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Article Excerpt
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. 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...
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