%
Inpatient revenue $1,853,383 $1,839,847 0.7%
Outpatient revenue 720,893 718,853 0.3%
Total patient revenue 2,574,276 2,558,700 0.6%
Other revenue 14,334 14,382 -0.3%
Gross hospital revenue 2,588,610 2,573,082 0.6%
Total deductions 1,812,634 1,792,209 1.1%
Net hospital revenue $775,976 $780,873 -0.6%
AS REPORTED:
BEHAVIORAL HEALTH
06/30/06 06/30/05 % change
Hospitals owned and leased 75 44 70.5%
Average licensed beds 6,439 4,456 44.5%
Patient days 466,554 343,214 35.9%
Average daily census 5,127.0 3,771.6 35.9%
Occupancy-licensed beds 79.6% 84.6% -5.9%
Admissions 27,928 25,983 7.5%
Length of stay 16.7 13.2 26.5%
Inpatient revenue $418,824 $344,811 21.5%
Outpatient revenue 53,522 51,466 4.0%
Total patient revenue 472,346 396,277 19.2%
Other revenue 8,471 8,719 -2.8%
Gross hospital revenue 480,817 404,996 18.7%
Total deductions 221,199 205,608 7.6%
Net hospital revenue $259,618 $199,388 30.2%
SAME FACILITY:
ACUTE (1) (3)
06/30/06 06/30/05 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,014 5,007 0.1%
Patient days 267,940 261,352 2.5%
Average daily census 2,944.4 2,872.0 2.5%
Occupancy-licensed beds 58.7% 57.4% 2.4%
Admissions 60,551 59,775 1.3%
Length of stay 4.4 4.4 1.2%
SAME FACILITY:
BEHAVIORAL HEALTH (4)
06/30/06 06/30/05 % change
Hospitals owned and leased 44 44 0.0%
Average licensed beds 4,499 4,456 1.0%
Patient days 345,600 343,216 0.7%
Average daily census 3,797.8 3,771.6 0.7%
Occupancy-licensed beds 84.4% 84.6% -0.3%
Admissions 26,421 25,983 1.7%
Length of stay 13.1 13.2 -1.0%
(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) Ascent, Boulder Creek, Center for Change, King George School,
Northwest Academy, Wyoming Behavioral
and the Keystone facilities are excluded in current and prior year.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE SIX MONTHS ENDED
JUNE 30, 2006
AS REPORTED:
ACUTE (1)(2)
06/30/06 06/30/05 % change
Hospitals owned and leased 21 24 -12.5%
Average licensed beds 5,002 5,550 -9.9%
Patient days 551,174 602,068 -8.5%
Average daily census 3,045.2 3,326.3 -8.5%
Occupancy-licensed beds 60.9% 59.9% 1.6%
Admissions 123,718 131,392 -5.8%
Length of stay 4.5 4.6 -2.8%
Inpatient revenue $3,794,538 $3,786,715 0.2%
Outpatient revenue 1,429,404 1,409,433 1.4%
Total patient revenue 5,223,942 5,196,148 0.5%
Other revenue 26,857 27,498 -2.3%
Gross hospital revenue 5,250,799 5,223,646 0.5%
Total deductions 3,704,871 3,636,149 1.9%
Net hospital revenue $1,545,928 $1,587,497 -2.6%
AS REPORTED:
BEHAVIORAL HEALTH
06/30/06 06/30/05 % change
Hospitals owned and leased 75 44 70.5%
Average licensed beds 6,419 4,435 44.7%
Patient days 918,439 669,088 37.3%
Average daily census 5,074.2 3,696.6 37.3%
Occupancy-licensed beds 79.1% 83.4% -5.2%
Admissions 56,000 51,028 9.7%
Length of stay 16.4 13.1 25.1%
Inpatient revenue $828,224 $670,708 23.5%
Outpatient revenue 106,796 99,981 6.8%
Total patient revenue 935,020 770,689 21.3%
Other revenue 16,546 16,679 -0.8%
Gross hospital revenue 951,566 787,368 20.9%
Total deductions 438,320 398,420 10.0%
Net hospital revenue $513,246 $388,948 32.0%
SAME FACILITY:
ACUTE (1) (3)
06/30/06 06/30/05 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,002 5,005 -0.1%
Patient days 551,199 544,068 1.3%
Average daily census 3,045.3 3,005.9 1.3%
Occupancy-licensed beds 60.9% 60.1% 1.4%
Admissions 123,718 122,188 1.3%
Length of stay 4.5 4.5 0.1%
SAME FACILITY:
BEHAVIORAL HEALTH (4)
06/30/06 06/30/05 % change
Hospitals owned and leased 44 44 0.0%
Average licensed beds 4,477 4,435 0.9%
Patient days 682,497 669,139 2.0%
Average daily census 3,770.7 3,696.9 2.0%
Occupancy-licensed beds 84.2% 83.4% 1.0%
Admissions 52,951 51,028 3.8%
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) Ascent, Boulder Creek, Center for Change, King George School,
Northwest Academy, Wyoming Behavioral and the Keystone facilities are
excluded in current and prior year.
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer, Universal Health Services, +1-610-768-3300