Universal Health Services, Inc. Reports 2007 Second Quarter Earnings
07/26/2007
KING OF PRUSSIA, Pa., July 26 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income was $52.1 million, or $.97 per diluted share, during the second quarter of 2007 as compared to $60.3 million, or $1.04 per diluted share, during the comparable prior year quarter. Reported income from continuing operations was $52.0 million, or $.97 per diluted share, during the second quarter of 2007 as compared to $60.9 million, or $1.05 per diluted share, during the second quarter of 2006.
For the six months ended June 30, 2007, reported net income was $101.6 million, or $1.89 per diluted share, as compared to $111.3 million, or $1.93 per diluted share, during the comparable six-month period in the prior year. Reported income from continuing operations was $101.6 million, or $1.89 per diluted share, during the first six months of 2007 as compared to $111.4 million, or $1.93 per diluted share, during the comparable six-month period of the prior year.
After adjusting for the items mentioned below, and/or as indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule"), our adjusted income from continuing operations was $42.6 million, or $.79 per diluted share, during the second quarter of 2007 as compared to $44.5 million, or $.78 per diluted share, during the comparable prior year quarter. During the six months ended June 30, 2007, our adjusted income from continuing operations was $90.6 million, or $1.69 per diluted share, as compared to $86.0 million, or $1.51 per diluted share, during the comparable six-month period of the prior year.
As indicated on the Supplemental Schedules, included in our income from continuing operations and net income during the three and six-month periods ended June 30, 2007, was $10.0 million, or $.19 per diluted share, representing the prior year impact of a favorable after-tax adjustment to reduce our professional and general liability self-insurance reserves based upon the results of a third-party actuarial analysis. Included in our income from continuing operations and net income during the three-month period ended June 30, 2006 was: (i) $12.8 million, or $.21 per diluted share, of after-tax income resulting from hurricane insurance recoveries, net of hurricane related expenses, and; (ii) $3.6 million, or $.06 per diluted share, of after-tax income resulting from the settlement of prior period cost reports. Included in our income from continuing operations and net income during the six month- period ended June 30, 2006 was: (i) $21.8 million, or $.36 per diluted share, of after-tax income resulting from hurricane insurance recoveries, net of hurricane related expenses, and; (ii) $3.6 million, or $.06 per diluted share, of after-tax income resulting from the settlement of prior period cost reports.
Net revenues increased 13% to $1.18 billion during the second quarter of 2007 as compared to $1.05 billion during the second quarter of 2006. Net revenues increased 14% to $2.38 billion during the first six months of 2007 as compared to $2.08 billion during the comparable six-month period of the prior year. Our consolidated operating margin, as calculated on the attached Supplemental Schedules, was 14.4% and 14.5% during the three-month periods ended June 30, 2007 and 2006, respectively, and 14.2% and 14.0% during the six-month periods ended June 30, 2007 and 2006, respectively.
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 1.9% and patient days increased 2.3% during the second quarter of 2007 as compared to the second quarter of 2006. On a same facility basis, net revenues at our acute care facilities increased 6% during the second quarter of 2007 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 1.7% during the second quarter of 2007 over the comparable prior year quarter. The operating margin at our acute care hospitals owned during both periods decreased to 13.0% during the second quarter of 2007 as compared to 13.5% during the second quarter of 2006.
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 3.5% and patient days increased 3.6% during the second quarter of 2007 as compared to the second quarter of 2006. On a same facility basis, net revenues at our behavioral health facilities increased 7% during the second quarter of 2007 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 3.3% during the second quarter of 2007 over the comparable prior year quarter. The operating margin at our behavioral health facilities owned during both periods increased to 25.5% during the second quarter of 2007 as compared to 25.2% during the second quarter of 2006.
At our acute care hospitals, on a same facility basis, inpatient admissions increased 3.4% and patient days increased 3.5% during the six months ended June 30, 2007 as compared to the comparable prior year period. Net revenues at these facilities increased 9% during the first six months of 2007 as compared to the comparable prior year period. Net revenue per adjusted admission at these facilities increased 3.7% during the six months ended June 30, 2007 over the comparable prior year period. The operating margin at our acute care hospitals owned during both periods increased to 14.3% during the first six months of 2007 as compared to 14.1% during the comparable prior year period.
