Universal Health Seeks Acquisitions
Mar 12 14
Universal Health Services Inc. (NYSE:UHS) seeks acquisitions. "I think that -- I know how we do it. We want to be opportunistic. I remember some years ago, some of the companies that may not be around -- smaller companies -- to talk to audiences like this, they would talk about making six acquisitions a year. And then an analyst would multiply whatever they wanted by six, and it would be a wonderful thing. Well, I always thought that that was not the way to do it. Because, if you want to keep your word -- and that's one thing we do -- then you're forced, towards the end of the year, if you've only made four, you have to make two acquisitions, regardless of whether they make sense or not. So, that's -- we never did that. And people said, well, how many are you going to make? And we said, we're opportunistic. If we see something that makes sense, in the right market, in the right demand as we see it going forward, we'll make the acquisition. We always keep our powder dry. We certainly have -- we're generating a lot of cash. We have extensive bank lines. We have the trust of the financial community; banking community. So, if we see something that is attractive, we can do it. And we've done it in the past, as you point out. And, again, it's got to be something that is an area that we've been interested in, at the right time, at the right location. The price, as well. But we're looking at the future of whatever we buy. And in that regard, we went to the UK. And at that time it was the Thatcher administration. They were trying to do a lot of privatization. It didn't work out. We sold at a profit," said Alan Miller, Universal Health Services, Inc. - Chairman and Chief Executive Officer.
Universal Health Services Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013 ; Provides Earnings Guidance for the Year Ending December 31, 2014
Feb 27 14
Universal Health Services Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net revenues of $1,800,846,000 against $1,764,927,000 a year ago. Income from operations was $242,601,000 against $274,509,000 a year ago. Income before income taxes was $206,958,000 against $233,396,000 a year ago. Net income attributable to the company was $124,521,000 or $1.24 per diluted share against $135,461,000 or $1.39 per diluted share a year ago. EBITDAR was $356,415,000 against $379,107,000 a year ago. EBITDA was $322,643,000 against $342,929,000 a year ago. Cash generated from operating activities was approximately $293 million during the fourth quarter of 2013 as compared to $264 million in the fourth quarter of 2012. The company spent $79 million on capital expenditures during the fourth quarter of 2013. Adjusted net income attributable to the company was $103,590,000 or $1.03 per diluted share compared to $98,018,000 or $1.00 per diluted share a year ago.
For the full year, the company reported net revenues of $7,283,822,000 against $6,961,400,000 a year ago. Income from operations was $1,015,463,000 against $942,581,000 a year ago. Income before income taxes was $869,332,000 against $763,663,000 a year ago. Net income attributable to UHS was $510,733,000 or $5.14 per diluted share against $443,446,000 or $4.53 per diluted share a year ago. EBITDAR was $1,450,393,000 against $1,369,062,000 a year ago. EBITDA was $1,309,345,000 against $1,228,576,000 a year ago. Adjusted net income attributable to UHS was $452,103,000 or $4.55 per diluted share against $406,419,000 or $4.15 per diluted share a year ago. Net cash provided by operating activities was $884,241,000 against $799,231,000 a year ago. Property and equipment additions, net of disposals were $358,493,000 against $363,192,000 a year ago. Acquisition of property and businesses was $12,636,000 against $527,847,000 a year ago. Adjusted net income attributable to the company was $452,103,000 or $4.55 per diluted share compared to $406,419,000 or $4.15 per diluted share a year ago.
The company’s estimated range of net income attributable to UHS for the year ending December 31, 2014, is $4.80 to $5.10 per diluted share. This guidance range represents an increase of approximately 6% to 12% over the adjusted net income attributable to UHS of $4.55 per diluted share for the year ended December 31, 2013, as calculated on the attached supplemental schedule. This range includes an estimated increase of approximately 3% to 7% (or approximately $0.15 to $0.30 per diluted share) related to the Patient Protection and Affordable Care Act. The range excludes the above-mentioned unfavorable EHR impact of $0.05 per diluted share. During 2014, the company’s net revenues are estimated to be approximately $7.89 billion to $7.94 billion representing an increase of approximately 8% to 9% over 2013 net revenues. During 2014, the company expects to spend approximately $360 million to $385 million on capital expenditures, which includes expenditures for capital equipment, renovations, new projects at existing hospitals and construction of new facilities.