Consolidated Results of Operations - Three-month periods ended June
30, 2009 and 2008 KING OF PRUSSIA, Pa., July 28
/PRNewswire-FirstCall/ -- Universal Health Services, Inc.
(NYSE:UHS) announced today that its reported net income
attributable to UHS was $80.9 million, or $1.64 per diluted share,
during the second quarter of 2009 as compared to $54.2 million, or
$1.06 per diluted share, during the comparable quarter of the prior
year. Reported income from continuing operations attributable to
UHS was $80.9 million, or $1.64 per diluted share, during the
second quarter of 2009 as compared to $55.2 million, or $1.08 per
diluted share, during the comparable quarter of the prior year. As
indicated on the attached Schedules of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental
Schedules"), included in our income from continuing operations and
net income during the three and six-month periods ended June 30,
2009, was a combined $9.8 million, or $.20 per diluted share,
consisting of: (i) a favorable after-tax adjustment of $14.1
million, or $.29 per diluted share, resulting from a reduction to
our professional and general liability self-insurance reserves
relating to years prior to 2009 based upon a reserve analysis,
partially offset by; (ii) an unfavorable discrete tax item of $4.3
million, or $.09 per diluted share. After adjusting the reported
results for the second quarter of 2009 to neutralize the net
favorable impact of the above-mentioned adjustments (there were no
adjustments applicable to the second quarter of 2008), our adjusted
income from continuing operations attributable to UHS during the
second quarter of 2009 was $71.1 million, or an increase of 33% to
$1.44 per diluted share, as compared to $55.2 million, or $1.08 per
diluted share, during the comparable quarter of the prior year.
During the second quarter of 2009, adjusted net income attributable
to UHS was $71.1 million, or an increase of 36% to $1.44 per
diluted share, as compared to $54.2 million, or $1.06 per diluted
share during the comparable quarter of the prior year. Net revenues
increased 3% to $1.30 billion during the second quarter of 2009 as
compared to $1.26 billion during the second quarter of 2008.
Consolidated Results of Operations - Six-month periods ended June
30, 2009 and 2008: Reported net income attributable to UHS was
$148.4 million, or $3.01 per diluted share, during the six-month
period ended June 30, 2009 as compared to $115.9 million, or $2.26
per diluted share, during the comparable six-month period of the
prior year. Reported income from continuing operations attributable
to UHS was $148.4 million, or $3.01 per diluted share, during the
six-month period ended June 30, 2009 as compared to $115.2 million,
or $2.25 per diluted share, during the comparable six-month period
of the prior year. As indicated on the attached Supplemental
Schedules, during the six-month period ended June 30, 2009, our
adjusted income from continuing operations attributable to UHS was
$138.6 million, or an increase of 25% to $2.81 per diluted share,
as compared to $115.2 million, or $2.25 per diluted share, during
the comparable six-month period of the prior year. Adjusted net
income attributable to UHS was $138.6 million, or an increase of
24% to $2.81 per diluted share, during the six-month period ended
June 30, 2009, as compared to $115.9 million, or $2.26 per diluted
share during the comparable six-month period of the prior year. Net
revenues increased 3% to $2.62 billion during the six-month period
ended June 30, 2009 as compared to $2.54 billion during the
comparable six-month period of the prior year. Acute Care Services
- Three-month periods ended June 30, 2009 and 2008: At our acute
care hospitals owned during both periods ("same facility basis"),
inpatient admissions increased 1.5% while patient days decreased
0.8% during the second quarter of 2009, as compared to the second
quarter of 2008. Net revenues at these facilities increased 2.9%
during the second quarter of 2009 as compared to the comparable
quarter of the prior year. At these facilities, net revenue per
adjusted admission decreased 0.2% while net revenue per adjusted
patient day increased 2.0% during the second quarter of 2009 as
compared to the comparable quarter of the prior year. On a same
facility basis, the operating margin (net revenues less salaries,
wages and benefits, other operating expenses, supplies expense and
provision for doubtful accounts) at our acute care hospitals
increased to 16.8% during the second quarter of 2009 as compared to
14.7% during the second quarter of 2008. We provide care to
patients who meet certain financial or economic criteria without
charge or at amounts substantially less than our established rates.
