On August 13, 2018, UHS announced that its holding company has entered into a definitive merger agreement with Federal Street Acquisition Corp. (FSAC) pursuant to which, FSAC and UHS will form a new, publicly traded company with a new name — Agiliti.

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CORRECTING and REPLACING Universal Hospital Services, Inc. Announces 2005 Second Quarter Results

Posted: August 9, 2005

Dateline City:
EDINA, Minn.

EDINA, Minn.–(BUSINESS WIRE)–Aug. 9, 2005–Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

UNIVERSAL HOSPITAL SERVICES, INC. ANNOUNCES 2005 SECOND QUARTER RESULTS

Universal Hospital Services, Inc., a leader in medical equipment lifecycle services, today announced financial results for the quarter and six months ended June 30, 2005.

Total revenues were $53.4 million for the second quarter of 2005, representing a $4.1 million or 8% increase from total revenues of $49.3 million for the same period of 2004. Through the first six months of 2005, revenues increased by 11% to $108.7 million.

Gross margin for the second quarter of 2005 totaled $21.8 million, representing a $0.6 million or 3% increase from total gross margin of $21.2 million for the same period of 2004. In the first six months of 2005, gross margin increased by 5% to $45.5 million.

Net loss for the quarter was $1.5 million, compared to net loss of $0.6 million for the same quarter last year. During the first six months of 2005 the company reported a net loss of $0.5 million versus net income of $0.7 million for the same period of 2004.

Second quarter EBITDA before management/board fees and SOX compliance costs was $17.4 million, representing a $0.5 million or 3% increase from $16.9 million for the same period of 2004. EBITDA before management/board fees and SOX compliance costs for the first six months of 2005 increased $1.8 million, or 5% to $37.4 million from $35.6 million for the first six months of 2004.

“The second quarter and first half results met our expectations as we experienced solid outsourcing revenues”, said Gary Blackford, President and CEO. “We have made good progress in signing new resident-based programs so far this year, and continue to build our position as the premier Equipment Lifecycle Services Company in the industry.”

UHS will hold its quarterly conference call to discuss 2005 second quarter results on Wednesday, August 10, 2005, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).

To participate, call (866) 503-1965 and advise the operator you would like to participate in the UHS 2nd Quarter Call with Gary Blackford. A taped replay of this call will be available from 12:00 p.m. Eastern Time on August 10 through 12:00 a.m. on August 17 by calling (800) 633-8284; enter reservation #21252217.

The audio-only portion of this call is being webcast by CCBN and can be accessed at the Universal Hospital Services, Inc. web site at www.uhs.com. Click on “Financials” and then on “Webcasts”. The webcast is being distributed over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center at www.earnings.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected event management site, StreetEvents (www.streetevents.com).

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 in the “Financials” section.

About Universal Hospital Services, Inc.

Based in Edina, Minnesota, Universal Hospital Services, Inc. is a leading medical equipment lifecycle services company. UHS offers comprehensive solutions that maximize utilization, increase productivity and support optimal patient care resulting in capital and operational efficiencies. UHS currently operates through more than 75 offices, serving customers in all 50 states and the District of Columbia.

  Universal Hospital Services, Inc. 7700 France Avenue S #275 Edina, MN 55435 952-893-3200 www.uhs.com 

EBITDA Reconciliation. EBITDA (before management/board fees, financing and reorganization costs, and costs related to Sarbanes Oxley compliance) and 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 is not representative of funds available for discretionary use due to the Company’s financing obligations. EBITDA, as defined by the Company, may not be calculated consistently among other companies applying similar reporting measures. 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 the Company’s debt covenant calculations, and EBITDA before management and board fees is included because the company’s financial guidance and certain compensation plans are based upon this measure. Management believes that 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 (before management/board fees, financing and reorganization costs, and costs related to Sarbanes Oxley compliance) and EBITDA is included on the attached Statements of Cash Flows.

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: UHS’ history of net losses and substantial interest expense; UHS’ need for substantial cash to operate and expand its business as planned; UHS’ substantial outstanding debt and debt service obligations; restrictions imposed by the terms of UHS’ debt; a decrease in the number of patients our customers are serving; UHS’ ability to effect change in the manner in which healthcare providers traditionally procure medical equipment; the absence of long-term commitments with customers; UHS’ 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; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; and additional credit risks in increasing business with home care providers and nursing homes. These and other risk factors are detailed in UHS’ Annual Report on Form 10K for the year ended December 31, 2004, filed with the Securities and Exchange Commission.

