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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Universal Hospital Services, Inc. Announces 2005 Fourth Quarter and Full Year Results

Posted: March 27, 2006

Dateline City:
EDINA, Minn.

EDINA, Minn.–(BUSINESS WIRE)–March 27, 2006–Universal Hospital Services, Inc., a leader in medical equipment lifecycle services, today announced financial results for the quarter and twelve months ended December 31, 2005.

Total revenues were $53.9 million for the fourth quarter of 2005, representing a $2.2 million or 4% increase from total revenues of $51.7 million for the same period of 2004. For the year, revenues increased by 8% to $215.9 million.

Net income for the quarter was $28,000, compared to a net loss of $3.3 million for the same quarter last year. For the year, the company reported a net loss of $1.6 million versus a net loss of $3.6 million for the same period of 2004.

Fourth quarter EBITDA before management/board fees and SOX compliance costs was $20.7 million, representing a $3.7 million or 22% increase from $17.0 million for the same period of 2004. EBITDA before management/board fees and SOX compliance costs for the year increased $7.0 million, or 10% to $76.4 million from $69.4 million in 2004. The 2005 quarterly and yearly results included a $1.2 million increase related to capitalizing our truck and box van fleet.

“Our fourth quarter results were very positive and extended our trend of outperforming the market fundamentals, which saw continued medical equipment recalls and weak hospital census,” said Gary Blackford, President and CEO. “We remain on track to build the premier Equipment Lifecycle Services company in the industry.”

UHS will hold its quarterly conference call to discuss 2005 fourth quarter results on Tuesday, March 28, 2006, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).

To participate, call (888) 882-0115 and advise the operator you would like to participate in the UHS Fourth Quarter Call with Gary Blackford. A taped replay of this call will be available from 1:00 p.m. Eastern Time on March 28 through 1:00 a.m. Eastern Time on April 4 by calling (800) 633-8284; enter reservation #21286514.

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.

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 South, Suite 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 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; 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, 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 10K for the year ended December 31, 2004, and the quarterly report on Form 10Q for the quarter ended September 30, 2005, filed with the Securities and Exchange Commission.