Because we do not pursue collection of amounts determined to
qualify as charity care, they are not reported in net revenues or
in accounts receivable, net. Our acute care hospitals provided
charity care and uninsured discounts, based on charges at
established rates, amounting to $181 million and $143 million
during the three-month periods ended June 30, 2009 and 2008,
respectively. Acute Care Services - Six-month periods ended June
30, 2009 and 2008: During the six-month period ended June 30, 2009,
on a same facility basis, inpatient admissions to our acute care
facilities increased 0.1% while patient days decreased 1.5%, as
compared to the comparable period of the prior year. Net revenues
at our acute care facilities increased 1.9% during the six-month
period ended June 30, 2009 as compared to the comparable period of
the prior year. At these facilities, net revenue per adjusted
admission increased 0.3% while net revenue per adjusted patient day
increased 2.0% during the six-month period ended June 30, 2009 as
compared to the comparable period of the prior year. On a same
facility basis, the operating margin at our acute care hospitals
increased to 17.2% during the six-month period ended June 30, 2009
as compared to 15.5% during the comparable period of the prior
year. Our acute care hospitals provided charity care and uninsured
discounts, based on charges at established rates, amounting to $340
million and $296 million during the six-month periods ended June
30, 2009 and 2008, respectively. Behavioral Health Care Services -
Three-month periods ended June 30, 2009 and 2008: At our behavioral
health care facilities, on a same facility basis, inpatient
admissions increased 1.5% and patient days increased 1.0% during
the second quarter of 2009 as compared to the second quarter of
2008. Net revenues at these facilities increased 4.0% during the
second quarter of 2009 as compared to the comparable quarter in the
prior year. Net revenue per adjusted patient day at these
facilities increased 3.5% during the second quarter of 2009 over
the comparable prior year quarter. The operating margin at our
behavioral health care facilities owned during both periods was
26.3% during the second quarter of 2009 as compared to 25.1% during
the second quarter of 2008. Behavioral Health Care Services -
Six-month periods ended June 30, 2009 and 2008: During the
six-month period ended June 30, 2009, on a same facility basis,
inpatient admissions to our behavioral health care facilities
increased 1.3% while patient days decreased 0.2%, as compared to
the comparable period of the prior year. Net revenues at our
behavioral health care facilities increased 3.4% during the
six-month period ended June 30, 2009 as compared to the comparable
period of the prior year. At these facilities, net revenue per
adjusted patient day increased 4.2% during the six-month period
ended June 30, 2009 as compared to the comparable prior year
period. On a same facility basis, the operating margin at our
behavioral health facilities increased to 25.7% during the
six-month period ended June 30, 2009 as compared to 24.4% during
the comparable period of the prior year. 2009 Full Year Guidance
Increased to $4.40 to $4.55 Per Diluted Share: Based upon the
operating trends and financial results experienced during the first
six months of 2009, and subject to certain assumptions, provisions
and adjustments, including those as set forth below in General
Information, Forward-Looking Statements and Risk Factors and
Non-GAAP Financial Measures, we are increasing our estimated range
of earnings per diluted share from continuing operations for the
year ended December 31, 2009 to $4.40 to $4.55 from the previously
provided range of $4.00 to $4.15. This revised guidance range
excludes the net favorable impact of $.20 per diluted share
resulting from the above-mentioned items that were included in our
results for the three and six-month periods ended June 30, 2009
(consisting of the favorable impact resulting from the reduction to
our professional and general liability self-insurance reserves and
the unfavorable impact resulting from the discrete tax item).
Recent Acquisition: On June 30, 2009, we completed the acquisition
of Centennial Peaks Hospital, a 72-bed behavioral health facility
located in Louisville, Colorado. Centennial Peaks will provide
services to adolescent and adult patients and will compliment our
existing services in the high growth Denver-Boulder corridor.
Conference Call Information: We will hold a conference call for
investors and analysts at 9:00 a.m. eastern time on July 29, 2009.
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 29, 2009 and will continue through
midnight on August 12, 2009. The recording can be accessed by
calling 1-800-642-1687 and entering the conference ID number
17867500. This call will also be available live over the internet
at our web site at http://www.uhsinc.com/. The webcast is also
being distributed through the Thomson StreetEvents Network.
Individual investors can listen to the call at
http://www.earnings.com/, Thomson's individual investor portal,
powered by StreetEvents. Institutional investors can access the
call via Thomson StreetEvents at http://www.streetevents.com/.