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 3.3% and patient days increased 3.5% during the six months ended June 30, 2007 as compared to the comparable prior year period. On a same facility basis, net revenues at our behavioral health facilities increased 6% during the six months ended June 30, 2007 as compared to the comparable prior year period. Net revenue per adjusted admission at these facilities increased 2.5% during the first six months of 2007 over the comparable prior year period. The operating margin at our behavioral health facilities owned during both periods increased to 24.4% during the first six months of 2007 as compared to 24.3% during the comparable prior year period.
Effective July 1, 2006, the pharmacy services for our acute care facilities were brought in-house from an outsourced vendor. As a result of this change, we experienced an increase in our supplies expense and salaries, wages and benefits expense and a decrease in our other operating expenses during the three and six months ended June 30, 2007, as compared to the comparable prior year periods. The transition of our pharmacy services favorably impacted our pre-tax income by approximately $2 million and $4 million during the three and six-month periods ended June 30, 2007.
We will hold a conference call for investors and analysts at 9:00 a.m. Eastern Time on July 27, 2007. 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 27, 2007 and will continue through midnight on August 10, 2007. The recording can be accessed by calling 1-800- 642-1687 and entering the conference ID number 6469379. This call will also be available live over the internet at our web site at 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 (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 Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2006), 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 and earnings before interest, taxes, depreciation and amortization ("EBITDA"), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, hurricane-related expenses and insurance recoveries and other amounts that may be 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-Q for the quarter ended March 31, 2007 and our Report on Form 10-K for the year ended December 31, 2006. 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,
2007 2006 2007 2006
Net revenues $1,178,976 $1,047,673 $2,376,577 $2,081,962
Operating charges:
Salaries, wages and
benefits 498,579 434,756 1,009,572 876,988
Other operating
expenses 238,093 248,956 483,445 497,057
Supplies expense 169,246 124,814 344,604 253,327
Provision for doubtful
accounts 103,039 87,182 202,132 162,189
Depreciation and
amortization 45,406 40,369 88,869 79,399
Lease and rental
expense 16,605 15,831 32,781 32,063
Hurricane related
expenses, net 1,058 3,356 625 10,260
Hurricane insurance
recoveries - (3,356) - (10,260)
1,072,026 951,908 2,162,028 1,901,023
Income before interest
expense, hurricane insurance
recoveries in excess of
expenses, minority interests
and income taxes 106,950 95,765 214,549 180,939
Interest expense, net 13,040 8,697 25,762 17,222
Hurricane insurance
recoveries in excess of
expenses - (21,644) - (37,031)
Minority interests in
earnings of consolidated
entities 8,675 11,492 22,867 22,669
Income before income taxes 85,235 97,220 165,920 178,079
Provision for income taxes 33,193 36,349 64,306 66,716
Income from continuing
operations 52,042 60,871 101,614 111,363
Income (loss) from
discontinued operations,
net of income tax
expense/(benefit) (a) 29 (612) (35) (20)
Net income $52,071 $60,259 $101,579 $111,343
Basic earnings (loss) per
share: (b)
From continuing operations $0.97 $1.13 $1.90 $2.07
From discontinued operations 0.00 (0.01) 0.00 0.00
Total basic earnings per
share $0.97 $1.12 $1.90 $2.07
Diluted earnings (loss)
per share: (b)
From continuing operations $0.97 $1.05 $1.89 $1.93
From discontinued operations 0.00 (0.01) 0.00 0.00
Total diluted earnings per
share $0.97 $1.04 $1.89 $1.93
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,
2007 2006 2007 2006
