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Universal Health Services, Inc. Reports 2010 Fourth Quarter and Full Year Earnings Per Diluted Share and 2011 Earnings Guidance
Consolidated Results of Operations, As Reported - Three-month periods ended December 31, 2010 and 2009:

KING OF PRUSSIA, Pa., Feb. 28, 2011 /PRNewswire via COMTEX/ --

Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $37.2 million, or $.38 per diluted share, during the fourth quarter of 2010 as compared to $60.9 million, or $.62 per diluted share, during the comparable prior year quarter. Net revenues increased 21% to $1.56 billion during the fourth quarter of 2010 as compared to $1.29 billion during the fourth quarter of 2009. The increase in net revenues during the fourth quarter of 2010, as compared to the comparable quarter of the prior year, was due primarily to the revenues generated at the behavioral health care facilities acquired from Psychiatric Solutions, Inc. ("PSI") in November, 2010, as discussed below.

Consolidated Results of Operations, As Reported - Years ended December 31, 2010 and 2009:

Reported net income attributable to UHS was $230.2 million, or $2.34 per diluted share, during the year ended December 31, 2010 as compared to $260.4 million, or $2.64 per diluted share, during 2009. Net revenues increased 7% to $5.57 billion during 2010 as compared to $5.20 billion during 2009.

Consolidated Results of Operations, As Adjusted - Three-month periods ended December 31, 2010 and 2009:

After adjusting the reported results for the three-month periods ended December 31, 2010 and 2009 to neutralize the net impact of the items mentioned below, and as reflected on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedules"), our adjusted net income attributable to UHS was $57.5 million, or $.58 per diluted share, during the fourth quarter of 2010 as compared to $56.5 million, or $.57 per diluted share, during the fourth quarter of 2009. Included in the reported and adjusted net income attributable to UHS during the fourth quarter of 2009 was $3.4 million, or $.03 per diluted share, recorded in connection with the completion of a hospital construction management contract.

As indicated on the attached Supplemental Schedules, included in our net income attributable to UHS during the three-month period ended December 31, 2010, was a net charge of $20.4 million, or $.20 per diluted share, consisting of: (i) the unfavorable after-tax impact of $24.9 million, or $.25 per diluted share, resulting from the recording of transaction fees incurred in connection with our acquisition of PSI; (ii) the unfavorable after-tax impact of $9.2 million, or $.09 per diluted share, resulting from the charge incurred in connection with the previously disclosed split-dollar life insurance agreements; (iii) the unfavorable after-tax impact of $4.1 million, or $.04 per diluted share, resulting from the write-off of certain construction costs, partially offset by; (iv) the favorable after-tax impact of $17.9 million, or $.18 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2010 based upon a reserve analysis.

As indicated on the attached Supplemental Schedule, included in our reported net income attributable to UHS during the three-month period ended December 31, 2009, was a favorable after-tax impact of $4.4 million, or $.05 per diluted share, resulting from a reduction to our workers' compensation self-insurance reserves relating primarily to years prior to 2009 based upon a reserve analysis.

Consolidated Results of Operations, As Adjusted - Years ended December 31, 2010 and 2009:

After adjusting the reported results for the years ended December 31, 2010 and 2009 to neutralize the impact of the items mentioned below, and as reflected on the attached Supplemental Schedule, our adjusted net income attributable to UHS was $249.8 million, or $2.54 per diluted share, during 2010 as compared to $246.2 million, or $2.49 per diluted share, during 2009.

As indicated on the attached Supplemental Schedules, included in our net income attributable to UHS during the year ended December 31, 2010, was a net charge of $19.6 million, or $.20 per diluted share, consisting of: (i) the unfavorable after-tax impact of $38.7 million, or $.39 per diluted share, resulting from the recording of transaction fees incurred in connection with our acquisition of PSI; (ii) the unfavorable after-tax impact of $9.2 million, or $.09 per diluted share, resulting from the charge incurred in connection with split-dollar life insurance agreements; (iii) the unfavorable after-tax impact of $4.1 million, or $.04 per diluted share, resulting from the write-off of certain construction costs, partially offset by; (iv) the favorable after-tax impact of $28.1 million, or $.28 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2010 based upon a reserve analysis, and; (v) a favorable discrete tax item $4.3 million, or $.04 per diluted share, related to the estimated non-deductible portion of the South Texas Health System settlement with the government based upon the final agreement.