General Information, Forward-Looking Statements and Risk Factors
and Non-GAAP Financial Measures: Universal Health Services, Inc.
("UHS") 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, 2008 and in Item 2-Forward Looking Statements and Risk
Factors in our Form 10-Q for the quarterly period ended March 31,
2009), may cause the 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, when applicable, 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, reserves for settlements, legal judgments
and lawsuits 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-K for the year ended December 31,
2008 and Report on Form 10-Q for the quarter ended March 31, 2009.
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, -------------- -------------- 2009 2008 2009 2008 ----
---- ---- ---- Net revenues $1,303,640 $1,262,577 $2,616,059
$2,540,553 Operating charges: Salaries, wages and benefits 541,950
528,081 1,083,247 1,069,656 Other operating expenses 232,894
259,313 506,115 507,958 Supplies expense 176,411 174,264 350,378
353,503 Provision for doubtful accounts 120,670 120,646 239,648
240,443 Depreciation and amortization 51,085 47,336 102,219 94,079
Lease and rental expense 17,587 17,866 34,659 35,421 ------ ------
------ ------ 1,140,597 1,147,506 2,316,266 2,301,060 ---------
--------- --------- --------- Income from continuing operations
before interest expense and income taxes 163,043 115,071 299,793
239,493 Interest expense, net 11,879 13,249 24,517 26,728 ------
------ ------ ------ Income from continuing operations before
income taxes 151,164 101,822 275,276 212,765 Provision for income
taxes 57,187 35,205 99,265 72,816 ------ ------ ------ ------
Income from continuing operations 93,977 66,617 176,011 139,949
Income from continuing operations attributable to minority
interests 13,084 11,427 27,577 24,706 ------ ------ ------ ------
Income from continuing operations attributable to UHS 80,893 55,190
148,434 115,243 (Loss) income from discontinued operations, net of
income tax expense (a) - (950) - 660 ------- ------- --------
-------- Net income attributable to UHS $80,893 $54,240 $148,434
$115,903 ======= ======= ======== ======== Basic earnings (loss)
per share attributable to UHS (b) From continuing operations $1.65
$1.09 $3.01 $2.25 From discontinued operations - (0.02) - 0.02 --
----- -- ---- Total basic earnings per share $1.65 $1.07 $3.01
$2.27 ===== ===== ===== ===== Diluted earnings (loss) per share
attributable to UHS (b) From continuing operations $1.64 $1.08
$3.01 $2.25 From discontinued operations - (0.02) - 0.01 -- -----
-- ---- Total diluted earnings per share $1.64 $1.06 $3.01 $2.26
===== ===== ===== ===== 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, -------------
-------------- 2009 2008 2009 2008 ---- ---- ---- ---- (a)
Calculation of income from discontinued operations, net of income
tax: ------------------ (Loss) income from discontinued operations,
pre-tax - ($1,540) - $1,069 Income tax benefit (expense) - 590 -
(409) ---- --- ---- ---- (Loss) income from discontinued
operations, net of taxes - ($950) - $660 ==== ===== ==== ==== (b)
Earnings per share calculation: -----------------------------------
Basic and diluted: ------------------ Income from continuing
operations attributable to UHS $80,893 $55,190 $148,434 $115,243
Less: Net income attributable to unvested restricted share grants
(381) (229) (695) (488) --- --- --- --- Income from continuing
operations - basic and diluted 80,512 54,961 147,739 114,755 Income
from discontinued operations - (950) - 660 ---- ---- ---- --- Net
income attributable to UHS - basic and diluted $80,512 $54,011
$147,739 $115,415 ======= ======= ======== ======== Weighted
average number of common shares - basic 48,850 50,629 49,028 50,946
------ ------ ------ ------ Basic earnings (loss) per share
attributable to UHS: From continuing operations $1.65 $1.09 $3.01
$2.25 From discontinued operations - (0.02) - 0.02 ---- ----- ----
---- Total basic earnings per share $1.65 $1.07 $3.01 $2.27 =====
===== ===== ===== Weighted average number of common shares 48,850
50,629 49,028 50,946 Add: Other share equivalents 202 113 101 65
--- --- --- -- Weighted average number of common shares and equiv.