(a) Calculation of income from
discontinued operations, net of
income tax:
Income (loss) from operations $46 ($972) ($56) ($32)
Income tax (provision) benefit (17) 360 21 12
Income (loss) from discontinued
operations, net of taxes $29 ($612) ($35) ($20)
(b) Earnings per share calculation:
Basic:
Income from continuing operations $52,042 $60,871 $101,614 $111,363
Less: Dividends on unvested
restricted stock, net of taxes (19) (21) (44) (43)
Income from continuing operations -
basic $52,023 $60,850 $101,570 $111,320
Income (loss) from discontinued
operations 29 (612) (35) (20)
Net income - basic $52,052 $60,238 $101,535 $111,300
Weighted average number of common
shares - basic 53,499 53,730 53,496 53,749
Basic earnings (loss) per share:
From continuing operations $0.97 $1.13 $1.90 $2.07
From discontinued operations 0.00 (0.01) 0.00 0.00
Total basic earnings per share $0.97 $1.12 $1.90 $2.07
Diluted:
Income from continuing operations $52,042 $60,871 $101,614 $111,363
Less: Dividends on unvested
restricted stock, net of taxes (19) (21) (44) (43)
Add: Debenture interest, net of
taxes - 2,445 - 4,902
Income from continuing operations -
diluted $52,023 $63,295 $101,570 $116,222
Income (loss) from discontinued
operations 29 (612) (35) (20)
Net income - diluted $52,052 $62,683 $101,535 $116,202
Weighted average number of common
shares 53,499 53,730 53,496 53,749
Add: Shares for conversion of
convertible debentures - 5,999 - 6,286
Other share equivalents 229 258 211 237
Weighted average number of common
shares and equiv. - diluted 53,728 59,987 53,707 60,272
Diluted earnings (loss) per share:
From continuing operations $0.97 $1.05 $1.89 $1.93
From discontinued operations 0.00 (0.01) 0.00 0.00
Total diluted earnings per
share $0.97 $1.04 $1.89 $1.93
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the Three Months Ended June 30, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
June 30, 2007 June 30, 2006
Net revenues $1,178,976 100.0% $1,047,673 100.0%
Operating charges:
Salaries, wages and benefits 498,579 42.3% 434,756 41.5%
Other operating expenses 238,093 20.2% 248,956 23.8%
Supplies expense 169,246 14.4% 124,814 11.9%
Provision for doubtful accounts 103,039 8.7% 87,182 8.3%
1,008,957 85.6% 895,708 85.5%
Operating income/margin 170,019 14.4% 151,965 14.5%
Lease and rental expense 16,605 15,831
Minority interests in earnings
of consolidated entities 8,675 11,492
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 144,739 124,642
Hurricane related expenses, net
of insurance recoveries 1,058 (21,644)
Depreciation and amortization 45,406 40,369
Interest expense, net 13,040 8,697
Income before income taxes 85,235 97,220
Provision for income taxes 33,193 36,349
Income from continuing operations 52,042 60,871
Income (loss) from discontinued
operations, net of income taxes 29 (612)
Net income $52,071 $60,259
Three months ended Three months ended
June 30, 2007 June 30, 2006
Per Per
Amount Diluted Amount Diluted
Share Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing operations $52,042 $0.97 $60,871 $1.05
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes 652 0.01 (12,817) (0.21)
Reduction of reserve for
professional and general
liability self-insured claims,
net of minority interests
and income taxes (10,045) (0.19)
Favorable effect of prior
period cost report
settlements, net of income taxes (3,593) (0.06)
Subtotal after-tax adjustments to
income from continuing operations (9,393) (0.18) (16,410) (0.27)
Adjusted income from continuing
operations $42,649 $0.79 $44,461 $0.78
Calculation of Adjusted Net Income
Net income $52,071 $0.97 $60,259 $1.04
After-tax adjustments to income
from continuing operations, as
indicated above (9,393) (0.18) (16,410) (0.27)
Adjusted net income $42,678 $0.79 $43,849 $0.77
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the Six Months Ended June 30, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Six months ended Six months ended
June 30, 2007 June 30, 2006
Net revenues $2,376,577 100.0% $2,081,962 100.0%
Operating charges:
Salaries, wages and benefits 1,009,572 42.5% 876,988 42.1%