As indicated on the attached Supplemental Schedule, included in our reported net income attributable to UHS during the year ended December 31, 2009, was a combined net favorable impact of $14.2 million, or $.15 per diluted share, resulting from: (i) the favorable after-tax adjustment of $4.4 million, or $.05 per diluted share, resulting from a reduction to our workers' compensation self-insurance reserves relating primarily to years prior to 2009 based upon a reserve analysis; (ii) the favorable after-tax adjustment of $14.2 million, or $.14 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; (iii) an unfavorable discrete tax item of $4.3 million, or $.04 per diluted share, related to the estimated non-deductible portion of the South Texas Health System settlement with the government.

"For the last two years, the overall weakness in the economy has created a very challenging operating environment," said Alan B. Miller, Chief Executive Officer. "We look to 2011 and beyond with renewed enthusiasm, however, as we begin to see signs of gradual recovery in a number of our markets. Additionally, we continue to be excited at the prospect of overseeing the premier behavioral health platform in the industry and look forward to the opportunities this will allow us to create over the course of the next several years."

The PSI Acquisition:

In November, 2010, we completed the acquisition of Psychiatric Solutions Inc. ("PSI") for a total purchase price of $3.04 billion consisting of $1.96 billion in cash plus the assumption of approximately $1.08 billion of PSI's debt, the majority of which has since been refinanced. PSI was formerly the largest operator of freestanding inpatient behavioral health care facilities operating a total of 105 inpatient and outpatient facilities in 32 states, Puerto Rico, and the U.S. Virgin Islands.

Acute Care Services - Three-month periods ended December 31, 2010 and 2009:

At our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) were relatively unchanged while adjusted patient days increased 0.3% during the fourth quarter of 2010, as compared to the fourth quarter of 2009. Net revenues at these facilities increased 2.3% during the fourth quarter of 2010 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 2.4% while net revenue per adjusted patient day increased 2.0% during the fourth quarter of 2010 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, excluding the items indicated on the Supplemental Schedules) at our acute care hospitals increased to 14.4% during the fourth quarter of 2010 as compared to 13.5% during the fourth quarter of 2009. The increased operating margin for our acute care facilities during the fourth quarter of 2010, as compared to the comparable quarter of the prior year, was due primarily to improvements in the operating environments of several of our local markets, including Las Vegas, Nevada.

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 $208 million and $162 million during the three-month periods ended December 31, 2010 and 2009, respectively.

Acute Care Services - Years ended December 31, 2010 and 2009:

During the year ended December 31, 2010, on a same facility basis, adjusted admissions to our acute care facilities increased 1.3% while adjusted patient days increased 0.7%, as compared to 2009. Net revenues at our acute care facilities increased 2.4% during 2010 as compared to 2009. At these facilities, net revenue per adjusted admission increased 1.0% while net revenue per adjusted patient day increased 1.7% during 2010 as compared to 2009. On a same facility basis, the operating margin at our acute care hospitals decreased to 14.5% during 2010 as compared to 15.3% during 2009.

Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $807 million and $671 million during 2010 and 2009, respectively.

Behavioral Health Care Services - Three-month periods ended December 31, 2010 and 2009:

At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 5.1% while adjusted patient days decreased 0.4% during the fourth quarter of 2010 as compared to the fourth quarter of 2009. Net revenues at these facilities increased 5.9% during the fourth quarter of 2010 as compared to the comparable quarter in the prior year. At these facilities, net revenue per adjusted admission increased 0.4% while net revenue per adjusted patient day increased 5.9% during the fourth quarter of 2010 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods decreased to 24.0% during the fourth quarter of 2010 as compared to 24.6% during the fourth quarter of 2009.