- diluted 49,052 50,742 49,129 51,011 ------ ------ ------ ------
Diluted earnings (loss) per share attributable to UHS: From
continuing operations $1.64 $1.08 $3.01 $2.25 From discontinued
operations - (0.02) - 0.01 ---- ----- ---- ---- Total diluted
earnings per share $1.64 $1.06 $3.01 $2.26 ===== ===== ===== =====
Universal Health Services, Inc. -------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
------------------------------------- For the three months ended
June 30, 2009 and 2008
------------------------------------------------- (in thousands,
except per share amounts) (unaudited) Three months ended Three
months ended June 30, 2009 June 30, 2008 -------------
------------- Net revenues $1,303,640 100.0% $1,262,577 100.0%
Operating charges: Salaries, wages and benefits 541,950 41.6%
528,081 41.8% Other operating expenses 232,894 17.9% 259,313 20.5%
Supplies expense 176,411 13.5% 174,264 13.8% Provision for doubtful
accounts 120,670 9.3% 120,646 9.6% ------- --- ------- ---
1,071,925 82.2% 1,082,304 85.7% --------- ---- --------- ----
Operating income/ margin 231,715 17.8% 180,273 14.3% Lease and
rental expense 17,587 17,866 Income from continuing operations
attributable to minority interests 13,084 11,427 ------ ------
Earnings before, depreciation and amortization, interest expense,
and income taxes ("EBITDA") 201,044 150,980 Depreciation and
amortization 51,085 47,336 Interest expense, net 11,879 13,249
------ ------ Income before income taxes 138,080 90,395 Provision
for income taxes 57,187 35,205 ------ ------ Income from continuing
operations attributable to UHS 80,893 55,190 Loss from discontinued
operations, net of income taxes - (950) ------- ------- Net income
attributable to UHS $80,893 $54,240 ======= ======= Three months
ended Three months ended June 30, 2009 June 30, 2008 -------------
------------- Per Per Diluted Diluted Amount Share Amount Share
------ ------- ------ ------- Calculation of Adjusted Income from
Continuing Operations Attributable to UHS -----------------------
Income from continuing operations attributable to UHS $80,893 $1.64
$55,190 $1.08 Plus/minus adjustments: Reduction of reserve for
professional and general liability self-insured claims, net of
income taxes (14,168) (0.29) - - Unfavorable discrete tax item
4,331 0.09 Subtotal after-tax adjustments to income from continuing
operations attributable ----- ---- ---- ---- to UHS (9,837) (0.20)
- - ----- ---- ---- ---- Adjusted income from continuing operations
attributable to UHS $71,056 $1.44 $55,190 $1.08 ======= =====
======= ===== Calculation of Adjusted Net Income Attributable to
UHS -------------------------- Net income attributable to UHS
$80,893 $1.64 $54,240 $1.06 After-tax adjustments to income from
continuing operations attributable to UHS, as indicated above
(9,837) (0.20) - - ----- ---- ---- ---- Adjusted net income
attributable to UHS $71,056 $1.44 $54,240 $1.06 ======= =====
======= ===== Universal Health Services, Inc.
------------------------------- Schedule of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental
Schedule") ------------------------------------- For the six months
ended June 30, 2009 and 2008
----------------------------------------------- (in thousands,
except per share amounts) (unaudited) Six months ended Six months
ended June 30, 2009 June 30, 2008 ------------- ------------- Net
revenues $2,616,059 100.0% $2,540,553 100.0% Operating charges:
Salaries, wages and benefits 1,083,247 41.4% 1,069,656 42.1% Other
operating expenses 506,115 19.3% 507,958 20.0% Supplies expense
350,378 13.4% 353,503 13.9% Provision for doubtful accounts 239,648
9.2% 240,443 9.5% ------- --- ------- --- 2,179,388 83.3% 2,171,560
85.5% --------- ---- --------- ---- Operating income/ margin
436,671 16.7% 368,993 14.5% Lease and rental expense 34,659 35,421
Income from continuing operations attributable to minority
interests 27,577 24,706 ------ ------ Earnings before, depreciation
and amortization, interest expense, and income taxes ("EBITDA")
374,435 308,866 Depreciation and amortization 102,219 94,079
Interest expense, net 24,517 26,728 ------ ------ Income before
income taxes 247,699 188,059 Provision for income taxes 99,265
72,816 ------ ------ Income from continuing operations attributable
to UHS 148,434 115,243 Income from discontinued operations, net of
income taxes - 660 ---- --- Net income attributable to UHS $148,434
$115,903 ======== ======== Six months ended Six months ended June
30, 2009 June 30, 2008 ------------- ------------- Per Per Amount
Diluted Share Amount Diluted Share ------ ------------- ------
------------- Calculation of Adjusted Income from Continuing