Other operating expenses 483,445 20.3% 497,057 23.9%
Supplies expense 344,604 14.5% 253,327 12.2%
Provision for doubtful accounts 202,132 8.5% 162,189 7.8%
2,039,753 85.8% 1,789,561 86.0%
Operating income/margin 336,824 14.2% 292,401 14.0%
Lease and rental expense 32,781 32,063
Minority interests in earnings
of consolidated entities 22,867 22,669
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 281,176 237,669
Hurricane insurance recoveries
in excess of expenses 625 (37,031)
Depreciation and amortization 88,869 79,399
Interest expense, net 25,762 17,222
Income before income taxes 165,920 178,079
Provision for income taxes 64,306 66,716
Income from continuing operations 101,614 111,363
(Loss) income from discontinued
operations, net of income taxes (35) (20)
Net income $101,579 $111,343
Six months ended Six months ended
June 30, 2007 June 30, 2006
Per Per
Amount Diluted Amount Diluted
Share Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing operations $101,614 $1.89 $111,363 $1.93
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes 386 0.01 (21,798) (0.36)
Gain on sale of real property,
net of income taxes (1,356) (0.02)
Reduction of reserve for professional
and general liability self-insured
claims, - -
net of minority interests
and income taxes (10,045) (0.19)
Favorable effect of prior
period cost report settlements,
net of income taxes - - (3,593) (0.06)
Subtotal after-tax adjustments to
income from continuing operations (11,015) (0.20) (25,391) (0.42)
Adjusted income from continuing
operations $90,599 $1.69 $85,972 $1.51
Calculation of Adjusted Net Income
Net income $101,579 $1.89 $111,343 $1.93
After-tax adjustments to income
from continuing operations, as
indicated above (11,015) (0.20) (25,391) (0.42)
Adjusted net income $90,564 $1.69 $85,952 $1.51
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2007 2006
Assets:
Cash and cash equivalents $12,663 $14,939
Accounts receivable, net 647,852 595,009
Other current assets 141,268 118,558
Property, plant and equipment, net 1,840,847 1,685,085
Other assets 890,309 863,451
Total Assets $3,532,939 $3,277,042
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,014 $1,938
Other current liabilities 492,384 500,513
Other noncurrent liabilities 342,872 340,815
Long-term debt 951,060 821,363
Deferred income taxes 29,062 35,888
Minority interest 199,773 174,061
Stockholders' equity 1,514,774 1,402,464
Total Liabilities and Stockholders' Equity $3,532,939 $3,277,042
Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six months
ended June 30,
2007 2006
Cash Flows from Operating Activities:
Net income $101,579 $111,343
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation & amortization 88,888 79,399
Accretion of discount on convertible
debentures - 6,364
Gain on sale of assets (2,200) -
Hurricane insurance recoveries - (47,291)
Changes in assets & liabilities, net of
effects from acquisitions and dispositions:
Accounts receivable (36,291) (46,618)
Accrued interest 9,260 (488)
Accrued and deferred income taxes (7,368) 57,195
Other working capital accounts (125) (6,702)
Other assets and deferred charges (3,783) (856)
Other (1,240) 7,884
Minority interest in earnings of
consolidated entities, net of distributions 9,260 10,734
Accrued insurance expense, net of
commercial premiums paid 23,395 41,173
Payments made in settlement of
self-insurance claims (22,399) (23,065)
Net cash provided by operating activities 158,976 189,072
Cash Flows from Investing Activities:
Property and equipment additions,
net of disposals (184,587) (152,673)
Proceeds received from sale of
assets 5,268 -
Acquisition of assets and
businesses (81,195) (14,250)
Hurricane insurance recoveries received - 53,000
Purchase of minority ownership
interest in majority owned business (14,762) -
Net cash used in investing activities (275,276) (113,923)
Cash Flows from Financing Activities:
Additional borrowings 116,271 248,645
Reduction of long-term debt - (140,824)
Repurchase of common shares (3,341) (71,008)
Dividends paid (8,621) (8,620)
Issuance of common stock 1,444 2,638