Behavioral Health Care Services - Years ended December 31, 2010 and 2009:

During the year ended December 31, 2010, on a same facility basis, adjusted admissions to our behavioral health care facilities increased 4.2% while adjusted patient days increased 1.7%, as compared to 2009. Net revenues at our behavioral health care facilities increased 6.0% during 2010 as compared to 2009. At these facilities, net revenue per adjusted admission increased 1.4% while net revenue per adjusted patient day increased 3.9% during 2010 as compared to 2009. On a same facility basis, the operating margin at our behavioral health facilities increased to 26.0% during 2010 as compared to 24.9% during 2009.

2011 Full Year Guidance:

Our estimated range of earnings per diluted share attributable to UHS for the year ended December 31, 2011 is $3.50 to $3.65 on projected net revenues of $7.6 billion to $7.7 billion.

This guidance range is based upon the operating trends and financial results experienced during 2010 and include the projected results for the facilities acquired by us from PSI in November, 2010. This guidance range excludes the impact of items, if applicable, 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 our 2011 financial statements that relate to prior periods. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.

Conference Call Information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on March 1, 2011. 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 March 1, 2011 and will continue through midnight on March 15, 2011. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 39875831. This call will also be available live over the internet at our web site at www.uhsinc.com. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents at 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 and the U.S. Virgin Islands. 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, 2010), 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 net income attributable to UHS, adjusted net income attributable to UHS 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, 2010. 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.

(more)

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)





Three months


Twelve months


ended December 31,


ended December 31,


2010


2009


2010


2009









Net revenues

$1,559,453


$1,291,211


$5,568,185


$5,202,379









Operating charges:








Salaries, wages and benefits

707,882


562,931


2,423,102


2,204,422

Other operating expenses

272,873


235,016


1,005,288


994,923

Supplies expense

189,327


177,219


733,093


699,249

Provision for doubtful accounts

144,288


127,869


546,909


508,603

Depreciation and amortization

60,849


51,279


223,915


204,703

Lease and rental expense

22,413


18,035


76,961


69,947

Transaction costs

31,105


0


53,220


0


1,428,737


1,172,349


5,062,488


4,681,847









Income from operations

130,716


118,862


505,697


520,532








45,810

Interest expense, net

41,468


10,513


77,600


45,810









Income before income taxes

89,248


108,349


428,097


474,722









Provision for income taxes

38,432


39,167


152,302


170,475









Net income

50,816


69,182


275,795


304,247









Less: Income attributable to








noncontrolling interests

13,634


8,317


45,612


43,874









Net income attributable to UHS

$37,182


$60,865


$230,183


$260,373

















































Basic earnings per share attributable to UHS (a)

$0.38


$0.62


$2.37


$2.65









Diluted earnings per share attributable to UHS (a)

$0.38


$0.62


$2.34


$2.64

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)







Three months


Twelve months


ended December 31,


ended December 31,


2010


2009


2010


2009









(a) Earnings per share calculation:
















Basic and diluted:








Net income attributable to UHS

$37,182


$60,865


$230,183


$260,373

Less: Net income attributable to unvested restricted share grants

(92)


(234)


(918)


(1,146)

Net income attributable to UHS - basic and diluted

$37,090


$60,631


$229,265


$259,227









Weighted average number of common shares - basic

97,125


97,290


96,786


97,794









Basic earnings per share attributable to UHS:

$0.38


$0.62


$2.37


$2.65









Weighted average number of common shares

97,125


97,290


96,786


97,794

Add: Other share equivalents

1,328


790


1,187


481

Weighted average number of common shares and equiv. - diluted

98,453


98,080


97,973


98,275









Diluted earnings per share attributable to UHS:

$0.38


$0.62


$2.34


$2.64

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule")

For the three months ended December 31, 2010 and 2009

(in thousands, except per share amounts)

(unaudited)



Three months ended


Three months ended


December 31, 2010


December 31, 2009

















Net revenues

$1,559,453


100.0%


$1,291,211


100.0%









Operating charges:








Salaries, wages and benefits

707,882


45.4%


562,931


43.6%

Other operating expenses

272,873


17.5%


235,016


18.2%

Supplies expense

189,327


12.1%


177,219


13.7%

Provision for doubtful accounts

144,288


9.3%


127,869


9.9%


1,314,370


84.3%


1,103,035


85.4%









Operating income/margin

245,083


15.7%


188,176


14.6%









Lease and rental expense

22,413




18,035



Income attributable to noncontrolling interests

13,634




8,317











Earnings before, depreciation and amortization, interest expense, and income taxes

209,036




161,824











Depreciation and amortization

60,849




51,279



Interest expense, net

41,468




10,513



Transaction costs

31,105




0











Income before income taxes

75,614




100,032











Provision for income taxes

38,432




39,167



Net income attributable to UHS

$37,182




$60,865












Three months ended


Three months ended


December 31, 2010


December 31, 2009




Per




Per


Amount


Diluted Share


Amount


Diluted Share

Calculation of Adjusted Net Income Attributable to UHS








Net income attributable to UHS

$37,182


$0.38


$60,865


$0.62

Plus/minus adjustments:








Acquisition transaction costs, net of income taxes

24,933


0.25


-


-

Reduction of reserves relating to prior years for professional and general liability








self-insured claims, net of income taxes

(17,915)


(0.18)


-


-

Write-off certain construction costs, net of income taxes

4,133


0.04


-


-

Charge recorded in connection with split-dollar life insurance agreements

9,207


0.09


-


-

Reduction of reserves relating to prior years for workers' compensation








self-insured claims, net of income taxes

-


-


(4,350)


(0.05)

Subtotal after-tax adjustments to net income attributable to UHS

20,358


0.20


(4,350)


(0.05)

Adjusted net income attributable to UHS

$57,540


$0.58


$56,515


$0.57

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule")

For the twelve months ended December 31, 2010 and 2009

(in thousands, except per share amounts)

(unaudited)



Twelve months ended


Twelve months ended


December 31, 2010


December 31, 2009

















Net revenues

$5,568,185


100.0%


$5,202,379


100.0%









Operating charges:








Salaries, wages and benefits

2,423,102


43.5%


2,204,422


42.4%

Other operating expenses

1,005,288


18.1%


994,923


19.1%

Supplies expense

733,093


13.2%


699,249


13.4%

Provision for doubtful accounts

546,909


9.8%


508,603


9.8%


4,708,392


84.6%


4,407,197


84.7%









Operating income/margin

859,793


15.4%


795,182


15.3%









Lease and rental expense

76,961




69,947



Income attributable to noncontrolling interests

45,612




43,874











Earnings before, depreciation and amortization, interest expense, and income taxes

737,220




681,361











Depreciation and amortization

223,915




204,703



Interest expense, net

77,600




45,810



Transaction costs

53,220




0











Income before income taxes

382,485




430,848











Provision for income taxes

152,302




170,475



Net income attributable to UHS

$230,183




$260,373












Twelve months ended


Twelve months ended


December 31, 2010


December 31, 2009




Per




Per


Amount


Diluted Share


Amount


Diluted Share

Calculation of Adjusted Net Income Attributable to UHS








Net income attributable to UHS

$230,183


$2.34


$260,373


$2.64

Plus/minus adjustments:








Reduction of reserves relating to prior years for professional and general liability








self-insured claims, net of income taxes

(28,113)


(0.28)


(14,168)


(0.14)

Reduction of reserves relating to prior years for workers' compensation








self-insured claims, net of income taxes





(4,350)


(0.05)