Operations Attributable to UHS ----------------------- Income from
continuing operations attributable to UHS $148,434 $3.01 $115,243
$2.25 Plus/minus adjustments: Reduction of reserve for professional
and general liability self-insured claims, net of income taxes
(14,168) (0.29) - - Unfavorable discrete tax item 4,331 0.09
Subtotal after- tax adjustments to income from continuing
operations attributable to UHS (9,837) (0.20) - - ----- ---- ----
---- Adjusted income from continuing operations attributable to UHS
$138,597 $2.81 $115,243 $2.25 ======== ===== ======== =====
Calculation of Adjusted Net Income Attributable to UHS
----------------------- Net income attributable to UHS $148,434
$3.01 $115,903 $2.26 After-tax adjustments to income from
continuing operations attributable to UHS, as indicated above
(9,837) (0.20) - - ------ ----- ---- ----- Adjusted net income
attributable to UHS $138,597 $2.81 $115,903 $2.26 ======== =====
======== ===== Universal Health Services, Inc.
------------------------------- Condensed Consolidated Balance
Sheets ------------------------------------- (in thousands,
unaudited) (unaudited) June 30, December 31, 2009 2008 ---- ----
Assets Current assets: Cash and cash equivalents $10,623 $5,460
Accounts receivable, net 605,870 625,437 Supplies 78,885 76,043
Other current assets 31,182 26,375 Deferred income taxes 38,933
34,522 Current assets held for sale 21,580 21,580 ------ ------
Total current assets 787,073 789,417 ------- ------- Property and
equipment 3,549,211 3,355,974 Less: accumulated depreciation
(1,345,692) (1,255,682) ---------- ---------- 2,203,519 2,100,292
--------- --------- Other assets: Goodwill 733,887 732,937 Deferred
charges 10,318 10,428 Other 102,079 109,388 ------- -------
$3,836,876 $3,742,462 ========== ========== Liabilities and
Stockholders' Equity Current liabilities: Current maturities of
long-term debt $8,730 $8,708 Accounts payable and accrued
liabilities 561,471 542,008 Federal and state taxes 16,098 10,409
------ ------ Total current liabilities 586,299 561,125 -------
------- Other noncurrent liabilities 389,572 407,652 Long-term debt
913,148 990,661 Deferred income taxes 19,806 12,439 UHS common
stockholders' equity 1,677,996 1,543,850 Minority interest 250,055
226,735 ------- ------- Total equity 1,928,051 1,770,585 ----------
---------- $3,836,876 $3,742,462 ========== ========== Universal
Health Services, Inc. ------------------------------- Consolidated
Statements of Cash Flows ------------------------------------- (in
thousands) (unaudited) Six months ended June 30, --------------
2009 2008 ---- ---- Cash Flows from Operating Activities: Net
income attributable to UHS $148,434 $115,903 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation & amortization 102,219 95,379 Changes in assets
& liabilities, net of effects from acquisitions and
dispositions: Accounts receivable 4,392 (74,863) Construction
management and other receivable 21,003 (8,016) Accrued interest 106
811 Accrued and deferred income taxes 7,934 3,288 Other working
capital accounts (1,499) 18,331 Other assets and deferred charges
3,844 15,821 Other 3,327 5,410 Minority interest in earnings of
consolidated entities, net of distributions 23,320 13,307 Accrued
insurance expense, net of commercial premiums paid 13,323 38,743
Payments made in settlement of self-insurance claims (29,823)
(25,648) ------- ------- Net cash provided by operating activities
296,580 198,466 ------- ------- Cash Flows from Investing
Activities: Property and equipment additions, net of disposals
(183,248) (156,062) Acquisition of property and business (9,006) -
Proceeds received from sale of assets - 2,235 Settlement proceeds
received related to prior year acquisitions, net of expenses -
1,539 Investment in joint-venture - (2,095) - ------ Net cash used
in investing activities (192,254) (154,383) -------- -------- Cash
Flows from Financing Activities: Reduction of long-term debt
(77,356) (109,727) Additional borrowings 170 150,155 Repurchase of
common shares (15,437) (89,816) Dividends paid (7,890) (8,096)
Issuance of common stock 1,350 1,151 Capital contributions from
minority member - 2,107 - ----- Net cash used in financing
activities (99,163) (54,226) ------- ------- Increase (decrease) in
cash and cash equivalents 5,163 (10,143) Cash and cash equivalents,
beginning of period 5,460 16,354 ----- ------ Cash and cash
equivalents, end of period $10,623 $6,211 ======= ======
Supplemental Disclosures of Cash Flow Information: Interest paid
$28,723 $29,335 ======= ======= Income taxes paid, net of refunds
$90,942 $70,269 ======= ======= Universal Health Services, Inc.
