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 2013 Full Year Results

Posted: March 17, 2014

Dateline City:
MINNEAPOLIS

Universal Hospital Services, Inc. (“UHS”), a leading provider of health
care technology management and service solutions, today announced
financial results for the twelve months ended December 31, 2013.

Total revenues for the twelve months ended December 31, 2013 were $428.4
million, representing a $13.1 million or 3.2% increase from total
revenues of $415.3 million for the same period of 2012.

Adjusted EBITDA for the twelve months ended December 31, 2013 was $119.6
million, a 2.1% decrease from the prior year when excluding the $18.6
million of recalled equipment gains recognized in the same period of
2012.

Conference Call Dial-in Information

UHS will hold its quarterly conference call to discuss 2013 full year
results on Monday, March 17, 2014 at 11:00 a.m. Eastern Time (10:00 a.m.
Central Time).

To participate, call (855) 539-7565 and advise the operator you would
like to participate in the UHS Fourth Quarter 2013 Earnings Conference
Call. A recording of this call will be available from 1:00 p.m. Eastern
Time on March 17, 2014 through April 16, 2014 by calling (855) 859-2056;
enter conference ID 10555845.

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) December YTD

2013

 

2012

Net loss attributable to UHS* $ (43.0 ) $ (35.2 )
Interest expense 55.0 55.7
Provision (benefit) for income taxes (0.2 ) (2.6 )
Depreciation and amortization   98.8       96.7  
EBITDA* 110.6 114.6
Management, board & strategic fees 5.4 2.6
Loss on extinguishment of debt 1.9 12.3
Reorganization costs 0.2 7.2
Stock option expense 1.5 4.0
Other ASC 805 Impact         0.1  
Adjusted EBITDA* $ 119.6     $ 140.8  
 
* Includes recall gains of $0.0 and $18.6 for YTD December 2013 and
2012.
 

About Universal Hospital Services, Inc.

Universal Hospital Services, Inc. is a leading nationwide provider of
health care technology management and service solutions to the health
care industry. UHS owns or manages more than 700,000 units of medical
equipment for over 8,000 national, regional and local acute care
hospitals and alternate site providers in all 50 states. For more than
75 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.

Language:
English
Contact:

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