UNIVERSAL HOSPITAL SERVICES INC

CIK:0000886171|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statements of Operations
Revenue	$ 138,113	$ 123,772	$ 421,175	$ 382,633
Cost of revenue	91,925	84,408	273,322	255,497
Gross margin	46,188	39,364	147,853	127,136
Selling, general and administrative	34,359	28,604	102,138	93,172
Gain on settlement	(2,817)		(26,291)
Operating income	14,646	10,760	72,006	33,964
Interest expense	13,140	13,474	40,128	40,366
Income (loss) before income taxes and noncontrolling interest	1,506	(2,714)	31,878	(6,402)
Provision for income taxes	134	393	767	888
Consolidated net income (loss)	1,372	(3,107)	31,111	(7,290)
Net income attributable to noncontrolling interest	75	125	241	295
Net income (loss) attributable to Universal Hospital Services, Inc. and Subsidiaries	$ 1,297	$ (3,232)	$ 30,870	$ (7,585)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Consolidated net income (loss)	$ 31,111	$ (7,290)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	51,535	53,089
Gain on legal settlement	(23,391)
Amortization of intangibles, contract costs, deferred financing costs and bond premium	7,369	7,692
Provision for doubtful accounts	1,654	207
Provision for inventory obsolescence	(123)	322
Non-cash share-based compensation expense	2,260	2,336
Gain on sales and disposals of equipment	(1,906)	(1,769)
Deferred income taxes	239	325
Interest on note receivable	(34)	(20)
Changes in operating assets and liabilities:
Accounts receivable	(9,183)	(278)
Inventories	(1,374)	269
Other operating assets	202	147
Accounts payable	3,709	(2,259)
Other operating liabilities	(7,232)	(19,037)
Net cash provided by operating activities	54,836	33,734
Cash flows from investing activities:
Medical equipment purchases	(34,107)	(34,552)
Property and office equipment purchases	(5,575)	(4,722)
Proceeds from disposition of property and equipment	2,911	3,132
Issuance of note receivable from officer	(581)	(936)
Acquisitions and refund of escrow		(1,896)
Net cash used in investing activities	(37,352)	(38,974)
Cash flows from financing activities:
Proceeds under senior secured credit facility	160,448	130,223
Payments under senior secured credit facility	(167,648)	(112,942)
Payments of principal under capital lease obligations	(4,747)	(4,915)
Holdback payment related to acquisition	(624)
Distributions to noncontrolling interests	(301)	(229)
Proceed from exercise of parent company stock options	340	66
Contribution from Parent		1,900
Shares forfeited for taxes	(1,149)
Change in book overdrafts	(3,803)	(8,863)
Net cash (used in) provided by financing activities	(17,484)	5,240
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at the beginning of period	0	0
Cash and cash equivalents at the end of period	0	0
Supplemental cash flow information:
Interest paid	51,630	51,751
Income taxes paid	842	656
Non-cash activities:
Medical equipment purchases included in accounts payable (at end of period)	6,471	6,978
Capital lease additions	$ 6,066	$ 4,921

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Accounts receivable, less allowance for doubtful accounts of $1,225 at September 30, 2018 and $1,234 at December 31, 2017	$ 97,166	$ 89,637
Inventories	11,257	9,760
Other current assets	6,928	6,836
Total current assets	115,351	106,233
Property and equipment:
Medical equipment	666,494	629,193
Property and office equipment	113,600	105,341
Accumulated depreciation	(572,400)	(536,520)
Total property and equipment, net	207,694	198,014
Other long-term assets:
Goodwill	346,168	346,168
Other intangibles, net	146,136	151,921
Other	10,789	3,109
Total assets	826,138	805,445
Current liabilities:
Current portion of long-term debt	5,766	5,043
Book overdrafts	1,564	5,367
Accounts payable	33,478	36,689
Accrued compensation	26,255	21,498
Accrued interest	6,406	18,671
Other accrued expenses	19,971	17,763
Total current liabilities	93,440	105,031
Long-term debt, less current portion	691,651	698,065
Pension and other long-term liabilities	10,726	11,385
Deferred income taxes, net	35,581	35,342
Commitments and contingencies (Note 9)
Deficit
Common stock, $0.01 par value; 1,000 shares authorized, issued and outstanding at September 30, 2018 and December 31, 2017
Additional paid-in capital	251,469	250,018
Accumulated deficit	(250,907)	(287,998)
Accumulated other comprehensive loss	(6,002)	(6,638)
Total Universal Hospital Services, Inc. and Subsidiaries deficit	(5,440)	(44,618)
Noncontrolling interest	180	240
Total deficit	(5,260)	(44,378)	$ (62,146)	$ (59,485)
Total liabilities and deficit	$ 826,138	$ 805,445