USPI operating income grows 18%: 5 2Q financial result key notes
1. Operating income, $60.6 million in the second quarter of 2013, rose 18 percent to $71.7 million. Net revenues increased to $161.1 million, up 4 percent from $155.2 million in the prior year.
2. EBITDA less noncontrolling interest grew to $58.1 million, up 5 percent from $55.2 million in the second quarter of 2013. USPI's cash flows for the second quarter were $44.9 million compared to $38.9 million in the same period last year.
3. System-wide revenues for the company's facilities increased 5 percent year-over-year and rose 3 percent on a same-store basis.
4. "The second quarter represented a welcome improvement in our operations and financial performance compared with the first quarter. While some volume weakness remains, the sequential trend is encouraging. In additional, we have had a very successful year so far from a development perspective, and we remain optimistic that this success will continue in the second half of the year," said CEO William H. Wilcox.
5. USPI acquired three facilities during the second quarter and two additional centers after the quarter's close. The company intends to add five to 10 more facilities before year's end. The company had ownership interest in and operates 219 facilities, 152 of which are joint ventured with non-profit health systems.
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