Acquisition transaction costs, net of income taxes

38,675


0.39


-


-

Write-off certain construction costs, net of income taxes

4,133


0.04


-


-

Charge recorded in connection with split-dollar life insurance agreements

9,207


0.09


-


-

(Favorable) Unfavorable discrete tax item

(4,331)


(0.04)


4,331


0.04

Subtotal after-tax adjustments to net income attributable to UHS

19,571


0.20


(14,187)


(0.15)

Adjusted net income attributable to UHS

$249,754


$2.54


$246,186


$2.49

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)








December 31,



December 31,



2010



2009 (a)

Assets






Current assets:






Cash and cash equivalents

$

29,474


$

9,180

Accounts receivable, net


837,820



602,559

Supplies


94,330



84,272

Other current assets


130,060



27,270

Deferred income taxes


120,834



51,336

Assets of facilities held for sale


118,598



21,580

Total current assets


1,331,116



796,197







Property and equipment


4,853,972



3,738,818

Less: accumulated depreciation


(1,601,005)



(1,423,580)



3,252,967



2,315,238







Other assets:






Goodwill


2,589,914



732,685

Deferred charges


108,660



8,643

Other


245,279



111,700


$

7,527,936


$

3,964,463







Liabilities and Stockholders' Equity






Current liabilities:






Current maturities of long-term debt

$

3,449


$

2,573

Accounts payable and accrued liabilities


819,334



578,617

Liabilities of facilities held for sale


3,516



0

Federal and state taxes


0



1,627

Total current liabilities


826,299



582,817







Other noncurrent liabilities


380,649



375,580

Long-term debt


3,912,102



956,429

Deferred income taxes


173,354



60,091







Redeemable noncontrolling interest


211,761



197,152







UHS common stockholders' equity


1,978,772



1,751,071

Noncontrolling interest


44,999



41,323

Total equity


2,023,771



1,792,394








$

7,527,936


$

3,964,463













(a) Revised to reclassify $197.2 million of noncontrolling interests, which are redeemable outside of our control, from total equity to mezzanine equity. This revision did not affect UHS's common stockholders' equity. We do not believe this revision is material to the Condensed Consolidated Balance Sheet at December 31, 2009.

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)



Twelve months


ended December 31,


2010


2009



Cash Flows from Operating Activities:




Net income

$275,795


$304,247

Adjustments to reconcile net income to net




cash provided by operating activities:




Depreciation & amortization

223,997


204,703

Net gain on sale of assets and businesses

(1,993)


(1,346)

Stock-based compensation expense

16,799


13,096

Changes in assets & liabilities, net of effects from




acquisitions and dispositions:




Accounts receivable

22,726


(1,402)

Construction management and other receivable

0


29,519

Accrued interest

8,408


357

Accrued and deferred income taxes

132


14,930

Other working capital accounts

(26,437)


(18,828)

Other assets and deferred charges

11,539


6,699

Other

812


755

Accrued insurance expense, net of commercial premiums paid

19,739


44,314

Payments made in settlement of self-insurance claims

(50,173)


(55,782)

Net cash provided by operating activities

501,344


541,262





Cash Flows from Investing Activities:




Property and equipment additions, net of disposals

(239,274)


(379,748)

Acquisition of property and businesses

(1,958,298)


(12,499)

Proceeds received from sale of assets and businesses

21,460


9,770

Costs incurred for purchase and implementation of electronic health records applications

(17,971)


(7,957)

Net cash used in investing activities

(2,194,083)


(390,434)





Cash Flows from Financing Activities:




Reduction of long-term debt

(1,392,086)


(66,499)

Additional borrowings

3,266,146


26,069

Financing costs

(101,815)


0

Repurchase of common shares

(11,528)


(63,288)

Dividends paid

(19,422)


(16,706)

Issuance of common stock

3,594


3,290

Profit distributions to noncontrolling interests

(32,456)


(29,866)