Financing costs - (1,625)
Net cash received for termination
of derivatives - 3,393
Capital contributions from
minority member 8,271 8,639
Net cash provided by financing activities 114,024 41,238
(Decrease) Increase in cash and cash
equivalents (2,276) 116,387
Cash and cash equivalents, beginning
of period 14,939 7,963
Cash and cash equivalents, end of
period $12,663 $124,350
Supplemental Disclosures of Cash Flow
Information:
Interest paid $20,216 $18,019
Income taxes paid, net of refunds $71,410 $9,559
Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
% Change % Change
Quarter Ended 6 months ended
Same Facility: 06/30/2007 06/30/2007
Acute Care Hospitals
Revenues 5.8% 8.6%
Adjusted Admissions 4.0% 4.7%
Adjusted Patient Days 4.4% 4.8%
Revenue Per Adjusted Admission 1.7% 3.7%
Revenue Per Adjusted Patient Day 1.3% 3.6%
Behavioral Health Hospitals
Revenues 6.5% 6.1%
Adjusted Admissions 3.1% 3.4%
Adjusted Patient Days 3.3% 3.7%
Revenue Per Adjusted Admission 3.3% 2.5%
Revenue Per Adjusted Patient Day 3.1% 2.3%
UHS Consolidated Second Quarter Ended Six months Ended
06/30/2007 06/30/2006 06/30/2007 06/30/2006
Revenues $1,178,976 $1,047,673 $2,376,577 $2,081,962
EBITDA (1) 144,739 124,642 281,176 237,669
EBITDA Margin (1) 12.3% 11.9% 11.8% 11.4%
Cash Flow From
Operations 60,000 78,732 158,976 189,072
Days Sales Outstanding 50 47 49 47
Capital Expenditures 85,238 69,485 184,587 152,673
Debt 954,074 468,930
Shareholders Equity 1,514,774 1,530,968
Debt / Total
Capitalization 38.6% 23.4%
Debt / Cash From
Operations (2) 6.86 1.22
Acute Care EBITDAR
Margin (3) (4) 14.7% 14.2% 14.9% 14.4%
Behavioral Health
EBITDAR Margin (3) (4) 25.2% 25.0% 23.8% 24.1%
(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, 2007
AS REPORTED:
ACUTE(1)
06/30/07 06/30/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,498 5,014 9.7%
Patient days 286,702 267,945 7.0%
Average daily census 3,150.6 2,944.5 7.0%
Occupancy-licensed beds 57.3% 58.7% -2.4%
Admissions 64,139 60,551 5.9%
Length of stay 4.5 4.4 1.0%
Inpatient revenue $2,092,069 $1,853,383 12.9%
Outpatient revenue 897,359 720,893 24.5%
Total patient revenue 2,989,428 2,574,276 16.1%
Other revenue 15,110 14,341 5.4%
Gross hospital revenue 3,004,538 2,588,617 16.1%
Total deductions 2,150,866 1,812,641 18.7%
Net hospital revenue $853,672 $775,976 10.0%
SAME FACILITY:
ACUTE(2)
06/30/07 06/30/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,183 5,014 3.4%
Patient days 274,147 267,940 2.3%
Average daily census 3,012.6 2,944.4 2.3%
Occupancy-licensed beds 58.1% 58.7% -1.0%
Admissions 61,719 60,551 1.9%
Length of stay 4.4 4.4 0.4%
(1) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006
and 2007.
(2) Discontinued operations, acute care hospitals located in New
Orleans and Texoma are excluded in current and prior years.
(3) Academy at Canyon Creek, Casa de Lago, Cedar Ridge RTC, Cedar
Ridge Hospital, Dover Behavioral, Highlands Behavioral, Lincoln
Trail, North Star RTC and Spring Mountain Sahara are excluded in
both current and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
JUNE 30, 2007
AS REPORTED:
BEHAVIORAL HEALTH
06/30/07 06/30/06 % change
Hospitals owned and leased 82 75 9.3%
Average licensed beds 7,258 6,439 12.7%
Patient days 501,482 466,554 7.5%
Average daily census 5,510.8 5,127.0 7.5%
Occupancy-licensed beds 75.9% 79.6% -4.6%
Admissions 29,707 27,974 6.2%
Length of stay 16.9 16.7 1.2%
Inpatient revenue $452,963 $418,824 8.2%
Outpatient revenue 59,443 53,522 11.1%
Total patient revenue 512,406 472,346 8.5%
Other revenue 6,632 8,471 -21.7%
Gross hospital revenue 519,038 480,817 7.9%
Total deductions 232,185 221,199 5.0%
Net hospital revenue $286,853 $259,618 10.5%
SAME FACILITY:
BEHAVIORAL HEALTH(3)
06/30/07 06/30/06 % change
Hospitals owned and leased 73 73 0.0%
Average licensed beds 6,720 6,363 5.6%
Patient days 477,923 461,261 3.6%
Average daily census 5,251.9 5,068.8 3.6%
Occupancy-licensed beds 78.2% 79.7% -1.9%
Admissions 28,588 27,621 3.5%
Length of stay 16.7 16.7 0.1%
(1) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006
and 2007.
