EDINA, Minn.--(BUSINESS WIRE)-- Universal Hospital Services, Inc. (“UHS”), a leading provider of medical equipment management and service solutions, today announced financial results for the quarter and six months ended June 30, 2011.
Total revenues were $91.1 million for the second quarter of 2011, representing a $14.4 million or 18.7% increase from total revenues of $76.7 million for the same period of 2010. Revenues for the first six months of 2011 totaled $173.8 million, representing a $16.9 million or 10.8% increase from $156.9 million for the same comparable period of 2010.
Net loss for the quarter was $1.4 million, compared to a net loss of $5.1 million for the same quarter last year. For the first six months, UHS reported a net loss of $7.6 million versus net loss of $7.4 million for the same period of 2010.
Second quarter Adjusted EBITDA was $32.2 million, representing a $3.6 million or 12.6% increase from $28.6 million for the same period of 2010. Adjusted EBITDA for the first six months of 2011 was $63.5 million, representing a $2.8 million, or 4.6% increase from $60.7 million for the same period of 2010.
UHS' Chairman and CEO, Gary Blackford, commented on the outlook for 2011 and beyond, "UHS has successfully completed the acquisition of Emergent Group which expands our market presence into mobile surgical lasers and equipment. We continue to expect 2011 to be a year of significant investment in our business as we look to accelerate growth in the years to come."
UHS will hold its quarterly conference call to discuss 2011 second quarter results on Friday, August 12, 2011 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time).
To participate, call (877) 586-2667 and advise the operator you would like to participate in the UHS Second Quarter 2011 Call with Gary Blackford. A recording of this call will be available from 11:30 a.m. Eastern Time on August 12, 2011 through midnight Eastern Time on August 19, 2011 by calling (855) 859-2056; enter conference ID 90653843.
UHS will also use a slide presentation to facilitate the conference call discussion. A copy of the presentation may be obtained via the company's website at www.uhs.com in the “Who We Are” section. From this section, select “Financials” then “Presentations.”
About Universal Hospital Services, Inc.
Universal Hospital Services, Inc. is a leading nationwide provider of medical equipment management and service solutions to the health care industry. UHS manages more than 580,000 pieces of medical equipment for over 8,650 clients in all 50 states. For more than 70 years, UHS has delivered management and service solutions that help clients reduce costs, increase operating efficiencies, improve caregiver satisfaction and support optimal patient outcomes.
Universal Hospital Services, Inc.
7700 France Avenue South, Suite 275
Edina, MN 55435
Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) before management and board fees, stock option expense, ASC 805 impact, loss on extinguishment of debt and transaction and related costs, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and are not representative of funds available for discretionary use due to UHS' financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of UHS' debt covenant calculations, and Adjusted EBITDA is included because UHS' financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the company's ability to service its long-term obligations, the company's ability to fund continuing growth, and the company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below.
|$ in Millions||2nd Quarter||June YTD||LTM Q2|
|Net Cash provided by Operating Activities||$||11.8||$||5.9||$||42.2||$||31.1||$||65.1|
|Changes in Operating Assets and Liabilities||4.8||5.9||(5.2||)||1.0||4.1|
|Other and Non-Cash Expenses||1.3||11.0||1.5||7.2||(5.8||)|
|Income Tax Expense||(2.6||)||(7.5||)||(3.9||)||(7.3||)||(1.7||)|
|Management, Board & Strategic Fees||0.9||2.4||1.4||4.0||5.0|
|Stock Option Expense||0.3||1.1||0.7||2.2||8.8|
|ASC 805 Impact||0.2||0.7||0.6||0.9||1.4|
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Universal Hospital Services, Inc., believes statements in this presentation looking forward in time involve risks and uncertainties. The following factors, among others, could adversely affect our business, operations and financial condition causing our actual results to differ materially from those expressed in any forward-looking statements: our history of net losses and substantial interest expense; our need for substantial cash to operate and expand our business as planned; our substantial outstanding debt and debt service obligations; restrictions imposed by the terms of our debt; a decrease in the number of patients our customers are serving; our ability to effect change in the manner in which healthcare providers traditionally procure medical equipment; the absence of long-term commitments with customers; our ability to renew contracts with group purchasing organizations and integrated delivery networks; changes in reimbursement rates and policies by third-party payors; the impact of health care reform initiatives; the impact of significant regulation of the health care industry and the need to comply with those regulations; the effect of prolonged negative changes in domestic and global economic conditions; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; additional credit risks in increasing business with home care providers and nursing homes, impacts of equipment product recalls or obsolescence; increases in vendor costs that cannot be passed through to our customers; and other Risk Factors as detailed in our annual report on Form 10-K for the year ended December 31, 2010, as well as our other filings with the Securities and Exchange Commission.
Universal Hospital Services, Inc.
Rex Clevenger, 952-893-3254
Executive Vice President and Chief Financial Officer
KEYWORDS: United States North America Minnesota
INDUSTRY KEYWORDS: Practice Management Health Hospitals Medical Devices Medical Supplies Managed Care