                    Universal Hospital Services, Inc.                          Statements of Income                         (dollars in thousands)                              (unaudited)                                 Three Months Ended   Six Months Ended                                      June 30,            June 30,                                ------------------- -------------------                                  2005      2004      2005      2004                                --------- --------- --------- ---------                                    (unaudited)         (unaudited)   Medical equipment    outsourcing                  $41,718   $38,466   $84,899   $78,354   Technical and professional    services                       7,362     6,678    14,855    11,400   Medical equipment sales &    remarketing                    4,318     4,145     8,915     8,533                                --------- --------- --------- ---------   Total revenues                 53,398    49,289   108,669    98,287    Cost of Sales   -------------   Cost of medical equipment    outsourcing                   13,235    11,414    26,472    23,061   Cost of technical and    professional services          5,703     4,672    11,148     7,887   Cost of medical equipment    sales & remarketing            3,478     2,944     7,114     6,296   Movable medical equipment    depreciation                   9,148     9,013    18,420    17,650                                --------- --------- --------- ---------   Total costs of medical    equipment outsourcing,    service and sales             31,564    28,043    63,154    54,894                                --------- --------- --------- ---------   Gross margin                   21,834    21,246    45,515    43,393   Selling, general and    administrative                15,368    14,303    30,214    27,395                                --------- --------- --------- ---------   Operating income                6,466     6,943    15,301    15,998   Interest expense                7,774     7,484    15,421    14,933                                --------- --------- --------- ---------   (Loss) income before income    taxes                         (1,308)     (541)     (120)    1,065   Provision for income taxes        214        91       421       339                                --------- --------- --------- ---------   Net (loss) income             $(1,522)    $(632)    $(541)     $726                                ========= ========= ========= ========= Additional information   EBITDA                        $16,982   $16,775   $36,478   $35,191   EBITDA as a percentage of    total revenues                  31.8%     34.0%     33.6%     35.8%   Movable medical equipment    (approximate number of units    at end of period)            156,000   147,000   156,000   149,000   Offices (at end of period)         77        76        77        76   Number of hospital    outsourcing customers (at    end of period)                 3,200     3,000     3,200     3,050   Number of total outsourcing    customers (at end of    period)                        6,350     6,050     6,350     6,200   Movable medical equipment    depreciation expense           9,148     9,013    18,420    17,650   Non-movable medical    equipment depreciation and    amortization                  $1,357      $819    $2,756    $1,539                     UNIVERSAL HOSPITAL SERVICES, INC.                             BALANCE SHEETS     (dollars in thousands except share and per share information)                              (unaudited)                                  ASSETS                                                June 30,   December 31,                                                  2005         2004                                              ------------ ------------                                                     (unaudited) Current assets:    Accounts receivable, less allowance for    doubtful accounts of $1,500      at June 30, 2005 and December 31, 2004       41,071       40,644   Inventories                                      5,473        5,229   Deferred income taxes                            2,623        2,449   Other current assets                             1,608        3,458                                              ------------ ------------      Total current assets                         50,775       51,780  Property and equipment, net:    Movable medical equipment, net                 125,436      125,987   Property and office equipment, net              10,254       10,042                                              ------------ ------------      Total property and equipment, net           135,690      136,029  Intangible assets:    Goodwill                                        37,062       37,062   Other, primarily deferred financing costs,    net                                            10,416       10,471   Other intangibles, net                          10,175       11,065                                              ------------ ------------      Total assets                               $244,118     $246,407                                              ============ ============                 LIABILITIES AND SHAREHOLDERS' DEFICIENCY  Current liabilities:    Current portion of long-term debt                 $175         $328   Accounts payable                                14,883       13,406   Accrued compensation                             6,659        9,276   Accrued interest                                 4,444        4,615   Other accrued expenses                           3,614        2,594   Book overdrafts                                    119        4,691                                              ------------ ------------      Total current liabilities                    29,894       34,910  Long-term debt, less current portion             299,676      296,974 Deferred compensation and pension                  3,743        3,644 Deferred income taxes                              4,388        3,937  Shareholders' deficiency:    Common stock, $0.01 par value; 500,000,000    shares authorized, 123,436,440.46 and     123,430,612.96 shares issued and     outstanding at June 30, 2005 and December     31, 2004, respectively                          1,234        1,234   Additional paid-in capital                         766          760   Accumulated deficit                            (92,550)     (92,010)   Deferred compensation                              (53)         (62)   Accumulated other comprehensive loss            (2,980)      (2,980)                                              ------------ ------------      Total shareholders' deficiency              (93,583)     (93,058)                                              ------------ ------------      Total liabilities and shareholders'       deficiency                                $244,118     $246,407                                              ============ ============                    Universal Hospital Services, Inc.                        