(2) Discontinued operations, acute care hospitals located in New
Orleans and Texoma are excluded in current and prior years.
(3) Academy at Canyon Creek, Casa de Lago, Cedar Ridge RTC, Cedar
Ridge Hospital, Dover Behavioral, Highlands Behavioral, Lincoln
Trail, North Star RTC and Spring Mountain Sahara are excluded in
both current and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE SIX MONTHS ENDED
JUNE 30, 2007
AS REPORTED:
ACUTE(1)
06/30/07 06/30/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,498 5,002 9.9%
Patient days 595,876 551,174 8.1%
Average daily census 3,292.1 3,045.2 8.1%
Occupancy-licensed beds 59.9% 60.9% -1.6%
Admissions 132,905 123,718 7.4%
Length of stay 4.5 4.5 0.6%
Inpatient revenue $4,363,208 $3,794,538 15.0%
Outpatient revenue 1,765,490 1,429,404 23.5%
Total patient revenue 6,128,698 5,223,942 17.3%
Other revenue 29,561 27,676 6.8%
Gross hospital revenue 6,158,259 5,251,618 17.3%
Total deductions 4,411,722 3,705,690 19.1%
Net hospital revenue $1,746,537 $1,545,928 13.0%
SAME FACILITY:
ACUTE(2)
06/30/07 06/30/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,183 5,002 3.6%
Patient days 570,313 551,199 3.5%
Average daily census 3,150.9 3,045.3 3.5%
Occupancy-licensed beds 60.8% 60.9% -0.1%
Admissions 127,954 123,718 3.4%
Length of stay 4.5 4.5 0.0%
(1) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006
and 2007.
(2) Discontinued operations, acute care hospitals located in New
Orleans and Texoma are excluded in current and prior years.
(3) Academy at Canyon Creek, Casa de Lago, Cedar Ridge RTC, Cedar
Ridge Hospital, Dover Behavioral, Highlands Behavioral, Lincoln
Trail, North Star RTC and Spring Mountain Sahara are excluded in
both current and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE SIX MONTHS ENDED
JUNE 30, 2007
AS REPORTED:
BEHAVIORAL HEALTH
06/30/07 06/30/06 % change
Hospitals owned and leased 75 75 0.0%
Average licensed beds 7,158 6,419 11.5%
Patient days 982,835 918,439 7.0%
Average daily census 5,430.0 5,074.2 7.0%
Occupancy-licensed beds 75.9% 79.1% -4.0%
Admissions 59,026 56,046 5.3%
Length of stay 16.7 16.4 1.6%
Inpatient revenue $886,875 $828,224 7.1%
Outpatient revenue 119,088 106,796 11.5%
Total patient revenue 1,005,963 935,020 7.6%
Other revenue 14,462 16,546 -12.6%
Gross hospital revenue 1,020,425 951,566 7.2%
Total deductions 457,860 438,320 4.5%
Net hospital revenue $562,565 $513,246 9.6%
SAME FACILITY:
BEHAVIORAL HEALTH(3)
06/30/07 06/30/06 % change
Hospitals owned and leased 73 73 0.0%
Average licensed beds 6,667 6,342 5.1%
Patient days 939,625 907,498 3.5%
Average daily census 5,191.3 5,013.8 3.5%
Occupancy-licensed beds 77.9% 79.1% -1.5%
Admissions 57,155 55,313 3.3%
Length of stay 16.4 16.4 0.2%
(1) Does not include discontinued operations. Licensed beds from our
Acute care hospitals located in New Orleans are excluded in 2006
and 2007.
(2) Discontinued operations, acute care hospitals located in New
Orleans and Texoma are excluded in current and prior years.
(3) Academy at Canyon Creek, Casa de Lago, Cedar Ridge RTC, Cedar
Ridge Hospital, Dover Behavioral, Highlands Behavioral, Lincoln
Trail, North Star RTC and Spring Mountain Sahara are excluded in
both current and prior years.
SOURCE Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer of Universal Health Services, Inc., +1-610-768-3300