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.

Blog

Share

Universal Hospital Services Reports 2017 Third Quarter Results

Posted: November 13, 2017

MINNEAPOLIS

Universal Hospital Services, Inc. (“UHS”), today announced financial
results for the quarter ended September 30, 2017.

Total revenues for the three months ended September 30, 2017, were
$123.8 million, representing a $5.9 million or 4.9 percent increase from
total revenues of $117.9 million for the same period of 2016. Total
revenues for the nine months ended September 30, 2017 were $382.6
million representing a $24.9 million or 7.0 percent increase from total
revenues of $357.7 million for the same period of 2016.

Adjusted EBITDA for the three months ended September 30, 2017, was $33.2
million, a $0.7 million or 2.2 percent increase from adjusted EBITDA of
$32.5 million for the same period of 2016. Adjusted EBITDA for the nine
months ended September 30, 2017, was $101.9 million, a $5.6 million or
5.8 percent increase from adjusted EBITDA of $96.3 million for the same
period of 2016.

Conference Call Dial-in Information

UHS will hold a conference call to discuss 2017 third quarter results on
Tuesday, November 14, at 9 a.m. Eastern Time (8 a.m. Central Time).

To participate, call (855) 539-7565 and advise the operator that you
would like to join the Universal Hospital Services 2017 Third Quarter
Earnings Conference Call. A recording of this call will be available
from 12 p.m. Eastern Time on November 14, through 11:59 p.m. Eastern
Time on December 13, and can be accessed by calling (855) 859-2056 and
using the conference ID 85101060.

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.
Select “Investors” then “Presentations.”

Adjusted EBITDA Reconciliation

Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”), and excludes non-cash
share-based compensation expense, management, board and other
non-recurring gain, expenses, or loss, 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)
3rd Quarter September YTD LTM


2017


2016


2017


2016


2017

Net loss attributable to UHS $ (3.2 ) $ (3.7 ) $ (7.6 ) $ (9.1 ) $ (12.3 )
Interest expense 13.3 13.1 39.8 39.2 52.9
Provision for income taxes 0.4 0.3 0.9 0.7 1.1
Depreciation and amortization 19.5 20.9 60.5 63.3 81.6
EBITDA 30.0 30.6 93.6 94.1 123.3
Gain on Settlement (2.8 ) (0.3 )
Management, board & other 2.4 1.1 6.0 2.7 8.5
Stock expense 0.8 0.8 2.3 2.3 3.1
Adjusted EBITDA $ 33.2 $ 32.5 $ 101.9 $ 96.3 $ 134.5

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 more than 7,000 national, regional and local acute care
hospitals and alternate site providers across the U.S. For more than 75
years, UHS has delivered medical equipment 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 health care 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, 2016, as well as our other filings with the Securities and
Exchange Commission.

Contact:

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