Universal Hospital Services, Inc. Announces 2013 Second Quarter Results

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Universal Hospital Services, Inc. Announces 2013 Second Quarter Results

MINNEAPOLIS--(BUSINESS WIRE)-- Universal Hospital Services, Inc. ("UHS"), a leading provider of medical equipment management and service solutions, today announced financial results for the quarter ended June 30, 2013.

Total revenues were $107.0 million for the second quarter of 2013, representing a $0.3 million or 0.3% increase from total revenues of $106.7 million for the same period of 2012. Revenues for the first six months of 2013 totaled $217.3 million, representing a $6.7 million or 3.2% increase from $210.6 million for same period of 2012.


Second quarter Adjusted EBITDA was $28.5 million, a 3.7% decrease from the prior year when excluding the $12.8 million of recalled equipment gains recognized in the second quarter of 2012. Adjusted EBITDA for the first six months of 2013 was $60.4 million, a 2.6% decrease from the prior year same period when excluding the $15.4 million of recalled equipment gains recognized in the first six months of 2012.

Conference Call Dial-in Information

UHS will hold its quarterly conference call to discuss 2013 second quarter results on Tuesday, August 13, 2013 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

To participate, call (855) 539-7565 and advise the operator you would like to participate in the UHS Second Quarter 2013 Earnings Conference Call. A recording of this call will be available from 2:00 p.m. Eastern Time on August 13, 2013 through September 13, 2013 by calling (855) 859-2056; enter conference ID 30156621.

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."

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. 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 consolidated net income (loss) to EBITDA and Adjusted EBITDA is included below.

               
(In millions)2nd QuarterJune YTDLTM

2013

  

2012

2013

  

2012

2013

Net income (loss) attributable to UHS*$(12.8)$2.1$(23.2)$(1.0)$(57.1)
Interest expense13.914.527.830.053.5
Provision (benefit) for income taxes0.20.20.9(3.0)1.0
Depreciation and amortization 24.7    24.0 48.8    47.6  97.9 
EBITDA*26.040.854.373.695.3
Management, board & strategic fees1.90.53.31.54.6
Loss on extinguishment of debt--1.9-14.2
Reorganization costs0.2-0.3-7.3
Stock option expense0.41.10.62.22.4
Other ASC 805 Impact -    - -    0.1  - 
Adjusted EBITDA*$28.5   $42.4$60.4   $77.4 $123.8 
 
*Includes recall gains of $0.0 and $12.8 for Q2 2013 and 2012, $0.0 and $15.4 for YTD June 2013 and 2012, and $3.2 for LTM 2013.
 

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 680,000 pieces of medical equipment for approximately 8,600 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.
6625 West 78th Street, Suite 300
Minneapolis, MN 55439
952-893-3200
www.uhs.com

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, 2012, as well as our other filings with the Securities and Exchange Commission.

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Universal Hospital Services, Inc.
James Pekarek, 952-607-3054
Executive Vice President and Chief Financial Officer

KEYWORDS:   United States  North America  Minnesota

INDUSTRY KEYWORDS:

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