Statements of Cash Flows                         (dollars in thousands)                              (unaudited)                                              Six Months Ended June 30,                                            ---------------------------                                                 2005          2004 Cash flows from operating activities:              (unaudited)    Net (loss) income                              $(541)         $726    Adjustments to reconcile net (loss)     income to net cash provided by      operating  activities:         Depreciation                             20,286        19,062         Amortization of intangibles and          deferred financing costs                 1,758           131         Provision for doubtful accounts             533           618         Provision for inventory          obsolescence                                60           110         Non-cash stock-based compensation          expense                                      9             -         Gain on sales/disposal of          equipment                                 (601)         (272)         Deferred income taxes                       277             -         Changes in operating assets and          liabilities, net of impact of          acquisitions:           Accounts receivable                      (917)       (5,105)           Inventories and other operating            assets                                 1,546        (1,512)           Accounts payable and accrued            expenses                              (1,625)        4,775                                            ------------- -------------         Net cash provided by operating          activities                              20,785        18,533                                            ------------- -------------  Cash flows from investing activities:    Movable medical equipment purchases          (17,148)      (27,130)    Property and office equipment purchases       (2,092)       (2,405)    Proceeds from disposition of movable     medical equipment                             1,328         1,714    Acquisitions                                       -       (11,391)    Other                                              -          (908)                                            ------------- -------------         Net cash used in investing          activities                             (17,912)      (40,120)                                            ------------- -------------  Cash flows from financing activities:    Proceeds under revolving credit     facility agreements                          52,455        61,589    Payments under revolving credit     facility agreements                         (49,906)      (37,161)    Payment of deferred financing cost              (856)            -    Proceeds from issuance of common stock,     net of issuance costs                             6           700    Other                                              -           (43)    Change in book overdraft                      (4,572)       (3,498)                                            ------------- -------------         Net cash (used in) provided by          financing activities                    (2,873)       21,587                                            ------------- -------------  Net change in cash and cash equivalents              $-            $-                                            ============= =============  Cash and cash equivalents at the beginning  of period                                           $-            $- Cash and cash equivalents at the end of  period                                              $-            $-  Supplemental cash flow information:         Interest paid                           $14,727       $15,142                                            ============= =============         Movable medical equipment          purchases in accounts payable           $5,241        $3,231                                            ============= =============         Income taxes paid                          $231           $29                                            ============= =============  Additional information          Net cash provided by operating          activities                             $20,785       $18,533         Changes in operating assets and          liabilities                                996         1,732         Other non-cash expenses                  (1,145)         (346)         Current income taxes                        421           339         Interest expense                         15,421        14,933                                            ------------- -------------          EBITDA                                  $36,478       $35,191                                            ============= =============                         Percent of Total Revenues    Percent Increase                                                         (Decrease)                                                                 Six                                                       Qtr 2    Months                                                         2005     2005                        Three Months     Six Months       Over   Over Six                      Ended June 30,  Ended June 30,   Qtr 2    Months                       2005    2004    2005    2004     2004     2004                     --------------- ----------------------------------  Medical equipment  outsourcing          78.1%   78.0%   78.1%   79.7%     8.5%      8.4% Technical and  professional  services             13.8    13.5    13.7    11.6     10.3      30.3 Medical equipment  sales &  remarketing           8.1     8.5     8.2     8.7      4.2       4.5                     ------- ------- ------- -------------------------- Total revenues       100.0   100.0   100.0   100.0      8.3      10.6  Cost of Sales ------------------- Cost of medical  equipment  outsourcing          24.8    23.1    24.4    23.5     15.9      14.8 Cost of technical  and professional  services             10.7     9.5    10.2     8.0     22.1      41.3 Cost of medical  equipment sales &  remarketing           6.5     6.0     6.5     6.4     18.1      13.0 Movable medical  equipment  depreciation         17.1    18.3    17.0    18.0      1.5       4.4                     ------- ------- ------- ------- -------- --------- Total costs of  medical equipment  outsourcing,  service and sales    59.1    56.9    58.1    55.9     12.5      15.0                     ------- ------- ------- -------------------------- Gross margin          40.9    43.1    41.9    44.1      2.8       4.9 Selling, general  and administrative   28.8    29.0    27.8    27.9      7.5      10.3                     ------- ------- ------- -------------------------- Operating  income     12.1    14.1    14.1    16.3     (6.7)     (4.4) Interest expense      14.6    15.2    14.2    15.2      3.9       3.3                     ------- ------- ------- -------------------------- (Loss) income  before income  taxes                (2.4)   (1.1)   (0.1)    1.1        -         - Provision (benefit)  for income taxes      0.4     0.2     0.4     0.4    135.2      24.1                     ------- ------- ------- -------------------------- Net (loss) income     -2.9%   -1.3%   -0.5%    0.7%     0.0%      0.0%                     ======= ======= ======= ========================== 
Language:
English
Contact:
Universal Hospital Services, Inc., Edina
Bethany A. Ring, 952-893-3288