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Article Excerpt
Consolidated Results of Operations - Three-month periods ended September 30, 2009 and 2008:
KING OF PRUSSIA, Pa., Oct. 29 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. announced today that its reported net income attributable to UHS was $51.1 million, or an increase of 41% to $1.03 per diluted share, during the third quarter of 2009 as compared to $37.0 million, or $.73 per diluted share, during the comparable quarter of the prior year.
Net revenues increased 4% to $1.30 billion during the third quarter of 2009 as compared to $1.24 billion during the third quarter of 2008.
"We are extremely pleased with these solid results in an extremely challenging environment," said Alan B. Miller, Chief Executive Officer. "The continued economic weakness continues to drive higher levels of uncompensated care and pressure certain markets in particular, but the overall balance in our acute portfolio and the very steady performance of our behavioral segment has contributed to another very satisfying performance this quarter."
Consolidated Results of Operations - Nine-month periods ended September 30, 2009 and 2008:
Reported net income attributable to UHS was $199.5 million, or $4.04 per diluted share, during the nine-month period ended September 30, 2009 as compared to $152.9 million, or $2.99 per diluted share, during the comparable nine-month period of the prior year.
As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information, included in our net income attributable to UHS during the nine-month period ended September 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, as discussed below.
After adjusting the reported results for the nine-month period ended September 30, 2009 to neutralize the net favorable impact of the above-mentioned adjustments (there were no adjustments applicable to the comparable nine-month prior year period), our adjusted net income attributable to UHS was $189.7 million, or an increase of 28% to $3.84 per diluted share, during the nine-month period ended September 30, 2009, as compared to $152.9 million, or $2.99 per diluted share during the comparable nine-month period of the prior year.
Net revenues increased 3% to $3.91 billion during the nine-month period ended September 30, 2009 as compared to $3.79 billion during the comparable nine-month period of the prior year.
Acute Care Services - Three-month periods ended September 30, 2009 and 2008:
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 0.5% while patient days decreased 2.2% during the third quarter of 2009, as compared to the third quarter of 2008. Net revenues at these facilities increased 5.3% during the third quarter of 2009 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 2.6% while net revenue per adjusted patient day increased 5.5% during the third 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 13.0% during the third quarter of 2009 as compared to 11.6% during the third 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 $169 million and $154 million during the three-month periods ended September 30, 2009 and 2008, respectively.
Acute Care Services - Nine-month periods ended September 30, 2009 and 2008:
During the nine-month period ended September 30, 2009, on a same facility basis, inpatient admissions to our acute care facilities increased 0.3% while patient days decreased 1.7%, as compared to the comparable period of the prior year. Net revenues at our acute care facilities increased 3.0% during the nine-month period...
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