Proceeds from sale of noncontrolling interest in majority owned business

600


0

Capital contributions from noncontrolling interests

0


121

Purchase of noncontrolling interest in majority owned business

0


(229)

Net cash provided by (used in) financing activities

1,713,033


(147,108)





Increase in cash and cash equivalents

20,294


3,720

Cash and cash equivalents, beginning of period

9,180


5,460

Cash and cash equivalents, end of period

$29,474


$9,180





Supplemental Disclosures of Cash Flow Information:




Interest paid

$76,900


$57,018





Income taxes paid, net of refunds

$152,088


$155,368

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)
















% Change


% Change




Quarter Ended


12 months ended

Same Facility:



12/31/2010


12/31/2010







Acute Care Hospitals






Revenues



2.3%


2.4%

Adjusted Admissions



-0.1%


1.3%

Adjusted Patient Days



0.3%


0.7%

Revenue Per Adjusted Admission



2.4%


1.0%

Revenue Per Adjusted Patient Day



2.0%


1.7%













Behavioral Health Hospitals












Revenues



5.9%


6.0%

Adjusted Admissions



5.1%


4.2%

Adjusted Patient Days



-0.4%


1.7%

Revenue Per Adjusted Admission



0.4%


1.4%

Revenue Per Adjusted Patient Day



5.9%


3.9%

UHS Consolidated

Fourth Quarter Ended


Twelve months Ended


12/31/2010


12/31/2009


12/31/2010


12/31/2009









Revenues

$1,559,453


$1,291,211


$5,568,185


$5,202,379

EBITDA (1)

209,036


161,824


737,220


681,361

EBITDA Margin (1)

13.4%


12.5%


13.2%


13.1%









Cash Flow From Operations

101,745


56,987


501,344


541,262

Days Sales Outstanding

43


43


43


42

Capital Expenditures

59,045


100,923


239,274


379,748









Total Debt





3,915,551


959,002

UHS Shareholders Equity





1,978,772


1,751,071

Total Debt / Total Capitalization





66.4%


35.4%

Total Debt / EBITDA (2)





5.31


1.41

Debt / Cash From Operations (2)





7.81


1.77

















Acute Care EBITDAR Margin (3)

14.4%


13.5%


14.5%


15.3%

Behavioral Health EBITDAR Margin (3)

21.7%


24.5%


24.6%


24.8%

























(1) Net of Minority Interest and before the items indicated on the supplemental schedules booked in 2010 and 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

DECEMBER 31, 2010



















AS REPORTED:





























ACUTE


BEHAVIORAL HEALTH



12/31/10

12/31/09

% change


12/31/10

12/31/09

% change










Hospitals owned and leased


21

21

0.0%


179

84

113.1%

Average licensed beds


5,689

5,540

2.7%


13,750

8,054

70.7%

Patient days


284,534

289,469

-1.7%


885,807

530,927

66.8%

Average daily census


3,092.8

3,146.4

-1.7%


9,628.3

5,770.9

66.8%

Occupancy-licensed beds


54.4%

56.8%

-4.3%


70.0%

71.7%

-2.3%

Admissions


64,655

66,018

-2.1%


56,940

33,614

69.4%

Length of stay


4.4

4.4

0.4%


15.6

15.8

-1.5%










Inpatient revenue


$2,794,619

$2,471,016

13.1%


$916,831

$522,505

75.5%

Outpatient revenue


1,235,850

1,018,861

21.3%


111,874

73,255

52.7%

Total patient revenue


4,030,469

3,489,877

15.5%


1,028,705

595,760

72.7%

Other revenue


19,136

17,254

10.9%


24,131

8,120

197.2%

Gross hospital revenue


4,049,605

3,507,131

15.5%


1,052,836

603,880

74.3%










Total deductions


3,076,918

2,556,636

20.4%


474,299

272,925

73.8%










Net hospital revenue


$972,687

$950,495

2.3%


$578,537

$330,955

74.8%




























SAME FACILITY:





