Supplemental Statistical Information (un-audited) % Change % Change
Quarter Ended 6 months ended Same Facility: 6/30/2009 6/30/2009
------------- --------- --------- Acute Care Hospitals
-------------------- Revenues 2.9% 1.9% Adjusted Admissions 3.1%
1.5% Adjusted Patient Days 0.9% -0.2% Revenue Per Adjusted
Admission -0.2% 0.3% Revenue Per Adjusted Patient Day 2.0% 2.0%
Behavioral Health Hospitals --------------------------- Revenues
4.0% 3.4% Adjusted Admissions 1.0% 0.7% Adjusted Patient Days 0.5%
-0.7% Revenue Per Adjusted Admission 3.0% 2.6% Revenue Per Adjusted
Patient Day 3.5% 4.2% UHS Consolidated Second Quarter Ended Six
months Ended ---------------- -------------------- ----------------
6/30/2009 6/30/2008 6/30/2009 6/30/2008 --------- ---------
--------- --------- Revenues $1,303,640 $1,262,577 $2,616,059
$2,540,553 EBITDA (1) 178,244 150,980 351,635 308,866 EBITDA Margin
(1) 13.7% 12.0% 13.4% 12.2% Cash Flow From Operations 144,578
66,790 296,580 198,466 Days Sales Outstanding 42 51 41 50 Capital
Expenditures 105,029 74,311 183,248 156,062 Debt 921,878 1,053,305
Shareholders Equity 1,677,996 1,544,474 Debt / Total Capitalization
35.5% 40.5% Debt / EBITDA (2) 1.67 1.96 Debt / Cash From Operations
(2) 2.06 2.71 Acute Care EBITDAR Margin (3) 16.8% 14.7% 17.2% 15.5%
Behavioral Health EBITDAR Margin (3) 25.8% 24.3% 25.0% 23.7% (1)
Net of Minority Interest and before prior year self insurance
reserve adjustment booked in 2009 (2) Latest 4 quarters (3) Before
Corporate overhead allocation, minority interest and prior year
self insurance reserve adjustment booked in 2009 UNIVERSAL HEALTH
SERVICES, INC. SELECTED HOSPITAL STATISTICS FOR THE THREE MONTHS
ENDED JUNE 30, 2009 AS REPORTED: ------------ ACUTE (1) BEHAVIORAL
HEALTH 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- --------- -------- -------- --------- Hospitals
owned and leased 21 21 0.0% 83 83 0.0% Average licensed beds 5,465
5,453 0.2% 7,857 7,668 2.5% Patient days 289,661 291,892 -0.8%
529,536 530,769 -0.2% Average daily census 3,183.1 3,207.6 -0.8%
5,819.1 5,832.6 -0.2% Occupancy- licensed beds 58.2% 58.8% -1.0%
74.1% 76.1% -2.6% Admissions 65,946 4,991 1.5% 34,059 32,560 4.6%
Length of stay 4.4 4.5 -2.2% 15.5 16.3 -4.6% Inpatient revenue
$2,469,774 $2,300,755 7.3% $524,246 $489,317 7.1% Outpatient
revenue 1,047,095 924,984 13.2% 72,513 65,335 11.0% Total patient
revenue 3,516,869 3,225,739 9.0% 596,759 554,652 7.6% Other revenue
19,102 19,541 -2.2% 8,342 9,893 -15.7% Gross hospital revenue
3,535,971 3,245,280 9.0% 605,101 564,545 7.2% Total deductions
2,583,393 2,319,649 11.4% 272,512 247,229 10.2% Net hospital
revenue $952,578 $925,631 2.9% $332,589 $317,316 4.8% SAME
FACILITY: -------------- ACUTE (1) BEHAVIORAL HEALTH (2) 06/30/09
06/30/08 % change 06/30/09 06/30/08 % change -------- --------
--------- -------- -------- --------- Hospitals owned and leased 21