                      Universal Hospital Services, Inc.                          Statements of Income                         (dollars in thousands)                               (unaudited)                           Three Months Ended     Twelve Months Ended                              December 31,            December 31,                        ----------------------- -----------------------                           2005        2004        2005        2004                        ----------- ----------- ----------- -----------                              (unaudited)             (unaudited)   Medical equipment    outsourcing            $42,044     $39,553    $167,687    $156,490   Technical and    professional    services                 7,254       7,356      29,654      25,491   Medical equipment    sales & remarketing      4,573       4,797      18,563      17,619                        ----------- ----------- ----------- -----------   Total revenues           53,871      51,706     215,904     199,600    Cost of Sales   -------------   Cost of medical    equipment    outsourcing             12,621      12,425      52,499      47,178   Cost of technical    and professional    services                 5,053       4,644      21,878      17,295   Cost of medical    equipment sales &    remarketing              3,589       3,523      14,706      13,307   Movable medical    equipment    depreciation             9,914       9,094      37,966      36,003                        ----------- ----------- ----------- -----------   Total costs of    revenue                 31,177      29,686     127,049     113,783                        ----------- ----------- ----------- -----------   Gross margin             22,694      22,020      88,855      85,817   Selling, general and    administrative          14,469      16,361      58,455      57,713                        ----------- ----------- ----------- -----------   Operating income          8,225       5,659      30,400      28,104   Interest expense          7,985       8,026      31,127      30,508                        ----------- ----------- ----------- -----------   Income (loss) before    income taxes               240      (2,367)       (727)     (2,404)   Provision for income    taxes                      212         963         842       1,188                        ----------- ----------- ----------- -----------   Net income (loss)           $28     $(3,330)    $(1,569)    $(3,592)                        =========== =========== =========== =========== Additional information   EBITDA                  $20,484     $16,622     $74,984     $68,459   EBITDA as a    percentage of total    revenues                  38.0%       32.1%       34.7%       34.3%   Movable medical    equipment    (approximate number    of units at end of    period)                161,000     150,000     161,000     150,000   Offices (at end of    period)                     75          75          75          75   Number of total    outsourcing    customers (at end    of period)               6,300       6,250       6,300       6,250   Movable medical    equipment    depreciation    expense                  9,914       9,094      37,966      36,003   Non-movable medical    equipment    depreciation and    amortization            $2,779      $2,344      $8,361      $6,094                        UNIVERSAL HOSPITAL SERVICES, INC.                             BALANCE SHEETS      (dollars in thousands except share and per share information)                               (unaudited)                                  ASSETS                                              December 31, December 31,                                                  2005         2004                                              ------------ ------------                                                     (unaudited) Current assets:    Accounts receivable, less allowance for    doubtful accounts of $1,350 December     31, 2005 and $1,500 December 31, 2004,     respectively                                   41,865       40,644   Inventories                                      5,117        5,229   Deferred income taxes                            4,112        2,449   Other current assets                             2,374        3,458                                              ------------ ------------     Total current assets                          53,468       51,780  Property and equipment, net:    Movable medical equipment, net                 126,775      125,987   Property and office equipment, net              12,695       10,042                                              ------------ ------------     Total property and equipment, net            139,470      136,029  Intangible assets:    Goodwill                                        37,062       37,062   Other, primarily deferred financing costs,    net                                             9,434       10,471   Other intangibles, net                           9,751       11,065                                              ------------ ------------     Total assets                                $249,185     $246,407                                              ============ ============                 LIABILITIES AND SHAREHOLDERS' DEFICIENCY  Current liabilities:    Current portion of long-term debt               $1,084         $328   Accounts payable                                14,393       13,406   Accrued compensation                             8,895        9,276   Accrued interest                                 4,481        4,615   Other accrued expenses                           3,840        2,594   Book overdrafts                                  2,480        4,691                                              ------------ ------------     Total current liabilities                     35,173       34,910  Long-term debt, less current portion             299,396      296,974 Pension liability                                  5,249        3,644 Deferred income taxes                              6,166        3,937  Shareholders' deficiency:    Common stock, $0.01 par value; 500,000,000    shares authorized, 123,438,105.21 and    123,430,612.96 shares issued and    outstanding at December 31, 2005 and    December 31, 2004, respectively                 1,234        1,234   Additional paid-in capital                         820          760   Accumulated deficit                            (93,579)     (92,010)   Deferred compensation                              (94)         (62)   Accumulated other comprehensive loss            (5,180)      (2,980)                                              ------------ ------------     Total shareholders' deficiency               (96,799)     (93,058)                                              ------------ ------------     Total liabilities and shareholders'      deficiency                                 $249,185     $246,407                                              ============ ============                       Universal Hospital Services, Inc.                        