UHS » Topics » Preliminary results for the year ended December 31, 2005:

This excerpt taken from the UHS 8-K filed Jan 31, 2006.

Preliminary results for the year ended December 31, 2005:

 

For the year ended December 31, 2005, we expect to report earnings per diluted share from continuing operations of approximately $1.90 - $1.92 on revenues of approximately $3.93 billion. Included in our expected earnings per diluted share from continuing operations for the 2005 year are the following:

 

    combined charges of approximately $1.58 per diluted share resulting from expenses incurred in connection with damage sustained from Hurricane Katrina at our above-mentioned facilities located in Louisiana;

 

    Hurricane related insurance recoveries of approximately $.78 per diluted share reflecting the minimum level of commercial insurance proceeds due to us, substantially all of which have been received;

 

    the combined favorable prior year effect of $.08 per diluted share resulting from supplemental reimbursements received from certain states and contractual settlements (as previously disclosed in our earnings release for the nine month period ended September 30, 2005);

 

    a gain of $.06 per diluted share resulting from the sale of land;

 

    other combined net favorable adjustments of approximately $.01 per diluted share.

 

Excluding the above-mentioned items included in our preliminary results, we expect to report adjusted earnings per diluted share from continuing operations of approximately $2.55 - $2.57 for the year ended December 31, 2005.

 

At our acute care hospitals owned during both years (excluding the inpatient statistics for our above-mentioned Louisiana hospitals for the period of September 1st through December 31st of each year), inpatient admissions increased 2.7% and patient days increased 1.4% during 2005 as compared to 2004. At our behavioral health care facilities owned during both years, inpatient admissions increased 5.9% and patient days increased 4.5% during 2005 as compared to 2004.

 

The expected results for the 2005 periods presented above are subject to numerous factors which may cause the actual results to differ materially. Such factors include, but are not limited to, the completion of our ongoing review of the financial statements and the completion of the annual audit of our consolidated financial statements by the independent public accountants. In addition, many of the Hurricane Katrina related expenses and insurance recoveries included in our expected results were based on our damage assessments of the real property and equipment at each of the above-mentioned facilities affected by the Hurricane. However, given the wide-spread damage to each facility and surrounding communities, at this time, we are unable to predict with certainty the ultimate amount of damage sustained by each facility, the


ultimate replacement cost of the damaged assets or the net realizable value of the damaged assets. Since our damage assessment efforts are ongoing, it is possible we may adjust the Hurricane related expenses and recoveries recorded during 2005 which may cause the above-mentioned expected results for the three and twelve month periods ended December 31, 2005 to change by material amounts. It is also likely that we will record additional charges in future periods related to Hurricane Katrina and our estimates of the charges may change by amounts which could be material. Although we believe our insurance claims for Hurricane related losses will exceed the recoveries we have recorded as of December 31, 2005, which we believe entitles us to Hurricane related insurance proceeds in excess of those recorded as of December 31, 2005, the timing and amount of such proceeds can not be determined at this time since it will be based on factors such as loss causation, ultimate replacement costs of damaged assets and ultimate economic value of business interruption claims.

 

We expect to announce final fourth quarter and full-year 2005 results on February 27, 2006 with a conference call for investors at 9:00 a.m. Eastern Time on February 28, 2006.

 

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