21 0.0% 79 79 0.0% Average licensed beds 5,465 5,453 0.2% 7,611
7,477 1.8% Patient days 289,644 291,883 -0.8% 521,721 516,562 1.0%
Average daily census 3,182.9 3,207.5 -0.8% 5,733.2 5,676.5 1.0%
Occupancy- licensed beds 58.2% 58.8% -1.0% 75.3% 75.9% -0.8%
Admissions 65,946 64,991 1.5% 32,983 32,502 1.5% Length of stay 4.4
4.5 -2.2% 15.8 15.9 -0.5% (1) Acute care hospitals located in New
Orleans and Central Montgomery Medical Center are excluded in
current and prior years. (2) Centennial Peaks, Central Florida,
Coastal Behavioral, Summit Ridge Hospital, Broad Horizons,
Highlander RTC, Midwest Youth, Vista Group Homes and Shenandoah
Valley are excluded incurrent and prior years. UNIVERSAL HEALTH
SERVICES, INC. SELECTED HOSPITAL STATISTICS FOR THE SIX MONTHS
ENDED JUNE 30, 2009 AS REPORTED: ------------ ACUTE (1) BEHAVIORAL
HEALTH 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- -------- -------- -------- -------- Hospitals
owned and leased 21 21 0.0% 83 83 0.0% Average licensed beds 5,465
5,453 0.2% 7,826 7,632 2.5% Patient days 596,950 606,142 -1.5%
1,042,470 1,060,724 -1.7% Average daily census 3,279.9 3,330.5
-1.5% 5,727.9 5,828.2 -1.7% Occupancy- licensed beds 60.0% 61.1%
-1.7% 73.2% 76.4% -4.2% Admissions 134,144 133,947 0.1% 68,020
65,442 3.9% Length of stay 4.5 4.5 -1.7% 15.3 16.2 -5.4% Inpatient
revenue $5,049,913 $4,740,040 6.5% $1,027,927 $978,050 5.1%
Outpatient revenue 2,042,794 1,830,400 11.6% 140,641 131,923 6.6%
Total patient revenue 7,092,707 6,570,440 7.9% 1,168,568 1,109,973
5.3% Other revenue 36,777 37,714 -2.5% 16,251 18,051 -10.0% Gross
hospital revenue 7,129,484 6,608,154 7.9% 1,184,819 1,128,024 5.0%
Total deductions 5,217,192 4,731,254 10.3% 530,077 497,850 6.5% Net
hospital revenue $1,912,292 $1,876,900 1.9% $654,742 $630,174 3.9%
SAME FACILITY: -------------- ACUTE (1) BEHAVIORAL HEALTH (2)
06/30/09 06/30/08 % change 06/30/09 06/30/08 % change --------
-------- --------- -------- -------- --------- Hospitals owned and
leased 21 21 0.0% 79 79 0.0% Average licensed beds 5,465 5,453 0.2%
7,596 7,441 2.1% Patient days 596,920 606,133 -1.5% 1,028,876
1,030,793 -0.2% Average daily census 3,297.9 3,330.4 -1.0% 5,684.4
5,663.7 0.4% Occupancy- licensed beds 60.3% 61.1% -1.2% 74.8% 76.1%
-1.7% Admissions 134,144 133,947 0.1% 66,136 65,287 1.3% Length of
stay 4.4 4.5 -1.7% 15.6 15.8 -1.5% (1) Acute care hospitals located
in New Orleans and Central Montgomery Medical Center are excluded
in current and prior years. (2) Centennial Peaks, Central Florida,
Coastal Behavioral, Summit Ridge Hospital, Broad Horizons,
Highlander RTC, Midwest Youth, Vista Group Homes and Shenandoah
Valley are excluded incurrent and prior years. DATASOURCE:
Universal Health Services, Inc. CONTACT: Steve Filton, Chief
Financial Officer of Universal Health Services, Inc.,
+1-610-768-3300
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