Statements of Cash Flows                         (dollars in thousands)                               (unaudited)                                         Twelve Months Ended December 31,                                      ---------------------------------                                           2005             2004 Cash flows from operating                      (unaudited)  activities:   Net loss                                   $(1,569)         $(3,592)   Adjustments to reconcile net    loss to net cash provided by    operating activities:     Depreciation                              42,804           39,217     Amortization of intangibles and      deferred financing costs                  3,523            2,880     Provision for doubtful accounts              927              984     Provision for inventory      obsolescence                                677              509     Non-cash stock-based      compensation expense                         20                -     Gain on sales/disposal of      equipment                                  (659)            (892)     Deferred income taxes                        567            1,103     Changes in operating assets and      liabilities, net of impact of      acquisitions:       Accounts receivable                     (1,999)          (5,416)       Inventories and other        operating assets                          520           (2,862)       Accounts payable and accrued        expenses                                 (848)           6,035                                      ---------------- ----------------     Net cash provided by operating      activities                               43,963           37,966                                      ---------------- ----------------  Cash flows from investing  activities:   Movable medical equipment    purchases                                 (38,096)         (47,118)   Property and office equipment    purchases                                  (4,022)          (6,102)   Proceeds from disposition of    movable medical equipment                   2,602            3,174   Acquisitions                                (1,115)         (15,104)                                      ---------------- ----------------     Net cash used in investing      activities                              (40,631)         (65,150)                                      ---------------- ----------------  Cash flows from financing  activities:   Proceeds under revolving credit    facility agreements                        98,557          113,041   Payments under revolving credit    facility agreements                       (97,741)         (86,866)   Payments under capital lease    obligations                                (1,089)               -   Payment of deferred financing cost            (856)            (453)   Proceeds from issuance of common    stock, net of issuance costs                    8              705   Repurchase of common stock                       -              (44)   Change in book overdraft                    (2,211)             801                                      ---------------- ----------------     Net cash (used in) provided by      financing activities                     (3,332)          27,184                                      ---------------- ----------------  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                            $29,355          $29,812                                      ================ ================     Movable medical equipment      purchases in accounts payable            $5,788           $3,808                                      ================ ================     Income taxes paid (received)                 $85             $(98)                                      ================ ================  Additional information      Net cash provided by operating      activities                              $43,963          $37,966     Changes in operating assets and      liabilities                               2,326            2,245     Other non-cash expenses                   (3,274)          (3,448)     Income tax expense                           842            1,188     Interest expense                          31,127           30,508                                      ---------------- ----------------      EBITDA                                   $74,984          $68,459                                      ================ ================                                          Percent of Total Revenues                                 Three Months Ended  Twelve Months Ended                                    December 31,        December 31,                                  2005      2004      2005      2004                                ------------------- -------------------  Medical equipment outsourcing      78.0%     76.5%     77.7%     78.4% Technical and professional  services                          13.5      14.2      13.7      12.8 Medical equipment sales &  remarketing                        8.5       9.3       8.6       8.8                                --------- --------- --------- --------- Total revenues                    100.0     100.0     100.0     100.0  Cost of Sales ------------- Cost of medical equipment  outsourcing                       23.4      24.0      24.3      23.6 Cost of technical and  professional services              9.4       9.0      10.1       8.7 Cost of medical equipment sales  & remarketing                      6.7       6.8       6.8       6.7 Movable medical equipment  depreciation                      18.4      17.6      17.6      18.0                                --------- --------- --------- --------- Total costs of revenue             57.9      57.4      58.8      57.0                                --------- --------- --------- --------- Gross margin                       42.1      42.6      41.2      43.0 Selling, general and  administrative                    26.9      31.7      27.1      28.9                                --------- --------- --------- --------- Operating  income                  15.2      10.9      14.1      14.1 Interest expense                   14.8      15.5      14.4      15.3                                --------- --------- --------- --------- Income (loss) before income  taxes                              0.4      (4.6)     (0.3)     (1.2) Provision for income taxes          0.4       1.9       0.4       0.6                                --------- --------- --------- --------- Net income (loss)                   0.0      (6.5)     (0.7)     (1.8)                                ========= ========= ========= =========                                           Percent Increase (Decrease)                                                     Twelve Months 2005                                        Qtr 4 2005      Over Twelve                                     Over Qtr 4 2004    Months 2004                                     ----------------------------------  Medical equipment outsourcing                   6.3%              7.2% Technical and professional  services                                      (1.4)             16.3 Medical equipment sales &  remarketing                                   (4.7)              5.4                                     ---------------------------------- Total revenues                                  4.2               8.2  Cost of Sales ------------- Cost of medical equipment  outsourcing                                    1.6              11.3 Cost of technical and  professional services                          8.8              26.5 Cost of medical equipment sales  & remarketing                                  1.9              10.5 Movable medical equipment  depreciation                                   9.0               5.5                                     ---------------------------------- Total costs of medical  equipment outsourcing, service  and sales                                      5.0              11.7                                     ---------------------------------- Gross margin                                    3.1               3.5 Selling, general and  administrative                               (11.6)              1.3                                     ---------------------------------- Operating  income                              45.3               8.2 Interest expense                               (0.5)              2.0                                     ---------------------------------- (Loss) income before income  taxes                                            -                 - Provision for income taxes                        -                 -                                     ---------------------------------- Net (loss) income                                 -                 -                                     ================================== 
Language:
English
Contact:
Universal Hospital Services, Inc., Edina
Rex Clevenger, 952-893-3254