ACUTE


BEHAVIORAL HEALTH (1)



12/31/10

12/31/09

% change


12/31/10

12/31/09

% change










Hospitals owned and leased


21

21

0.0%


81

81

0.0%

Average licensed beds


5,689

5,540

2.7%


8,011

7,902

1.4%

Patient days


284,538

289,469

-1.7%


527,850

528,430

-0.1%

Average daily census


3,092.8

3,146.4

-1.7%


5,737.5

5,743.8

-0.1%

Occupancy-licensed beds


54.4%

56.8%

-4.3%


71.6%

72.7%

-1.5%

Admissions


64,655

66,018

-2.1%


35,431

33,607

5.4%

Length of stay


4.4

4.4

0.4%


14.9

15.7

-5.3%





































(1) Ascent, Crescent Pines and the Hope program are excluded in both current and prior years. Coastal Behavioral is included in March 1st thru year to date. Centennial Peaks is included in July 1st thru year to date. Springwoods Behavioral is included in September 1st thru year to date. Facilities acquired in acquisition of Psychiatric Solutions are excluded in current and prior years.

UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

FOR THE TWELVE MONTHS ENDED

DECEMBER 31, 2010



















AS REPORTED:





























ACUTE


BEHAVIORAL HEALTH



12/31/10

12/31/09

% change


12/31/10

12/31/09

% change










Hospitals owned and leased


21

21

0.0%


179

84

113.1%

Average licensed beds


5,689

5,484

3.7%


9,427

7,921

19.0%

Patient days


1,155,987

1,166,704

-0.9%


2,507,046

2,105,625

19.1%

Average daily census


3,167.1

3,196.4

-0.9%


6,868.6

5,768.8

19.1%

Occupancy-licensed beds


55.7%

58.3%

-4.5%


72.9%

72.8%

0.0%

Admissions


264,470

265,244

-0.3%


166,434

136,639

21.8%

Length of stay


4.4

4.4

-0.6%


15.1

15.4

-2.3%










Inpatient revenue


$10,890,171

$9,901,032

10.0%


$2,566,366

$2,075,141

23.7%

Outpatient revenue


4,771,070

4,100,427

16.4%


350,192

282,473

24.0%

Total patient revenue


15,661,241

14,001,459

11.9%


2,916,558

2,357,614

23.7%

Other revenue


71,004

70,879

0.2%


46,638

31,728

47.0%

Gross hospital revenue


15,732,245

14,072,338

11.8%


2,963,196

2,389,342

24.0%










Total deductions


11,830,430

10,261,510

15.3%


1,327,741

1,074,313

23.6%










Net hospital revenue


$3,901,815

$3,810,828

2.4%


$1,635,455

$1,315,029

24.4%




























SAME FACILITY:





























ACUTE


BEHAVIORAL HEALTH (1)



12/31/10

12/31/09

% change


12/31/10

12/31/09

% change










Hospitals owned and leased


21

21

0.0%


81

81

0.0%

Average licensed beds


5,689

5,484

3.7%


7,851

7,768

1.1%

Patient days


1,155,987

1,166,704

-0.9%


2,130,870

2,094,115

1.8%

Average daily census


3,167.1

3,196.4

-0.9%


5,838.0

5,737.3

1.8%

Occupancy-licensed beds


55.7%

58.3%

-4.5%


74.4%

73.9%

0.7%

Admissions


264,470

265,244

-0.3%


142,384

136,579

4.3%

Length of stay


4.4

4.4

-0.6%


15.0

15.3

-2.4%




























(1) Ascent, Crescent Pines and the Hope program are excluded in both current and prior years. Coastal Behavioral is included in March 1st thru year to date. Centennial Peaks is included in Jul 1st thru year to date. Springwoods Behavioral is included in September 1st thru year to date. Facilities acquired in acquisition of Psychiatric Solutions are excluded in current and prior years.

SOURCE Universal Health Services, Inc.

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