Universal Health Services, Inc.
Summary of Consolidated Operating Results
(in thousands, except per share amounts)
(unaudited)
| |
Three months ended
December 31, |
|
|
Twelve months ended
December 31, |
|
| |
2002 |
2001 |
% Incr |
2002 |
2001 |
% Incr |
| Net revenues |
$835,478 |
$724,162 |
15% |
$3,258,898 |
$2,840,491 |
15% |
| EBITDA (a) |
$110,711 |
$90,181 |
23% |
$434,649 |
$370,458 |
17% |
| Net income (loss): |
| Reported net income, excluding goodwill amortization, recovery of facility closure costs, provision for insurance settlements, loss on early termination of interest rate swaps and loss on early extinguishment of debt |
$42,514 |
$35,698 |
19% |
$173,985 |
$146,213 |
19% |
| Goodwill amortization (net of tax) |
— |
(3,900) |
|
— |
(15,600) |
|
| Reported net income, excluding recovery of facility closure costs, provision for insurance settlements, loss on early termination of interest rate swaps and loss on early extinguishment of debt |
$42,514 |
$31,798 |
34% |
$173,985 |
$130,613 |
33% |
| Recovery of facility closure costs (net of tax) (b) |
1,376 |
— |
|
1,376 |
— |
|
| Provision for insurance settlements (net of tax) (c) |
— |
(25,220) |
|
— |
(25,220) |
|
| Loss on early termination of interest rate swaps (net of tax) (d) |
— |
(4,643) |
|
— |
(4,643) |
|
| Loss on early extinguishment of debt (net of tax) (e) |
— |
(1,008) |
|
— |
(1,008) |
|
| Reported net income |
$43,890 |
$927 |
|
$175,361 |
$99,742 |
|
| Diluted earnings (loss) per share: |
| Reported net income, excluding goodwill amortization, recovery of facility closure costs, provision for insurance settlements, loss on early termination of interest rate swaps and loss on early extinguishment of debt |
$0.67 |
$0.56 |
20% |
$2.72 |
$2.30 |
18% |
| Goodwill amortization (net of tax) |
— |
($0.06) |
|
— |
($0.24) |
|
| Reported net income, excluding recovery of facility closure costs, provision for insurance settlements, loss on early termination of interest rate swaps and loss on early extinguishment of debt |
$0.67 |
$0.50 |
34% |
$2.72 |
$2.06 |
32% |
| Recovery of facility closure costs (net of tax) |
$0.02 |
— |
|
$0.02 |
— |
|
| Provision for insurance settlements (net of tax) |
— |
($0.38) |
|
— |
($0.38) |
|
| Loss on early termination of interest rate swaps (net of tax) |
— |
($0.07) |
|
— |
($0.07) |
|
| Loss on early extinguishment of debt (net of tax) |
— |
($0.01) |
|
— |
($0.01) |
|
| Anti-dilutive effect of assumed conversion of debentures |
— |
($0.02) |
|
— |
— |
|
| Reported net income |
$0.69 |
$0.02 |
|
$2.74 |
$1.60 |
|
(a) EBITDA is defined as income before depreciation and amortization, interest expense, recovery of facility closure costs, provision for insurance settlements, loss on early termination of interest rate swaps, loss on early extinguishment of debt and income taxes.
Below is a reconciliation of consolidated EBITDA to consolidated net income before income taxes and extraordinary charge
| Consolidated EBITDA |
$110,711 |
$90,181 |
$434,649 |
$370,458 |
| Less: Depreciation and amortization |
(34,350) |
(32,893) |
(124,794) |
(127,523) |
| Interest expense, net |
(9,248) |
(7,368) |
(34,746) |
(36,176) |
| Recovery of facility closure costs |
2,182 |
— |
2,182 |
— |
| Provision for insurance settlements |
— |
(40,000) |
— |
(40,000) |
| Gain/(losses) on foreign exchange and derivative transactions |
50 |
(7,353) |
(220) |
(8,862) |
| Consolidated income before income tax |
$69,345 |
$2,567 |
$277,071 |
$157,897 |
(b) $2.2 million pre-tax recovery of facility closure costs resulting from the fourth quarter of 2002 sale of real estate of a facility closed in a prior year.
(c) $40 million pre-tax charge to earnings recorded during the fourth quarter of 2001 to reserve for general and professional liability claims that may result from PHICO's liquidation.
(d) $7.4 million pre-tax charge recorded during the fourth quarter of 2001 resulting from the early termination of interest rate swaps.
(e) $1.6 million pre-tax charge recorded during the fourth quarter of 2001 resulting from the early extinguishment of a $135 million, 8-3/4% notes issued in 1995.
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